South Station skyscraper to break ground next month

South Station skyscraper to break ground next month

A 51-story skyscraper decades in the planning might finally begin to take rise over South Station next month.

Developer Hines last week secured an $870 million loan that was the final hurdle standing in the way of starting construction on the 678-foot tower that will eventually hold 2.5 million square feet of office space, condos and a hotel.

David Perry, senior managing director at Hines, said the transaction “marks another milestone in the South Station Air Rights project and we are another step closer to construction, which will be starting in January.”

“We are working closely with stakeholders to mitigate the impacts during this time of transition. As we prepare to break ground, we are implementing an in-depth communications and community engagement program to keep the public informed at every step forward,” Perry said.

South Station is Boston’s busiest transportation hub after Logan International Airport, housing the red and silver lines on the T along with the Commuter Rail and Amtrak. Construction will impact commuters — the details on that will come out in the coming weeks, according to the developer.

The project has been plagued by a number of false starts since it was first approved in 2006. First, the recession halted construction. The project was again approved in 2016 and then stalled again. The project was sold to APG Asset Management and Dune Real Estate Partners earlier this year. The firms then closed with the Boston Planning and Development Agency on the 8.3-acre site for $33.5 million.

South Station is the latest MBTA station to undergo a major transformation by selling the air rights off to a private developer. Two MBTA stations in Quincy — at North Quincy and Quincy Center — will bring a combined 900 housing units over the next few years.

Source link