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BOSTON-Beacon Capital Partner’s $300 million project to develop a 6.8-acre site here in the Fort Point Channel area received final approval from the Boston Redevelopment Authority.

Beacon Capital’s plan involves redeveloping the site into a mixed-use project that includes 1.25 million sf of office and research and development space, 183,500 sf of live/work space, 96,700 sf of retail and restaurant space, 20,000 sf of gallery space and 990 parking spaces. The site currently houses 19 buildings totaling 800,000 sf of space, with over half that area either vacant or used as storage.

Maintaining the presence of a local artist community, who currently occupy approximately 80,000 sf in the area, is an important issue as operations proceed. “A whole community of artists has lived there for years,” Meredith Baumann, spokesperson for the BRA, tells GlobeSt.com, “and they have an organized presence there. It was important to the BRA and to the artists to keep them there.” 20% of the allocated live/work space will be affordable housing, designated for the group. Baumann notes such community concerns were addressed while looking at the project proposal.

The project would involve destroying five or six buildings and renovating those remaining by developing “infill” structures between existing buildings as well as constructing at least two new buildings. The height of the new construction is 150 feet.

Beacon is providing nearly seven million dollars in housing linkage fees as well as nearly $1.4 million in job linkage fees to the city.

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