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Massport officials selected Lincoln Property Co. to develop a 730,000-square-foot mixed-use project including office and lab space, a life science career center and upgrades to the MBTA’s Silver Line Way station in the Seaport District.
The developers have secured an institutional equity partner and plan to build the project on speculation, Massport Chief Development Officer Andrew Hargens said at today’s board of directors meeting. The proposal includes a $50 million up-front payment along with long-term ground lease payments.
The developers will contribute $47 million in their own equity and have secured $189 million from an institutional investor, with the balance of the $590 million project coming from a future debt source.
“The team has a proven ability to complete projects in challenging conditions,” Hargens said.
The up-front payment will relieve some financial pressure on Massport, which announced in November it plans to lay off 25 percent of its 1,300 employees because of a steep downturn in air travel during the pandemic.
The developers complied with Massport’s request for strong minority- and female-owned participation in the design and development teams. The design team is a joint venture between Arrowstreet, Moody Nolan and Studio Enee, while Suffolk will partner with General Air and Elaine Construction.
A 15,000-square-foot life science career academy will be built on a smaller adjacent parcel. Developers also plan a public concourse that provides weather-protected access to a new Silver Line station.
Seven developers submitted proposals last fall for the opportunity to develop the Massport-owned site, which includes a 1.1-acre parcel at 701 Congress St. and a 1.4-acre air rights option on Silver Line Way.
