Dec 27, 2019
South Station Air Rights Acquired for $35.35 Million, Receives Financing for $870 Million, Plus a $531M Building Permit is Pulled
Hines has acquired the South Station air rights for $35.35 million with an additional $870 million in project financing from CIFF Investments. Hines has also pulled a building permit for the first phase of the project -- the new high-rise office and residential tower over the commuter rail tracks and platforms. The current bus terminal and parking structure above the rail tracks will also be expanded as part of the project. The permit is valued at $531,845,387.00.
The South Station Air Rights project will bring three new buildings to Boston's Financial District above the existing South Station transit, office and retail center:
A 51-story, 677-foot tall, 1,032,000 square foot tower (Phase One) consisting of office, residential and retail space. 175 residential condominiums will be located above 704,000 square feet of office space and 7,000 square feet of ground-floor retail.
A 17-story, 334-foot tall, 438,000 square foot building (Phase Two) with one of the following four compositions, in addition to 8,000 square feet of ground-floor retail
A nine-story, 249-foot tall, 511,000 square foot building (Phase Three) consisting of office space and 12,000 square feet of ground-floor retail.
May 14, 2019
MBTA Expects Construction on South Station Project to Kick Off This Fall
During a recent recording of The Big Dig Podcast, Peter Paravalos, Director of Transit-Oriented Development for the MBTA told BLDUP he expects construction on the first phase of the South Station project to kick off this fall. This first phase includes the expansion of the bus terminal by 106,000 square feet and the expansion of the existing parking garage by 895 spaces.
The next phases of this much-anticipated development will include a 51-story tower, consisting of office, residential and retail space. This tower will feature 175 condos located above 704,000 square feet of office space and 7,000 square feet of ground-floor retail. Two additional towers are also planned, one a 17-story, 438,000 square foot building and the final phase of the project a nine-story, 511,000 square foot building consisting of office space and 12,000 square feet of ground-floor retail.
Want to hear more on transit-oriented development, check out our most recent episode of The Big Dig.
Jan 25, 2018
Callahan completes Meriel Marina Bay luxury apartments on Quincy waterfront
Callahan Construction Managers has completed Meriel Marina Bay, a 352-unit luxury apartment community located on the Quincy waterfront overlooking Boston Harbor. Meriel Marina Bay, developed by Hines, features studio to three-bedroom apartments available for immediate lease, and also includes a new extension of the Marina Bay public waterfront with 20,000 square feet of retail space.
Residences at Meriel Marina Bay feature open layouts and luxurious finishes such as oversized windows, wide plank flooring and kitchens with stainless-steel appliances, center islands with breakfast bars, quartz countertops and European-style soft-close cabinets. Many apartments are equipped with oversized balconies or private patios. Resident amenities at Meriel Marina Bay include four elevated courtyards featuring fire pits, barbeque grills, wet bars and deck swings, a heated outdoor swimming pool, a club room with lounge seating, a catering kitchen and a fitness center.
Sweeping views of Boston Harbor and the Boston skyline are visible throughout Meriel Marina Bay. Both of the developments’ buildings structural frames include five stories of wood above a base two-level steel podium that contains a total of 500 garage parking spaces, in addition to indoor storage for bikes, paddle boards and kayaks. Meriel Marina Bay is conveniently located near Downtown Boston and Interstate 93. The community is also adjacent to Squantum Point Park, which features a two-mile Riverwalk trail and beaches. The following is a photograph of Meriel Marina Bay:
Meriel Marina Bay Aerial
Aug 25, 2017
Ashkenazy acquires South Station office and retail leasehold for $119 million
Ashkenazy Acquisition Corporation, owner of the ground leases of Boston's Faneuil Hall and Washington DC's Union Station, has acquired the 98-year leasehold interest on the 205,165-square-foot office and retail component of Boston's South Station from longtime owner Equity Office Management for $119 million. The sale amounts to approximately $580 per square foot; Citi Real Estate Funding provided $75 million in funding towards Ashkenazy's acquisition. Equity listed the leasehold for sale through Holliday Fenoglio Fowler, L.P. (“HFF”) in April, expecting to fetch around $100 million ($407.81 per square foot).
South Station’s office and retail component features 117,000 square feet of fully-leased office space across four stories and 59,000 square feet of ground-floor restaurant and retail space with multiple tenants, including restaurants Au Bon Pain, Auntie Anne’s, Dunkin’ Donuts, McDonald’s, Pret A Manger and Starbucks, and retailers Bank of America, Barbara’s Bookstores, Citizens Bank and CVS/pharmacy. South Station features unparalleled public transportation access and a prime location in the heart of Boston’s Financial District steps to Fort Point and the Seaport District.
South Station is poised for a nearly 2-million-square-foot air rights development, which will be developed by Hines and Gemdale Properties. The development's first phase, a 51-story, 677-foot tall, 1.032-million-square-foot tower featuring 175 condominium residences, 704,000 square feet of office space and 7,000 square feet of ground-floor retail, is expected to break ground by the end of this year.
Aug 22, 2017
Ribbon cut on newly completed Meriel Marina Bay luxury apartments, and Marina Bay boardwalk expansion, on Quincy waterfront
A ribbon cutting ceremony was held Saturday, August 12th for the newly completed Meriel Marina Bay luxury apartments on the Quincy waterfront, and the associated expansion of the Marina Bay boardwalk. The boardwalk’s size has been nearly doubled as part of Meriel Marina Bay’s development, creating new publicly-accessibly waterfront space and retail. Meriel Marina Bay features two five-story buildings featuring 352 studio, one-, two- and three-bedroom residences and 20,000 square feet of ground-floor retail, with resident amenities including a fitness center, three elevated courtyards, a swimming pool and on-site garage parking. Breathtaking views of Boston Harbor and the Boston skyline are visible throughout Meriel Marina Bay. Over 25% of apartments at Meriel Marina Bay are leased following the launch of leasing last Spring; apartments are now available for lease.
Meriel Marina Bay is the latest addition to Quincy’s thriving Marina Bay neighborhood, located a short drive, transit trip or boat ride to Downtown Boston. “The expansion of the Marina Bay boardwalk is a truly meaningful milestone in our work to complete the Meriel Marina Bay community and further enhance the many wonderful aspects of this neighborhood,” said Hines Managing Director Michael Francis in a prepared statement. “The new boardwalk and new retail spaces will provide additional opportunities to complement the already thriving mix of retail offerings along the waterfront and provide both locals and visitors with added space to enjoy the unique benefits of this waterfront neighborhood.”
Meriel Marina Bay complements Quincy’s recent resurgence, with hundreds of thousands of square feet of new housing and commercial space currently under development and recently completed. “Our city has experienced an ongoing positive evolution across all neighborhoods over the last number of years with the steady addition of new businesses and residents proud to call Quincy home,” said Quincy Mayor Thomas P. Koch in a prepared statement. “Marina Bay has particularly continued to thrive as a destination where residents and visitors alike come to live, work and play, and I’m thrilled to see the continued growth of this community with the expansion of the boardwalk through the construction of Meriel Marina Bay.”
Jul 03, 2017
Ashkenazy acquiring 205,165-square-foot South Station leasehold for nearly $125 million
Ashkenazy Acquisition Corporation, who owns and operates Faneuil Hall, will acquire the 205,165-square-foot office and retail component of South Station, a central Boston transit hub poised for a nearly 2-million-square-foot air rights development, for nearly $125 million ($609.27 per square foot). Seller Equity Office Management listed the 98-year leasehold interest on South Station for sale through Holliday Fenoglio Fowler, L.P. (“HFF”) in April, expecting to fetch around $100 million ($407.81 per square foot). Ashkenazy and Equity’s deal will require approval from the Massachusetts Department of Transportation (MassDOT), owner of South Station, to move forward.South Station’s office and retail component features 117,000 square feet of fully-leased office space across four stories and 59,000 square feet of ground-floor restaurant and retail space with multiple tenants. The asset benefits from unparalleled public transportation access and a prime location in the heart of Boston’s Financial District steps to Fort Point and the Seaport District. The first phase of the 1.981-million-square-foot South Station Air Rights development, a 51-story, 677-foot tall, 1.032-million-square-foot tower featuring 175 condominium residences, 704,000 square feet of office space and 7,000 square feet of ground-floor retail, is expected to break ground by the end of this year.
May 07, 2017
South Station post office relocation takes step forward with proposed Massport land acquisition in Seaport
The relocation of the 14-acre post office distribution facility at South Station, and South Station’s proposed expansion and air rights development, took a step forward last week with Massport’s signing of a Letter of Intent to acquire a 4-acre parcel at 525 E Street in the Seaport District. The parcel is owned by the U.S. Army Corps of Engineers and is located adjacent to 12 acres Massport owns. Massport would in turn offer the combined 16 acres to the U.S. Postal Service as a new home for the 14-acre South Station facility.
The relocation of the facility would enable the planned expansion of South Station by seven tracks and four platforms, which would also present new air-rights development opportunities. Hines and Gemdale Properties will construct an approved nearly 2 million square foot air rights development above the existing South Station; the government-imposed deadline for the developers to break ground was recently extended to December 31st, 2017 from April 30th, 2017.
The long-term leasehold on South Station itself, a 205,165-square-foot office and retail property, was recently listed for sale by current owner Equity Office Management through HFF. South Station’s sale price is expected to exceed $100 million ($407.81 per square foot); the new owner would assume a 98-year interest in the property from the State of Massachusetts, who owns the property. South Station features 117,000 square feet of fully-leased office space across four stories, and 59,000 square feet of ground-floor restaurant and retail space with multiple tenants. The property is coveted due to its’ central location and unrivaled access to public transit.
Mar 21, 2017
Meriel Marina Bay nears opening
Interior and exterior finishing touches are well underway at Meriel Marina Bay, a waterfront luxury apartment community opening Phase 1 this Spring in Quincy. Callahan Construction Managers is building this mixed-use property in Quincy’s thriving Marina Bay neighborhood in partnership with client Hines. The construction team is installing luxurious features including stainless steel appliances, porcelain backsplash kitchen tiles, solid quartz countertops, Kronoswiss® hardwood flooring and plush bedroom carpeting in Meriel Marina Bay’s 352 apartments.
Windows have been fully installed across both of Meriel Marina Bay’s buildings, and exterior finish panel installation is just about complete. The construction team is also installing railings and finishes along communal elevated courtyards and apartments’ private balconies. Along Meriel Marina Bay’s ground floor, a public waterfront boardwalk is being constructed overlooking Boston Harbor. The property will also include approximately 20,000 square feet of retail space that will line the boardwalk. The following are photographs of Meriel Marina Bay:
Mar 12, 2017
South Station Air Rights receives City zoning approval, awaits State approval to start construction
The Boston Planning & Development Agency (BPDA)'s Zoning Commission approved the nearly 2 million square foot South Station Air Rights development last Wednesday, the final city approval required to start construction. Financing has been secured for construction of the project's first phase, a 677-foot tall mixed-use tower facing Dewey Square. Per developer Hines' agreement with the Massachusetts Department of Transportation (MassDOT), Hines must now receive State of Massachusetts approval for the project and start construction of the first phase by April 30th. Otherwise, Hines could lose its' right to build the project.
Dec 18, 2016
South Station Air Rights development approved, groundbreaking expected Q2 2017
Modifications to the approved South Station Air Rights development in the Financial District were approved at Thursday (December 15th)’s Boston Planning & Development Agency (BPDA) Board Meeting. The revised project’s first phase, a 51-story mixed-use office, residential and retail tower, is expected to break ground in the second quarter of 2017 pending final approvals from the Commonwealth of Massachusetts.
Nov 08, 2016
Meriel Marina Bay reaches full height
Meriel Marina Bay’s Building Two has reached six stories tall, the building’s full height. The frames of both buildings at Meriel Marina Bay are now being prepared for installation of exterior finishes. Windows have been installed along large sections of both buildings. Meriel Marina Bay will open in Spring 2017 and will feature 352 luxurious residential apartments overlooking Boston Harbor with sweeping views of the Boston skyline.
Geotechnical design/build contractor Helical Drilling prepared the Meriel Marina Bay construction site, which overlooks scenic waterfront Squantum Point Park, for development of the two new Meriel Marina Bay buildings. The existing urban fill on which the Park and its’ surroundings are built was deemed unsuitable for traditional foundation support methods such as over-excavate/replace and deep pile foundations. Accordingly, Helical Drilling installed several hundred Geopeir grouted rammed aggregate pier elements in the Meriel Marina Bay site’s soil. These elements extend 9 to 16 feet below grade and support the footings of Meriel Marina Bay. The following are photographs of Meriel Marina Bay, courtesy the development team on Twitter:
We're making great #progress on our new #quincy #apartments! You're gonna like what you see. #citylife #boston #construction pic.twitter.com/pt4T07wHY8— Meriel Marina Bay (@MerielMarinaBay) November 1, 2016
Our #construction team is working hard day in and day out. We can't wait for you to see our #vision come to life! #quincy #cityliving #apts pic.twitter.com/NBjSVi7unm— Meriel Marina Bay (@MerielMarinaBay) November 4, 2016
We have no words to describe the #sunsets we get to see at #MerielMarinaBay, so we'll let you see for yourself! pic.twitter.com/BLs5Y0EY69— Meriel Marina Bay (@MerielMarinaBay) November 5, 2016
Oct 21, 2016
Salesforce Tower becomes San Francisco’s tallest building
Salesforce Tower became San Francisco’s tallest building last Friday (October 14th, 2016), reaching 867 feet tall and surpassing the 853-foot tall Transamerica Pyramid. The 1.4 million square foot tower will continue to grow to a full height of 1,070 feet tall, at which point it will be the tallest office building west of Chicago. Salesforce Tower’s core walls are expected to top off in early November, with structural steel topping off in March 2017. Base core and shell work is expected to be complete in the second quarter of 2017, with tenants taking occupancy in the fourth quarter of 2017. Additional information about Salesforce Tower can be found above.