Berkshire JV Breaks Ground on One Seaport Square in Boston
- Nov 17, 2014
Development of One Seaport Square, a 1.5 million-square-foot mixed-use project in the burgeoning Seaport Square neighborhood of Boston has kicked off with a groundbreaking ceremony. Berkshire Group, WS Development and Boston Global Investors are behind the $600 million residential and retail property, which holds the title of the largest mixed-use development in Boston in three decades and will be the largest project within the 23-acre, 6-million-square-foot Seaport Square Master Plan.
“We view the Seaport as the future of the City of Boston, we are building a city within the city,” Dick Marks, partner at WS Development, told Commercial Property Executive.
One Seaport Square will span three acres and feature two residential towers totaling 832 for-lease units. Berkshire Group and BGI will own and develop the residential segment of the buildings, The Benjamin and VIA, which will feature 354 units and 458 units, respectively, including an aggregate 192 affordable residences. It’s a large number of residences, but the developers believe there’s ample demand.
As Steve Wood, partner and head of development at Berkshire Group, told CPE, “In building One Seaport Square, we are helping to define and create the Seaport District, the newest neighborhood in Boston with residential, retail, and employment options and access to a range of world-class amenities. We believe these qualities will attract residents to the area who want to live in an urban neighborhood close to both professional and entertainment opportunities.”
The Benjamin and VIA will be separated by the 17,000-square-foot Courthouse Square, a retail-lined open space that will connect the buildings to a metro station and the Moakley Federal Courthouse. However, the retail stroll separating the two residential towers will be exclusive of the 250,000-square-foot retail component that will be divided between the first three floors of The Benjamin and VIA. WS Development will build, own and manage the retail segment and the company has already attracted a great deal of attention with the project, which will offer the highest concentration of retail space in the Seaport District. At the groundbreaking ceremony, WS announced that Equinox had committed to space in The Benjamin and ShowPlace ICON Theatre at Seaport Square and Kings Bowl have agreed to open their doors within VIA.
Speaking on the allure of the highly anticipated project, Marks added, “One Seaport Square has seen and will continue to see great demand for being a destination that is convenient and accessible for those who live in the city and who are visiting the city; for the thoughtful and best in class collection of retailers WS is curating; for the 832 apartments sitting above its 250,000 square feet of retail; the world-class architecture and design it will feature; and the fact that we have some of the most exciting companies in the city working in the area immediately surrounding the property.”