BOSTON-Corcoran-Jennison Construction signed on in a joint venture to develop Crosstown Center, the proposed 800,000-sf office, retail and hotel complex here. While Corcoran-Jennison will provide capital to the project, the minority development team, Crosstown Associates, will remain the majority partner.

The project suffered a major setback this summer after Loews Cineplex Entertainment Corp. decided not to build a 12-screen theater on the site. Gary Jennison of Corcoran-Jennison was not available for comment by presstime but he is quoted in an issued statement, “We are excited about the opportunity to make Crosstown Center an economic gateway for Boston. This is a $1 billion of investment going into this part of the city.”

Crosstown Center, located one mile from Downtown off Interstate 93, will have a nine-story office building, a 190-room hotel and a 1,300-car parking garage on its 6.3 acres. “This is a mixed-use project,” says Travis Powell, vice president at Spaulding & Slye Colliers, which has been named exclusive leasing agent for the office space. “It makes a lot of sense because it offers all the amenities from access to transportation to parking spaces at a much lower rate.”

The market rate Downtown runs anywhere from $60 to $80 per sf while in the Financial District asking rates have recently gone as high as $100 per sf. Crosstown Center will be $40 per sf. While Powell would not specify names he did tell that he has several potential tenants for the space. “We’ve got very good activity right now,” he says.

The development team is still talking to several financing sources. Corcoran-Jennison officials are quoted as saying that there are up to $50 million in tax-exempt bonds available because of the project’s location, in a Federal empowerment zone. Nationwide, Corcoran-Jennison has developed nearly $2 billion worth of property. In this area, projects include Bayside Exposition Center, the Don Bosco School and the redevelopment of the former Columbia Point public housing project.

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