"The interest has always been very strong in the project and we expected [the number of applicants] to be in that range," Fallon says. He adds that they should be narrowing down the list of applicants to a handful by next week. A final decision should be made by the end of December with initial designs completed by early next year. The Fan Pier project, which has been stalled for years, is expected to break ground later in 2006.
The initial phase of construction will begin with office and residential units, which are expected to be completed within two to three years after building begins, he says. Under a plan already approved by the city, the site will contain a large park and a public marina along with offices, residential units and retail. The total project is estimated to cost approximately $1.2 billion. The land is permitted for about three million sf of mixed-use development.
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