Progress at long last for Fenway Center Project?

in Real-estate


It was reported in the news recently that the construction on Fenway Center could begin over the Massachusetts Turnpike within the year. This project has been said to cost a net worth of $450 million. Prospective tenants will probably be able to start moving into the Boston Luxury Apartments on Beacon Street by the start of 2015, according to project’s developer.

However, the progress on the 1.3 million square-foot project has been halted by a zoning lawsuit against the project developer. A verdict in favour of the developer has been reached which means that the suit can only continue if the accuser, a subsidiary of the Commonwealth REIT makes the decision to appeal the court’s decision.

The project developers are proceeding with financing plans in the Boston land court on Tuesday. Assuming that the negotiations for finances with possible development partners are a success, the developer expects construction to get underway possibly by either the end of this year or by early next year.

The owner of the Fenway Center development firm has remarked that he thought the backers they sought would be comfortable with financing the project. This comment was made despite the project’s lawsuit turmoil, as he is certain that the court will rule in their favour regardless of what happens in the aftermath of the court case.

According to the developer, the construction project has been segmented into two different phases. The first phase would include three buildings and a parking garage. The total number of units in the building would equal approximately 420 luxury apartments. Also included in the plan is 60,000 square feet of retail space along Brookline Avenue and Beacon Street. There would also be 1,000 available parking spaces in the garage. Two of the three buildings, including a 13-story apartment building, would be located along Beacon Street. The parking garage and a third building, a seven-story structure facing Brookline Avenue, would be then built on top of a deck over the Massachusetts Turnpike. On the other hand, phase 2 of the project involves extending the deck further west over the Turnpike in order to accommodate a fourth building. The last building is planned to be a 27-story, mixed-use structure that would encompass 160,000 square feet of office space and 130 luxury apartments.

The company anticipates that the building process will be continuous. This is assuming that the economy continues to improve.

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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: Some Good Places Where to Find an Apartment in Boston

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Progress at long last for Fenway Center Project?

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This article was published on 2012/03/27