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Construction Proposals in Downtown Boston Are Heating Up

The Downtown Boston real estate market has been receiving a lot of attention recently. Eight different developers are bringing different plans to build a new skyscraper in place of a disused and recently closed parking garage. The competition for the project is heating up, many of the plans for this new project will add new landmarks to the Boston skyline and rival Boston’s tallest buildings.

Millennium Partners, responsible for the much celebrated Millennium Tower and Millennium Place has its eye on the property in the heart of the Financial District and is proposing a 750 foot tower designed to look like a slightly smaller and thinned down Hancock Tower.

Steve Belkin, founder of Trans National Group and former owner of the NBA’s Atlanta Hawks, has tried to develop the Winthrop Square site previously and is looking to do so again. Previously, Belkin was looking at the site to create a 1,000 foot skyscraper (250 feet taller than the Hancock) but has scaled his current development back to 740 feet. This proposed project would entail mostly commercial space.

Developer Joseph Fallon is proposing to build not just one, but two new towers to the site. Mr. Fallon’s proposed towers would be entirely residential with a mix of rental units and privately owned condominiums. The twin building project would add a significant amount of inventory to the Boston real estate and rental market.

Former Boston Redevelopment Authority director Thomas O’Brien brings his own unique take on the parcel, proposing a 780 foot tower that would actually be across the street from the existing property. The existing garage would be torn down and the space used as a public plaza and a new St. Anthony Shrine Church that would serve as a friary and ministry center for the Franciscans. Also included in this plan would be $25 million from O’Brien’s company to go towards a new public school and a permanent leasing of that land back to the city.

Competition brings out the best in people. Regardless of who wins the race to answer the call started by former Mayor Thomas M. Menino we can be assured that the new building will change the city’s skyline and bring further revitalization to the heart of Boston.

Contact Ryan Clunan

rclunan@campionre.com
617.686.4966

172 Newbury Street
Boston, MA 02116