A development group led by Related Beal completed its financing for development of a Vertex Pharmaceutical-leased research center that’s ramping up construction in South Boston’s Raymond L. Flynn Marine Park.
Developer Related Beal received approval to move forward with projects on city-owned properties in South Boston and Roxbury that could include more than 400 housing units and nearly 320,000 square feet of lab space.
Boston leaders are eager to use the NAACP convention to cast off city’s reputation as a largely white place where racism still lingers. Big changes underway in the region’s commercial real estate and finance sectors can back that up, local executives say.
New impact funds are giving minority communities a chance to invest in real estate and economic development in Boston, after being shut out by federal securities laws. But not all potential investors need apply.
Our new minority-led real estate investment vehicle has been developed specifically to build wealth in minority communities and to tackle the real foundation of the affordability crisis: wealth creation.
Labs and Boston’s traditional marine industrial economy have increasingly operated side-by-side in the Seaport District in recent years. The next area’s major development project would combine them under one roof.
Three development teams emphasize sustainable designs and diverse project teams in submissions to develop a Boston Seaport District property as life science space.
A former seafood processing plant in South Boston will become the one of the first demonstration projects for Mayor Michelle Wu’s push to slash fossil fuel use in new developments.
Vertex Pharmaceuticals will occupy a new life science building at 22 Drydock Ave. in South Boston, bringing its commercial footprint in the neighborhood to over 1.9 million square feet.
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.
