Financing raised to build 313 new residential units at Fenway Center

The Boston Globe reports that the Fenway Center development team has raised funding necessary to construct two new apartment buildings at Fenway Center containing 313 residential units. Financing deals have been signed with two large investors, and a total of $230 million has been raised. Construction of the two buildings could start by the end of 2016. A total of five new buildings are planned for Fenway Center; the project will cost nearly $600 million to build.

The development team is now proposing to construct Fenway Center in two phases. The first phase would include the two new apartment buildings and would be constructed on the existing surface parking lots along Beacon Street. The second phase would include three additional buildings and would be constructed above the Massachusetts Turnpike on a new decking. Construction of the first phase would take approximately two years. The development team hopes to start construction of the decking above the Massachusetts Turnpike towards the end of construction of the first phase.

The new two-phased approach would require approval from the Massachusetts Department of Transportation (MassDOT). The current agreement between the development team and MassDOT calls for construction of the decking over the Massachusetts Turnpike as part of the project's first phase. Per project developer John Rosenthal, MassDOT officials have been receptive towards the proposed change. Rosenthal hopes that successful completion of Fenway Center's first phase will raise capital and attract investment necessary to construct the second phase over the Massachusetts Turnpike.

An aerial rendering of Fenway Center is posted above. The following is a rendering of Fenway Center frontage along Beacon Street:

More information about Fenway Center is posted below.

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