The board of the Boston Redevelopment Authority approved the cold storage warehousing company as redeveloper for Building #16 at 25 Fid Kennedy Ave. in the park. The company's proposal calls for the redevelopment of the existing structure into a 150,000 sf seafood services facility and commercial freezer that will service the city's seafood industry. Meredith Baumann, a spokesperson for the BRA, tells GlobeSt.com that Preferred will be leasing the space from the BRA.

Preferred currently has nine company-owned facilities throughout the US, with four more presently under construction. This facility will employ 70 people.

In 2001, Mayor Thomas M. Menino launched the Boston Back Streets program to provide commercial and industrial companies--many of which reside in the Boston Marine Industrial Park--the financial help, technical assistance and general support to retain them and cultivate their diverse job base. Collectively, Boston's Back Streets encompasses 4,000 businesses that employ more than 100,000 workers, many of whom are Boston residents. It is estimated that these businesses generate approximately $30 million in tax revenue for the city.

The 191-acre Marine Industrial Park is home to approximately 180 businesses that employ more than 3500 people and, according to the city, is a key component to the Back Streets initiative.