Fallon Moves Dirt on Luxury MF at Fan Pier

BOSTON-A partnership led by the Fallon Co. broke ground Wednesday on Twenty Two Liberty, a 14-story luxury residential tower at Fan Pier on Boston's waterfront. Reportedly it's the first new-construction, water-view luxury condominium project to be built in Boston since 2009.

One of the country's largest mixed-use development sites, the $3-billion Fan Pier spans 21 acres and nine city blocks. It's a joint venture of Fallon, MassMutual and Cornerstone Real Estate Advisers LLC, an indirect subsidiary of MassMutual.

“This is very exciting for us,” Joe Fallon, president and CEO of the company that bears his name, said at the groundbreaking ceremony. “This is a very special place, and we are really excited about starting the condominiums, but we are really excited about what is going on in the neighborhood. For us, launching Twenty Two Liberty is a major milestone.” Fallon told the Boston Business Journal that the 118 units at Twenty Two Liberty would be priced between $1,400 and $1,500 per square foot.

Wednesday's groundbreaking for Twenty Two Liberty marks the start of work on the MXD's first residential tower. The JV is completing construction of a pair of office towers that will serve as the global headquarters for Vertex Pharmaceuticals. This past December, law firm Goodwin Procter signed on for 360,000 square feet of build-to-suit space, anchoring a 500,000-square-foot office tower on the site.

“Boston would not be moving ahead like we are” without Fallon's commitment, the Business Journal quoted Mayor Thomas Menino as saying. “When he bought the property in 2005, a lot of people criticized him for it. But Joe had the vision of what he'd like to see happen on Fan Pier. And that vision is being realized with the construction of these condos, which is great for the neighborhood.” Projected completion date for Twenty Two Liberty is 2015.