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BOSTON-Beacon Capital Partner’s purchase of an acre of land in South Boston enables the development company to meet the residential requirement necessary to gain approval for its proposed Midway project, which would be developed on seven acres in the Fort Point Channel district.

Approval for the 1.5 million-sf project requires that at least a third of the space be residential in nature. Beacon Capital spokesman Alex McCallum tells GlobeSt.com that while Midway is a mixed-use project, its “primarily office space and in order to make it economically viable, it needs an appropriate amount of office space.” Beacon, says McCallum, had been looking for an appropriate site to develop off-site housing to meet the requirement and found it on West Second Street. “This rounds out the planning for Midway,” notes McCallum. “By having this additional housing we meet all the housing requirements. This was the final piece that needed to be done prior to receiving approval.”

The 42,000-sf site will have 130 housing units developed on it with 20% or 26 units affordable housing. This is Beacon’s second offsite housing development to meet its requirements for Midway. The company has already developed 120 condominiums at Fort Point Place, which is also located near the proposed Midway project.

With this purchase, McCallum anticipates that the project will be on the Boston Redevelopment Authority’s agenda for approval by the end of the year. “We’ve basically put all the pieces together now,” he says.

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