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With an offer that topped two other developers’ by over $19 million, Related Beal is set to be awarded the rights for a 337,516-square-foot project in South Boston’s Raymond L. Flynn Marine Park including a new job training center for the Gloucester Marine Genomics Institute.
The Boston Planning and Development Agency offered its 20 and 22 Drydock Ave. properties for lease to developers last year, noting the redevelopment potential driven by the growth of the neighborhood’s life science cluster. The 1.8-acre parcels contain an office building and parking, including offices occupied by the BPDA and private companies.
Related Beal offered $130.7 million for the 70-year ground lease, according to BPDA documents. Its proposal calls for a 7-story building including five stories of lab space, conference and event facilities and a kitchen and cafe.
The Gloucester Marine Genomics Institute would receive rent-free space to establish a Boston location for a training program for entry-level life science careers. Developers also offered $3.15 million in community benefits, including a location study for an emergency services station in the fast-developing marine park and educational programs.
In seeking proposals, the BPDA sought development teams with a strong minority participation component, and proposals that preserve the neighborhood’s traditional maritime uses along with newer economic drivers.
BPDA staff gave the Related Beal-led team the highest marks and are recommending the agency board of directors approve its designation at Thursday’s monthly meeting. Related Beal is partnering with Danvers-based Kavanagh Advisory Group and the Boston Real Estate Inclusion Fund on the project,
The site also attracted proposals by Boston-based Cronin Development, in a partnership with Street2Ivy, and Boston-based developer RISE Together, whose team included Marcus Partners.
Related Beal developed the nearby Innovation Square office-lab complex at 6 Tide St., leasing 125,000 square feet to biotech incubator SmartLabs and PureTech Health in 2019, and another 269,000 square feet to Vertex Pharmaceuticals in 2020. The success of the project demonstrated the potential for life science industry growth in the marine park and has been followed by a series of projects by developers including Cronin Group, The Davis Cos. and Marcus Partners.
