Image courtesy of CBT Architects
The Bulfinch Crossing redevelopment at the Government Center garage property could include one of the highest-profile life science projects built yet in downtown Boston.
HYM Investment Group is swapping out plans for a hotel, office building and retail space bordering the Rose Fitzgerald Kennedy Greenway in favor of a 410,000-square-foot life science building, The Boston Globe reports.
Redevelopment of the nearly 5-acre garage property spanning Congress Street was approved in 2016, and the Sudbury apartment-condo tower opened in October in the first phase of the project. Construction of the 1 million-square-foot One Congress office tower, which will become State Street Corp.’s new headquarters, began in 2019 and is scheduled for completion in 2023.
The original development plan also included a 196-room hotel, 85,000 square feet of retail and a smaller office building on the east portion of the property.
But continuing demand for lab space, which commands the highest rents of all commercial property types, are prompting many developers to shift gears. Boston leads the U.S. in demand, inventory and new construction during the year ending March 31, according to a new CBRE report.
Companies are seeking 4.75 million square feet of life science space in metro Boston, compared with 2.9 million in runner-up San Francisco, CBRE said.
Lab development has steadily been migrating into the Seaport District and South End, with Marcus Properties the latest developer to announce plans for a major lab development. The Boston-based developer plans to demolish two industrial buildings at 310 Northern Ave., which is owned by the Economic Development and Industrial Corp. of Boston, and build 742,000 square feet of life science space, according to a BPDA filing.
Life science projects have made limited inroads in downtown Boston so far. Oxford Property Group switched from offices to 393,500 square feet of life science-ready space for its proposed 125 Lincoln St. tower in the Leather District. And Nan Fung Life Sciences Real Estate is converting the One Winthrop Square office building into spec suites for growing biotechs.
HYM also recently notified Revere city councilors that it plans to build a 500,000-square-foot research and biomanufacturing facility in the first phase of the Suffolk Downs redevelopment.
