Fenway Center developers finalizing air rights lease, construction launch expected this Fall

Developers John Rosenthal and Gerding Edlen have been granted an extension through the end of September to finalize their 99-year state lease for the Massachusetts Turnpike air rights necessary to build the 1.1-million-square-foot Fenway Center, which is now expected to start construction work this Fall. Initial preparation work could commence as early as September on the $230 million first phase of the $590 million, two-phased project. The first phase will be constructed next to the Massachusetts Turnpike on existing parking lots bounded by Beacon Street, Maitland Street and Yawkey Way.

The developers and the state had originally faced a June 30th deadline to finalize the lease; however, appraisals of the property took longer than expected. In an interview with the Boston Herald, State Transportation Secretary Stephanie Pollack said the state agreed to extend the deadline to September given that the developers have been “meeting milestones and getting things done,” and that there has been “a lot of progress in recent months.” The developers will pay the state $21 million once the lease is finalized. Fenway Center will feature five buildings containing approximately 550 residential units, 160,000 square feet of office space and over 50,000 square feet of retail, in addition to over 30,000 square feet of on-site park and green space and 1,290 parking spaces.

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