Signs 99-year ground lease for Phase I with MassDOT
BOSTON, Dec. 8, 2017 /PRNewswire/ — Joint venture partners Gerding Edlen, TH Real Estate and Meredith Management, have signed a long term ground lease with the Massachusetts Department of Transportation (MassDOT) for Phase I of Fenway Center. The $240 million mixed-use property spans 4.5 acres and is located between Brookline, Beacon Street, David Ortiz Way and the Massachusetts Turnpike. Construction is scheduled to begin immediately with a groundbreaking ceremony planned for mid-January.
The announcement was made December 8, by the developer, Fenway Center Development LLC, a partnership of Gerding Edlen and John Rosenthal.
Credit: The Architectural Team, Inc.
Located adjacent to the revitalized Yawkey Station and Fenway Park, Fenway Center, once fully completed, will create 1,800 new construction jobs, 126 new permanent jobs and more than $2.4 billion in economic impact over 99 years. Additional benefits will include $600 million investment to the area and $5.7 million in property taxes per year during the build out phase. 15% of the market rate units will be designated affordable with two-thirds of the units being on-site.
Phase I will take two years to complete and will comprise two residential apartment buildings with 312 apartments, 37,000-sq.-ft. of ground floor retail and 200 underground parking spaces. It will also include 12,000-sq.-ft. air rights deck and landscaped pedestrian walkway over Yawkey Station between Beacon St. and Yawkey Station.
Fenway Center is designed to be a model for smart growth, transit and sustainable energy oriented development respecting the urban grid, replacing a large surface parking lot and filling in existing space between long, wind-swept bridges with new buildings and retail amenities along Beacon Street and Brookline Avenue. The buildings are arranged so that the taller buildings are located adjacent to Yawkey Station, serving as an architectural marker and gateway, while the smaller buildings are scaled down in respect to the Audubon Circle neighborhood and Fenway Park area.
Credit: The Architectural Team, Inc.
The general contractor for Fenway Center is John Moriarty & Associates. Construction for Phase I will commence in December 2017 and is slated to be completed by the beginning of 2020. The Architectural Team, Inc. located in Chelsea, MA is the architecture firm for Fenway Center and the interior design firm is Planeta Design Group of Boston.
