New Mixed-Use Project Proposed for South Boston
- May 14, 2012
Connecticut-based real estate firm Commonwealth Ventures has filed plans with the Boston Redevelopment Authority (BRA) for a new mixed-use complex at One Channel Center in South Boston.
The mixed-use project would be constructed on a property of approximately 1 million square feet that the developer acquired from Beacon Capital Partners LLC, for $21.5 million in 2007. The site’s previous owner managed to redevelop approximately one third of the property but was forced to cease all activities because of the sluggish economic environment.
As reported by The Boston Globe, the Channel Center currently includes over 200 housing units, several shops and restaurants, offices and parking.
Commonwealth Ventures now plans to move forward with a LEED certifiable 521,000-square-foot office building, a nine–story garage with 970 parking spaces, 4,000 square feet of retail space and two public parks with recreation space, play areas for children and tree-lined promenades. If approved by the BRA, the development would generate more jobs and attract new businesses in the area, according to Mayor Thomas Menino, quoted by the Boston Herald.
The developer hasn’t named any prospective tenants for the 11-story office building, but The Boston Globe hints that State Street Corp. could relocate here some of its operations from the Financial District and Back Bay.
Rendering courtesy of the Boston Redevelopment Authority