Luring Renters to the Waterfront in Boston
- Jan 19, 2015
New York–Real estate developer, owner, operator and asset manager Tishman Speyer has announced plans for a waterfront development site at Pier 4 in Boston’s Seaport District. The firm recently acquired the site from seller New England Development and plans a 13-story commercial building, a nine-story luxury condominium structure and a three-level, below-grade parking facility.
The commercial building, to feature 373,000 rentable square feet primarily for office use, and the 100-unit condominium building will both offer ground-floor retail/restaurant space. A one-acre public park will also be part of the project.
Construction is slated to start in late 2015, and LEED Gold certification is expected to be sought. Completion of both buildings is expected in 2018.
New England Development will continue in its role in the master development planning process regarding obligations to the developer of the first phase of the Pier 4 Master Plan, including interim roadways and additional matters.
“The bedrock of our business platform is to develop and own world-class properties in the world’s great cities,” say co-CEOs Jerry Speyer and Rob Speyer of Tishman Speyer. “Boston is certainly one of those cities. Our Pier 4 project represents a terrific opportunity to expand our footprint in Boston and deliver the kind of high-quality office space as well as a desirable residential community for which Tishman Speyer is well known. New England has been a great steward of this project to date, and we look forward to completing this first-class development.”
The Seaport District has become the hub of new development in the area, due to its appealing waterfront location, and its convenient access to rail, highway and airport transportation. Its existing, and growing, amenity base is another factor luring commercial space users and large numbers of residential buyers and renters in what is becoming a lively 24/7 community.
The Seaport District is located adjacent to Boston’s Financial District, but had been cut off by “Big Dig” construction from the remainder of downtown.