Redevelopment of the Fan Pier parcel in South Boston passed another major milestone as the Boston-based Fallon Co. unveiled renderings of its 118-unit waterfront condo project, Twenty Two Liberty.
The glassy, modern 14-story building will rise behind the Vertex Pharmaceuticals headquarters now being built on Northern Avenue. Completion of the condos is expected in late 2015.
Units will range from 500-square-foot studios to 3,500-square-foot penthouses, developer Joseph Fallon said. He declined to estimate prices. The Fallon Co., MassMutual and its affiliate Cornerstone Realty Advisors are equity partners on the project. The developers are in negotiations with banks on obtaining debt financing, Fallon said.
At a groundbreaking ceremony Wednesday morning, Fallon said the project will make the Seaport District a 24-hour neighborhood. Since 2010, more than 500 companies have relocated to the South Boston waterfront area and dozens of restaurants have opened near the harbor, but residential construction has been slower to take off.
"What’s special here is we’re bringing people to the site and they’re putting a stake in the ground. We’re going to have ownership, and ownership is making this a true neighborhood," Fallon said.
CBT Architects of Boston designed the building. A majority of the condos will have balconies or terraces, Fallon said, to emphasize the property’s 270-degree views from the Financial District to Deer Island and the Outer Harbor.
Units will include high-end features such as 12-foot floor-to-ceiling windows, hardwood floors and marble baths. The building will contain a 3,500-square-foot events room available for rent and an underground parking garage.
Fallon built the neighborhood’s first residential high-rise, the 465-unit Park Lane Seaport apartments, in 2006. The company sold the property to a group of institutional investors for $193.8 million in 2010.
Fallon acquired the 21-acre Fan Pier parcel in 2005 from the Pritzker family for $115 million.
"I had anticipated that this area within the waterfront would have been developed with [Hyatt hotels CEO] Nick Pritzker moving ahead, but when he had to sell, this was an opportunity," Fallon said. "For me, it was a natural to aggressively pursue this site."
The first office building in the complex, One Marina Park Drive, opened in 2009. A second residential building is planned next to Twenty Two Liberty Drive.
Residential construction is accelerating in the neighborhood. In addition to Twenty Two Liberty, more than 1,100 residential units are expected to hit the market by the end of 2015, according to Richards Barry Joyce & Partners data.
