Fenway Center Project Gets Going After a Stand-Still

in Real-estate


It was reported recently in the news that the project developer of the $450 million Fenway Center luxury apartment project has said they are currently in position to secure financing, after a state court tossed out a lawsuit blocking the five-building complex. Construction work still continues on the state-funded, $13.5 million reconstruction of Yawkey Station, which started in November 2010. The 1.3-million-square-foot Fenway Center’s final piece is a 27-story office and residential tower over the Pike. Construction is estimated to finish by 2016.

The Boston Land Court Judge rejected a 2009 challenge of Boston zoning approvals by HRPT Medical Buildings Realty Trust, stating that the company should not expect to prove its case at trial. The president of the development firm stated that the ruling has naturally given them the go-ahead to carry on with the construction of  Boston Luxury Apartments in Fenway Center. The firm has been waiting three years for this decision to be reached after so long. The president also added that, as of now, they are racing to complete their negotiations with equity partners. He hopes that this will resolve the financial issues that have also been delaying the project.

The HRPT initially claimed that public street extensions, connecting to the MBTA’s new Yawkey Station at Fenway Centre would slice across its adjacent property. They felt that this would raise questions over land ownership of certain properties. The spokesperson for HRPT’s parent company Commonwealth REIT, said that the company has yet to determine if it will appeal against this recent ruling. He also added that the real estate investment trust could still be in line for a pay-out if any of its land is taken by eminent domain for any reason.

The president of the development firm has also said that he expects the construction process of the first phase to commence by early next year. This includes a 102-unit apartment building along Brookline Avenue, a 750-space parking garage on a deck over the Mass Pike, and two apartment buildings with 316 units along Beacon Street.

The Mayor of Boston has lauded the Court’s ruling, remarking that it is great to finally see the resolution of this long-standing lawsuit. He added that the $450 million Fenway Centre project can carry on at long last and put 1,700 construction workers back on the job. 

Author Box
Bruce Garland has 95 articles online


Written by Bruce Garland for Fenway. Bruce wants to help you get the best Boston luxury apartments, boston luxury rentals, and luxury apartment boston that you can through Fenway.

Read more: Finding an Apartment in a Large City like Boston

Add New Comment

Fenway Center Project Gets Going After a Stand-Still

Log in or Create Account to post a comment.
Security Code: Captcha Image Change Image
This article was published on 2012/03/27