The future $175 Million Development to be known as 'The Point'
Whenever anyone hears of the word Fenway, it is commonplace for people all around the world to just think of Americas most beloved ballpark, however this is soon to change. The latest ownership team of the Red Sox made it their mission to preserve, improve and lengthen the life of Fenway Park so that future generations can enjoy Americas favorite pastime in such a unique Boston landmark. While there was outside pressures whose minds were fixated on a new, state-of-the-art stadium located elsewhere near Boston, there was widespread faith in management that not only can Fenway Park live on, but that The Fenway as a neighborhood is destined to thrive for years to come.
Some of the more recent happenings displaying this transformation of The Fenway into a far more vibrant place have been reported in past blogs. The future outlook certainly looks bright for the neighborhood, one that will be redefined as more of a high-class, fresh neighborhood. In the near future, a $450 Million facility known as Fenway Center will have 1.3 Million square feet of retail, apartment and office spaces. In addition, a $14.9 Million project slated to reconstruct the Yawkey Way Commuter Rail is underway, and the area will also soon see a new Marriott Hotel in The Fenway, nine projects in ten years being built by Boston University, and future plans at 132 Ipswich Street which was recently purchased for $5.1 Million by the Boston Conservatory.
These are all initiatives that have been spoken for in the past, so what is the latest to hit the Hub in this up-and-coming location? Samuels & Associates are a local firm who has invested over $1 Billion in The Fenway just over the last fifteen years. One of their most recent projects calls for a $315 Million investment for a mixed-use development located at the corner of Kilmarnock Street and Yawkey Way. This mixed-use development, already under construction, will be comprised of 700,000 square feet which within it will house 300 apartments, 165,000 square feet of retail spaces and an additional 230,000 square feet of on-spec office space. Thus far, one firm in particular has already signed on to lease one of the largest spaces, this being Target.
Furthermore, developing is ongoing as well for a $100 Million facility in the Boylston section between Ipswich and Brookline Avenue where 215 apartments and the new Fenway Health Center will soon open at 1330 Boylston Street. Finally, yet another groundbreaking has occurred at what is known as 'Trilogy.' This complex with 576 rental units and room for ground-floor shops is setting Samuels & Associates back an additional $225 Million to build.
Now, the big news of today is the proposal of yet another tower. Just this month the firm announced a $175 Million apartment tower proposal which would include 22-stories encompassing 33,000 square feet for two-stories of retail spaces, as well as 320 apartments of one, two and three-bedroom units. The sophisticated and contemporary design of the buildings plans can be attributed to Arquitectonica, a Miami-based architectural firm.
Peter Sougarides, the Executive Vice President of Development for Samuels & Associates, is ever so excited about the vision of yet another iconic building coming to The Fenway. This counts as among the most exciting of our projects in The Fenway. In the nearly 15 years that we have been working with the neighborhood, this property has always been thought of as a gateway and a key element of the redevelopment of Boylston Street into an urban village. The next few years of The Fenway will be defined by a seriousface-lift. One that today is primarily a gas station, gritty single-story area to a new reinvigorated, attractive destination whose streets are lined with signature buildings, stunning architecture, wonderful atmosphere and many local attractions.
More Information: Boston Business Journal
