The proposal for the seven-acre parcel of land, which is right near the planned Convention and Exhibition Center, involves renovating the existing brick warehouse buildings, which would provide 125,000 sf of live/work space for the artist's community in this area and 127,000 sf of office and retail space.
The company also plans to build two new office of 12 and 25 stories each, providing an additional 1.5 million sf of space. This space would be used for office, retail, a pedestrian gallery and a restaurant.
In order to meet the required standard, that 30% of new developments here in the Waterfront District are used for residential purposes, Beacon will develop 158,000 sf of condominiums at Fort Point Place as well as an additional 204,000 sf of housing off-site.
Beacon Capital purchased the Midway district last June for $44.9 million through Beacon Capital Strategic Partners, its real estate investment fund. The company anticipates beginning construction this spring.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
