The activity in the Seaport District as of late has been incredible. There is no doubt that this area of the Hub has received the greatest amount of attention over the recent past with countless developments either underway or that will soon be breaking ground. This neighborhood, previously a thriving shipping port, has been left as nothing more than a vacant desert full of empty parking lots and warehouses over recent years. Well, this is all to drastically change in the near future and this area of Boston will soon be the most exciting destination to live, work, and play.
Now, yet another massive announcement has just been made. In what was one of the largest land sales throughout the entire year in Boston, One Seaport Square has just been sold for $72 Million. The three-acre parcel of land has been sold to a joint venture led by the Berkshire Group from the vendors who were John Hynes Boston Global Investors and Morgan Stanley Real Estate Investing.
The closing of this property followed the approval by the Boston Redevelopment Authority for the future construction of two residential towers to be built at the site. Both towers will consist of 22-stories and will hold 832 luxury apartment units, as well as have 260,000 square feet of spectacular retail space. This will not be the Berkshire Groups first project. The firm is already in control of managing and investing in more than 100 apartment communities encompassing over 32,000 units throughout 30 different markets throughout the United States.
One Seaport Square is expected to break ground during the spring of 2014 and has an expected completion date of 2016. This endeavor, apart of the greater 23-acre Seaport Square, is officially the largest master-planned project slated for Boston in the upcoming years. All of the initiates in the pipeline here total 6.3 million square feet of mixed-use properties from condominiums, apartments, retail, restaurant, office, and hotel spaces. The development in the area will serve as the gateway to the frequently spoken about Innovation District as well in the Seaport District. All in all, the redefined Boston skyline in this buzzing area is sure to be something quite dramatic and will be a fresh location booming with demand for individuals to live, work, visit, and play for years to come.
More Information: Boston Business Journal