The first phase of construction is set to begin of the Fenway Centre in Boston, Massachusetts, US.
This follows a joint partnership between Gerding Edlen, TH Real Estate and Meredith Management in a 99-year lease agreement with the Massachusetts Department of Transportation (MassDoT).
Early construction will start immediately, with the ground-breaking of the $240m mixed-use property planned to be carried out in mid-January.
Fenway Centre Development is being carried out by the partnership of Gerding Edlen and John Rosenthal.
Located between Brookline, Beacon Street, David Ortiz Way and the Massachusetts Turnpike, the property spreads over 4.5 acres, adjacent to Yawkey Station and Fenway Park.
The project will create around 1,800 construction jobs, 126 permanent jobs, as well as generate $2.4bn revenue over 99 years.
During the build-out phase, approximately $600m will be invested in the area and $5.7m in property taxes per annum.
The first phase of Fenway Centre is expected to be complete by early 2020. It will feature two residential apartment buildings with 312 apartments, 37,000ft² of ground floor space for retail, 200 underground parking spaces, and 12,000ft² air rights deck. In addition, there will be a landscaped pedestrian walkway between Beacon Street and Yawkey Station.
The centre’s structure has been planned so that the taller buildings are located by Yawkey Station, with smaller buildings towards the Audubon Circle neighbourhood and Fenway Park area.
The design and contracting team for the project includes John Moriarty & Associates as contractor, Chelsea-based architecture firm The Architectural Team, and Boston’s interior designer Planeta Design Group.