Millennium Partners has decided to shrink a proposed to shrink its proposal for a large “innovation campus” in the Seaport’s Raymond L. Flynn Marine Park by nearly 60 percent.
According to a letter of intent filed with the Boston Planning & Development Agency Tuesday, the developer stated the project planned for parcels T and T1 was dropping from 900,000 square feet to 381,000 square feet. Parcels T and T-1, 3 acres in total, are currently occupied by a 136,000-square-foot vacant warehouse and surface parking.
“Our new proposal has been redesigned to a size that we believe can be entitled expeditiously, which allows the commencement of construction by the end of 2020 or early 2021 to meet current tenant opportunities,” Jacob Citrin said in a statement to Banker & Tradesman. “We are entitling a building that could be approved and built quickly versus focusing on a larger project. We remain confident in the Boston market. The leasing market is vibrant and we want to capture that momentum.”
The general program outlined in the letter remained the same as the one Millennium first proposed in June: general office, research, parking and “related retail, restaurant and other supporting uses.”
“We believe in the power of innovation and see the burgeoning potential of this part of Boston,” Citrin said. “From upstart technology companies to cutting-edge biomedical firms to innovative commercial companies, the proposed campus will help make the advancing vision of the South Boston waterfront come to life while supporting the diverse mission of the Raymond L. Flynn Marine Park.”
Parcel T was identified as a potential “signature redevelopment parcel” in the Boston Planning and Development Agency’s 2017 marine park master plan, because of its size and more flexible zoning than other properties in the marine park.
Millennium’s efforts to develop the parcels were linked to its proposal to build a gondola along Seaport Boulevard connecting them to South Station. The proposal stalled after attracting significant public criticism and after Millennium was unable to reach a deal with a potential anchor tenant in a development that would have been fed by the gondola.
