South Station Air Rights Update
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.