FEBRUARY 23, 2016
BOSTON BUSINESS JOURNAL
Seaport Square’s $800M Next Phase, By the Numbers
Update on Seaport Square’s development progress
Cottonwood Management, the California real estate group that paid almost $120 million last fall to acquire the last available master- planned parcels in the Seaport Square development, last night outlined its project development goals at a community meeting.
When the Boston Redevelopment Authority originally approved the Seaport Square master plan, the 3.5- acre parcel was set to include two tall towers with little in the way of potential pedestrian activity. Cottonwood’s plans now include three towers, varying in height, with what it calls a “center destination courtyard,” for a project that spans more than 1 million square feet in ground-up development and 300,000 square feet in underground parking.
If Cottonwood’s amendments to the Seaport Square master plan are approved, the M1 and M2 development will be among the largest in the district.
MIT graduate Alexander Shing founded Cottonwood in 2011, and Seaport Square will be the company’s first major East Coast project. He presented at the meeting with Rebecca Mattson, a principal with Cottonwood, who has long been a fixture in Boston’s real estate development community.
The BRA is set to vote on Cottonwood’s plans at its March 17 board meeting. Here’s a breakdown of Cottonwood’s plans for parcels M1 and M2, by the numbers.
3.5-acre site: Parcels M1 and M2 span 3.5 acres and are bounded by Seaport Boulevard, Congress Street, Pier Four Boulevard (which was formerly East Service Road) and B Street. The MBTA Silver Line tunnel runs directly beneath the project site.
275-unit residential tower: Located on Seaport Boulevard, a 275-unit tiered luxury condominium will span between 14 and 21 stories. The building will include private and amenity terraces for its units.
180-unit residential tower: Located on B Street, a 180-unit luxury condo tower will span between 10 and 21 stories. The building will have views of the Harbor and the city skyline.
280-unit residential tower: This 280-unit multifamily tower could be converted to condominiums. The tower will include “innovation units,” which Cottonwood defines as micro-living units with shared entrepreneurial workspaces, as well as luxury market residential units.
125,000 square feet of retail: WS Development — a company that knows a thing or two about Seaport development and acquisition— is
developing a two-story, 125,000-square-foot retail and restaurant space on all four street fronts at M1 and M2.
Project cost, timeline and team: Between $750 million and $800 million. Cottonwood aims to start construction on all three towers at once, beginning this fall, for a three-year construction process. John Moriarty & Associates is the general contractor. A joint venture of Kohn Pederson Fox Associates PC of New York and CBT Architects of Boston designed the project. Cottonwood also recently announced a partnership with Regent Hotels & Resorts, part of Taiwan-based Formosa International Hotels Corp., to have the three Seaport Square towers carry the Regent Residences brand.
Financing partners: Celona Capital of Hong Kong, HGC Capital Group of Beijing, Boston Private Bank & Trust
Real Estate Editor, Boston Business Journal