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Beacon Capital's $300 Mil Midway Project Receives BRA Approval

BOSTON-The Boston Redevelopment Authority gives final approval to Beacon Capital Partner's proposal to develop a 6.8-acre site in South Boston. Cost is estimated at $300 million and involves nearly 1.6 million sf of space.

By Naomi Grossman | Updated on December 21, 2001

BOSTON-Beacon Capital Partner’s $300 million project to develop a 6.8-acre site here in the Fort Point Channel area received final approval from the Boston Redevelopment Authority.

Beacon Capital’s plan involves redeveloping the site into a mixed-use project that includes 1.25 million sf of office and research and development space, 183,500 sf of live/work space, 96,700 sf of retail and restaurant space, 20,000 sf of gallery space and 990 parking spaces. The site currently houses 19 buildings totaling 800,000 sf of space, with over half that area either vacant or used as storage.

Maintaining the presence of a local artist community, who currently occupy approximately 80,000 sf in the area, is an important issue as operations proceed. “A whole community of artists has lived there for years,” Meredith Baumann, spokesperson for the BRA, tells GlobeSt.com, “and they have an organized presence there. It was important to the BRA and to the artists to keep them there.” 20% of the allocated live/work space will be affordable housing, designated for the group. Baumann notes such community concerns were addressed while looking at the project proposal.

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