BOSTON-The human mannequins posing as prospective future occupants proved that no expense was spared for yesterday's Fan Pier complex groundbreaking here on the city's waterfront, and few of the dozen or so speakers held back, either. Mayor Thomas Menino declared the three-million-sf project “the most exciting thing that will happen in Boston in our lifetime,” as he joined others lionizing veteran developer Joseph Fallon for getting the mixed-use venture under way after two decades of frustrating setbacks.

Indeed, while the hyperbole flowed freely throughout the mid-morning event, it might be difficult to underestimate the significance of the ceremony, one marking the start of a 500,000-sf speculative office building that will kick off the commercial portion of Fan Pier's ambitious platform. The site does have one building open, with the Institute for Contemporary Art a beneficiary of the master-planned development's civic benefits package. Now, however, Fallon is moving ahead on such elements as 1.5 million sf of office space; a five-star, 175-room hotel; high-end retail and luxury condominiums that some observers predict will set new pricing records for the market.

Offering such an outlook was groundbreaking attendee David Begelfer, executive director of the Naiop Massachusetts chapter. The views of Boston Harbor and mix of amenities to be provided throughout the complex will ensure such an outcome, Begelfer told GlobeSt.com, “It is a triple-A location,” he said. “I think they are going to do extremely well on that.” Ditto for the office building, added Begelfer, who supports Fallon's decision to move forward on a speculative basis. “Once people see the steel going up, they know its real, and they will react,” said Begelfer. Leasing agent Steven Lynch of CB Richard Ellis agreed with that assessment, and said the long-held mindset of Boston tenants fits into that approach.