Northeastern University Interdisciplinary Science & Engineering Complex
The city of Boston’s building boom is reflected in many elements: groundbreakings that seem more frequent than Red Sox wins; cranes redrawing the skyline day by day; and the steady deluge of new project filings that reflect developers’ unshakable confidence.
There’s currently $6.9 billion worth of development underway in Boston, spanning 66 projects that total 14.6 million square feet, according to Boston Redevelopment Authority data.
That sets the stage for 2016 as the busiest year for construction completions in over a century, surpassing the 1980s heyday that saw the arrival of landmark skyscrapers such as International Place, 75 State St. and Exchange Place.
Developers are on a pace to complete 7.9 million square feet of rentable building area next year, according to data compiled by real estate brokerage Transwestern RBJ and CoStar.
Meanwhile, more projects bearing the city’s stamp of approval wait in the wings for anchor tenants and financing, including the $2.2 billion redevelopment of the Government Center garage into a six-building, multi-tower complex.
A confluence of factors is contributing to the busy pipeline. Greater Boston’s strength in tech and life sciences meshes with key growth sectors in commercial real estate. The growing cachet of urban workspaces has helped the downtown office market recover from the recession, setting up opportunities for build-to-suit and speculative projects. Multifamily developers are tapping into demand for urban living with new condominium and apartment towers, albeit few within reach of those with middle-class paychecks.
Here are the largest developments – as ranked by project costs – currently stirring up dust across the city:
Four Seasons Hotel & Private Residences
Four Seasons Hotel & Private Residences
1 Dalton St., Back Bay
211-room hotel,
180 condos
$700 million
Developer: Carpenter & Co.
Construction manager: Suffolk Construction
Completion date: Fourth quarter 2017
It doesn’t rival the Millennium Tower’s growing prominence on the skyline – but just wait. The 61-story Four Seasons Hotel & Private Residences will be Boston’s tallest building built in 50 years when it tops out. And prices could set a new standard in Boston for the condo market. High-end amenities include concierge services and a residents-only private restaurant on the 50th floor.
Millennium Tower
Millennium Tower
1 Franklin St.,
Downtown Crossing
$680 million
440 luxury condos
Developer: Millennium Partners
Construction manager: Suffolk Construction
Completion date: Summer 2016
The bell cow that firmly established Downtown Crossing as a development destination, the Millennium Tower has sold 80 percent of its 440 units a year before the grand opening. Available units range from $1.6 million to the $37.5-million penthouse, which spans 13,000 square feet and offers 360-degree views from its lofty 625-foot-high perch.
One Seaport Square
One Seaport Square
Seaport Boulevard, South Boston
$600 million
834 apartments, 260,000 square feet of retail
Developers: Berkshire Group, Boston Global Investors and Morgan Stanley
Completion date: 2017
The next stage of development in the Seaport District includes a major residential component, as the booming waterfront becomes more of a 24-7 neighborhood. One Seaport Square will consist of two 22-story buildings with two apartment complexes: the Benjamin, ranging from studios to three bedrooms, and the Via, which will include 96 “innovation” units, lower-cost studios and one-bedrooms. Kings nightclub, a Showplace Icon theater complex and Equinox fitness club will anchor the lower-level retail space.
Brigham and Women’s Hospital Building for the Future
Brigham and Women’s Hospital Building for the Future
75 Francis St., Longwood Medical Area
$450 million
Developer: Leggat McCall Construction manager: Suffolk Construction
Completion date: Spring 2016
Boston’s deep roster of “meds and eds” – the health care and higher education sectors – kept the construction industry alive during the recession. The institutions’ projects have been overshadowed in recent years by glassy office towers and luxurious residential projects, but schools and hospitals continue to play a major role. Brigham and Women’s “Hospital Building for the Future” will include lab space and ambulatory care practices. About 75 percent of the building will be devoted to research, as Brigham and Women’s consolidates lab leases from across the city.
100 Northern Ave. (Fan Pier parcel I)
100 Northern Ave. (Fan Pier parcel I)
$350 million
17-story, 534,000-square-foot office tower
Developer: The Fallon Co.
Construction manager: Turner Construction
Completion date: Spring 2016
Law firm Goodwin Procter opted to leave its downtown digs at 53 State St. in favor of a glassy new office tower on the South Boston waterfront, leasing all 500,000 square feet in the 17-story structure built by The Fallon Co.
888 Boylston St.
888 Boylston St.
Natixis Global Asset Management Headquarters
$271.5 million
17-story, 386,000-square-foot office tower
Developer: Boston Properties
Construction Manager: Turner Construction
Completion date: Fall 2016
Developer Boston Properties was so confident in the Boston office market that it started construction on this 17-story office tower last year with only 30 percent of the building preleased. Natixis Global Asset Management is the anchor tenant, moving its headquarters from 399 Boylston St.
101 Seaport
101 Seaport
$265 million
17-story, 440,000-square-foot office tower
Developer: Skanska USA
Construction manager: Skanska USA
Completion date: October 2015
Like Goodwin Procter, business consultants PwC couldn’t resist the lure of the waterfront when they signed on as anchor tenant at 101 Seaport. PwC will leave behind 376,000 square feet at 125 High St. in the Financial District; most of that space has already been snapped up by Houghton Mifflin Harcourt and Wells Fargo.
Northeastern University Interdisciplinary Science & Engineering Complex
Northeastern University Interdisciplinary Science & Engineering Complex
$225 million
Construction manager: Suffolk Construction
Completion date: 2016
Northeastern University’s Interdisciplinary Science and Engineering Complex expands the university’s presence in Roxbury, part of the school’s strategy of increasing community engagement. The 220,000-square-foot complex will contain labs, classrooms and offices for faculty and graduate students.
Twenty-Two Liberty
Twenty-Two Liberty
Fan Pier Parcel C
$220 million
Developer: The Fallon Co.
Construction manager: Turner Construction
Completion date: Fall 2015
Developer Joseph Fallon opted to build condos on the South Boston Fan Pier while most developers in the neighborhood were chasing the luxury apartment market. The strategy has paid off with all 111 units sold out ahead of this fall’s grand opening. “We have unobstructed views of the harbor and there’s not a lot of waterfront property in Boston,” Fallon told Banker & Tradesman earlier this year. “The real issue is there’s not been a lot of new (condo) product; a lot of rentals, but none for sale.”
Avalon North Station
Avalon North Station
$200 million
Developer: AvalonBay Communities
Completion date: 2017
Avalon North Station – a 38-story tower rising next to the TD Garden – will become Boston’s tallest apartment building when it’s completed in 2017. But it’s next door to a larger-mixed-use development that could dwarf the sports arena as the northern gateway to the city. Boston Properties has approvals to build a $950-million complex containing nearly 2 million square feet of offices, residences and retail stores.
One Canal
One Canal
$200 million
Developer: Trinity Financial
General contractor: John Moriarty Assoc.
Completion date: Early 2016
The Big Dig is fading into memory, but it continues to influence development patterns. Trinity Financial is building 320 luxury apartments and 21,000 square feet of retail in this 435,000-square-foot complex overlooking the Greenway near the Haymarket bus station. The Massachusetts Department of Transportation, which owns part of this former Central Artery parcel, selected Trinity after a previous developer failed to make progress.
