The leases represent more than 85% of the retail space in the office/retail complex. The project has been under construction since December 2001, and is expected to be completed in May. Store openings are planned for May and June.

Jerry Rappaport Jr., president of New Boston Fund, emphasizes that the development is not only a "solid financial investment" for his company, but also a "significant project for the continued revitalization of the Mission Hill neighborhood and its 15,000 residents. For decades, the neighborhood has been underserved by retail. With this infusion of retail, office and public space, this once underutilized parcel of land will become a focal point."

New Boston is providing funding for the project through New Boston RealEstate Investment Fund LP V, a $260-million closed-end, commingle fund that currently owns more than $700 million worth of property totaling more than seven million sf along the East Coast and through the Midwest.

Each of the companies signed long-term leases. Stop & Shop signed a 20-year lease to occupy a 38,000-sf, tri-level store with two levels of storage and prep and one retail level. Walgreen's signed for 40 years to a 13,000-sf two-level space. A Citizens Bank branch will lease 4,300 sf and a Fleet Bank Branch will lease 3,400 sf.

Partners HealthCare Systems Inc. previously agreed to lease all 116,500 sf of office space at the site and is scheduled to occupy the building this spring. The site will also include a public plaza at the front of the building serving as a town center for the community and a 5.5-acre park.