Holliday Fenoglio Fowler LP's New York City and Boston-based team are being retained to market the site. HFF is not listing an asking price, but a source involved in the deal tells GlobeSt.com that the firm is expecting the property to bring in somewhere around $200 million.

Among those involved in the project are managing directors Joe Morningstar and Glenn Whitmore, managing director Andrew Scandalios, executive managing director John Fowler, managing director Sarah Leggat and senior real estate analyst Coleman Benedict. Pritzker's company, the Hyatt Development Corp., owns Fan Pier.

The sale has huge implications for the city's waterfront section in South Boston, an area considered the last frontier of developable land in the city. The Fan Pier project is the largest development on the South Boston waterfront and its huge expanse currently sits nearly vacant and is used largely as parking lots. The city had great hopes for the development of this area, but hotel projects, which have never been easy to finance, became even trickier with the recent downturn in the economy. The timing of this deal is also dangerously close to Frank McCourt's recent move to look for an investor or buyer for his 25 acres--which sit adjacent to Fan Pier.