According to Mike Cantalupa of Boston Properties, the company is securing permits for the development. But, adds Cantalupa, "We don't have plans to move ahead with development until an adequate percentage of the project is leased to justify moving forward." The $40-million project includes a hotel and two buildings totaling 300,000 sf of office space.
The complex is to be built on a 26-acre site owned by the Massachusetts Turnpike Authority. Boston Properties will be leasing the site at a reported $120,000 annually, which will begin this February. In 2004, the rent goes up to $450,000 annually. Because the complex will sit inside the loop ramps of Exit 12 off the Turnpike, infrastructure needs to be developed to support it. That process could take up to a year to complete.
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