At a public meeting held this evening at District Hall in Boston’s Seaport District, developer Cottonwood Management gave an update on construction progress at Seaport Square Parcels M1 and M2. Boston Global Investors (BGI) Managing Director John Hynes also gave an update on other active Seaport development projects.

Parcels M1 and M2 is Cottonwood Management’s first Boston-area development project. First approved in 2010, the project has been amended five times. Cottonwood Management, who acquired M1 and M2 in October 2015, filed a sixth amendment to the M1 and M2 development plan on December 31st, 2015. The amendment contains minor design changes and will be heard on March 17th, 2016 by the Boston Redevelopment Authority board. (Link to amendment.)

A second developer, Regent Hotels and Resorts, has joined the M1 and M2 development team and will manage the M1 and M2 property. Contrary to prior reports, there will not be a hotel or short-term rental apartments at M1 and M2.

The development team anticipates to file for building permits for M1 and M2 over summer 2016. Foundation work is anticipated to commence in October 2016 with construction of slurry walls. Foundation excavations and site work would be completed by September 2017. Ground floors of M1 and M2 would be completed by February 2018, with full project completion by August 2019.

M1 and M2 is tied with One Seaport Square for largest Seaport development, at 1.1 million square feet. Three towers are currently proposed as part of the M1 and M2 development plan. The towers would contain residential and retail space. The M1 and M2 project is designed to accommodate home ownership. Two of the towers would contain condominium units. The third would contain apartments and could potentially change to condominiums depending upon market conditions. A total of 750 residential units will be built at M1 and M2.

Two parking garages would be built at M1 and M2 with a total of 560 striped spaces. The MBTA Silver Line tunnel cuts directly through the project site and separates the parking garages. Both parking garage entrances will be located off of East Service Road, which will soon be renamed Pier Four Boulevard. The amount of affordable units at M1 and M2 is not yet finalized; there will likely be a balance of on site and off site affordable units to satisfy affordable housing requirements.

M1 and M2 is designed to accommodate and encourage pedestrian use. A new retail-lined pedestrian mall, Autumn Lane, will cut through the project site, leading to a central courtyard space, Harbor Square. There will be a total of four pedestrian connections into the M1 and M2 project.

In other news, CapitalOne 360 Cafe will occupy the ground floor of the under-construction Block H Offices on Seaport Boulevard. At One Seaport Square, The Benjamin (Parcel B) will top off within the next four weeks. Parcel C will follow shortly afterwards, topping off within the next eight weeks. Expected completion of One Seaport Square is in May 2017. 80% of retail space has been pre-leased at One Seaport Square. Across Seaport Boulevard from One Seaport Square, Our Lady of Good Voyage Chapel’s shell is anticipated to be complete by July 2016, with the interior complete by November 2016.

Annual real estate taxes upon total buildout of the Seaport Square parcels will be $30M per year. An estimated 50,000 total construction jobs will be created across Seaport Square.

(Above: Seaport Square Parcels)

More information on M1 and M2 is posted below.

View EchelonSeaport >>