Karp acquired the rights to Pier 4 over two years ago from restaurateur Anthony Athanas. Karp's harbor plan, which is the city's vision for the type of development it wants to see in that area already received approval from the state environmental office. This is in stark contrast to the Fan Pier project, being developed by Chicago hotel magnate Nicholas Pritzker, who has been mired in conflicts with the state environmental office over his harbor plan.

"The office has felt good about the project on Pier 4," Doug Pizzi, spokesperson for the state environmental office, tells GlobeSt.com.

Plans for Pier 4 include three large waterfront buildings which range from 100 feet at the end of the pier to 250 feet as part of a 385,000-sf office tower which would also house a 1,600-car garage underground. At the pier's end would be a 160-unit residential building and a one-acre park.