New office tower planned at Channel Center in Boston’s Seaport
5/4/2012
By Casey Ross, Globe Staff
The developer of the massive Channel Center complex in Boston’s Seaport district is moving forward on an 11-story office building, public parks and a parking garage, adding to the rapid redevelopment of the area in recent years.
The proposed expansion of Channel Center, located along A Street, calls for a
525,000 square foot office building, a 9-story parking garage and two parks.
Plans outlining the expansion were released Friday by the Boston Redevelopment Authority, whose approval is needed before construction can proceed. However, the developers expect to begin construction this year.
The development of a new office complex would be another huge boost for the Seaport, which has been branded the Innovation District by Boston Mayor Thomas M. Menino. The district has attracted scores of new businesses in the past two years, and continues to generate interest from a broad range of companies that want to relocate there. Vertex Pharmaceuticals Inc. is building a pair of large office buildings nearby at Fan Pier, one of the largest privately funded construction projects in the country.
No major office tenant was named in plans released by the city on Friday. But the Globe has previously reported that Channel Center’s developer, Commonwealth Ventures, has been in negotiations to construct a new office tower for State Street Corp.
State Street Corp. could not be immediately reached Friday for comment. Executives with Commonwealth Ventures were also not available.
Commonwealth Ventures purchased Channel Center in 2007 from Beacon Capital Partners for $21.5 million. Beacon had previously redeveloped about 30 percent of the property, which is a 16-building portfolio of the old Boston Wharf Co. complex, but the firm abandoned the effort when the area’s renaissance proved slower than expected.
The complex now includes more than 200 residential units, retail stores and restaurants, offices and parking. The Fort Point area around it has also seen steady redevelopment of its turn-of-the-century warehouse buildings, which have been converted into mixed-use properties with residences, boutique retail shops, and restaurants.
Casey Ross can be reached at
cross@globe.com.