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Real Estate News: The Boston Wharf Tower to Break Ground

Innovation District, Boston Wharf Tower, Wharf District, Boston Commercial Real Estate, Boston Construction, Boston Apartments

The Groundbreaking is set for Thursday, July 26th on this $150M project

It has been quite some time since there was a mentioning of the Seaport District. Termed the Innovation District by Mayor Thomas M. Menino, this area of the city is soon to be a truly bustling one full of energy, businesses and most importantly, residents and plenty of younger ones at that. With so many projects planned throughout Boston, many have forgot the plethora of those slated for this area of the city, most of which we touched upon in a past blog. As of this Thursday the 26th of July, ground will break in what is expected to be a very much anticipated start to a breathtaking new building for the district.

The Boston Wharf Tower, as it will soon be known as, will be a 21-story residential building comprising of 184 units within. Goldman Properties alongside Archon Group were the initial pioneers behind such a construction on this site. However, as of 2011 the proposed plans were purchased by Gerding Edlen, one of the United States leading development and investment firms.

A Green Cities 1 Fund since 2009 raised roughly $183 Million for the cause of Gerding Edlen eventually purchasing then constructing this facility. As a whole, the project has early estimations of costing upwards of $150 Million and that will go along with the already planned desire for another building to be erected in the same neighborhood. Located at 63 Melcher Street, another project of 28 affordable units will also be breaking ground in the near future under the Gerding Edlen experienced and successful name. This development, in particular, will be especially attractive to artists because of the unique work-live spaces the project managers aims to create. It is time to get the shovels ready, Boston looks to continue to pursue yet another progressively impressive face-lift this week and soon again in the near future.

More Information: Portland Business Journal

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