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Parcel K Update 10/02/16

Parcel K project changes proposed, developer partner joins team

Per a Notice of Project Change (NPC) submitted to the Boston Planning & Development Agency (BPDA) last Thursday (September 29th, 2016), Phoenix Property Company (PPC) will partner with Lincoln Property Company (LPC) to develop Parcel K in the Seaport District; the following is a link to the NPC. It was announced earlier this month that LPC would take over the Parcel K project from Conroy Development, who was designated by Massport, the site's owner, as Parcel K's developer in 2009. LPC and PPC anticipate to start construction of the Parcel K project in March 2017, with completion anticipated in July 2019.

LPC and PPC propose minor changes to the Parcel K project plan approved by the BPDA in 2009. The revised project would feature 304 residential apartments a 293-room boutique hotel, approximately 14,400 square feet of office space and approximately 18,000 square feet of retail and restaurant. As previously approved, two buildings, one with a hotel and one with residential units, would be constructed at Parcel K.

Proposed hotel rooms have increased by 46, from 247 rooms to 293 rooms; the number of proposed residential units has not changed. Interior layouts of both proposed buildings have been modified to enable occupancy of the 12th floor; the 12th floor was previously proposed to contain mechanical space. As a result of the interior layout modification, the hotel's 12th floor would now feature a small fitness room and pool, and the residential building's 12th floor will now feature a pool, a clubroom and an outdoor roof deck.

The previously approved building massing has not been altered with the proposed 12th floor modifications; total building square feet would increase by approximately 19,397 square feet to 499,500 square feet from previously approved 479,678 square feet. Parcel K’s underground parking garage would be reduced to one level and a maximum of 420 spaces from three levels and 640 spaces; 197 spaces would initially be striped.

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