Boston – MS Boston Seaport LLC., a joint venture between Morgan Stanley Real Estate Investing and Boston Global Investors (BGI), announced they sold One Seaport Square, three acres of land located in the Seaport District of Boston, for $72 million to a new joint development venture led by Berkshire Group, headquartered in Boston.
The Boston Redevelopment Authority Board voted recently to give One Seaport Square final approval, culminating a year long process of design review hearings. The project is slated to break ground in April 2014 and is scheduled to be completed in 2016.
Seaport Square is the largest master-planned project in the City of Boston with approximately 6.3 million sf of mixed-use projects planned on 23 acres of land in total. The development will serve as the gateway to what Mayor Menino has deemed the Innovation District, a stretch of the South Boston waterfront devoted to innovation, collaboration, and entrepreneurship.
One Seaport Square will encompass two 22-story towers, consisting of 832 luxury apartment homes, constructed above 260,000sf of retail space. The residential towers will enjoy Boston skyline and harbor views and are designed with extensive amenity spaces, including expansive roof decks and a resort style pool.
In a joint venture led by Berkshire Group, Berkshire Group and BGI, the master developer of Seaport Square, will own and develop the residential component of the project. WS Development will develop, own and manage the retail component of One Seaport Square.
Berkshire Group Senior Partner Steve Wood commented, “The City of Boston and the Seaport District in particular are undergoing an exciting period of growth and we could not be happier to work with BGI and WS Development to bring this landmark residential, retail and entertainment project to Boston.”
BGI CEO and Managing Partner John Hynes says, “One Seaport Square will be our largest project in Boston and it is the keystone project for the Innovation District. We are fortunate to have the opportunity to continue to invest in and work with Berkshire and WS and the assembled team of consultants to bring this project to fruition.”
WS Development Partner Dick Marks added, “We could not be more thrilled to be a part of One Seaport Square and to collaborate with Berkshire Group and BGI. With our plans for its 260,000 square feet of retail space, One Seaport Square promises to be one of the most vibrant destinations in the city.”