The Drew Co. broke ground this week with Waterside Place, the luxury rental residences slated to be the latest addition to South Boston’s Innovation District.

Waterside Place is a 350,000-square-foot, mixed-use project on the corner of Congress and D streets, adjacent to the Boston Convention and Exhibitor Center, the Seaport World Trade Center complex and the MBTA Silver Line.

“From the very start of our plan for the waterfront, we knew housing would be a crucial part of the equation, so I’m thrilled to break ground on 236 units of housing at Waterside Place,” said Mayor Thomas M. Menino. “The Innovation District is an expanding hub for entrepreneurs to collaborate, a destination for dinning, and with today’s groundbreaking it’s fast becoming a place to live.”

The 20-story development will feature 236 units, 140 parking spaces and a resident amenity area on the third floor. The mixed-used facility will include a 7,000-square-foot entrepreneurial collaborative workspace and 10,000 square feet of retail space.

 The entrepreneurial collaborative workspace will provide “plug and play” accommodations of varying sizes, with the opportunity to secure short-term leases.

During the groundbreaking ceremony, John Drew, CEO of the Drew Co. said: “Our roots in South Boston are not being neglected, but are growing stronger as we celebrate an expanding hub for entrepreneurs and a vibrant new residential community in Boston’s Innovation District.”

The $120 million Waterside Place project will generate roughly 800 construction jobs. Project architecture is by TRO Jung|Brannen and construction by Suffolk Construction. Additional project partners are HYM Investment Group LLC, Commercial Construction Consulting Inc. and Bozzuto Management.

Waterside Place residences are slated to be available for lease in late 2013.