BOSTON-The human mannequins posing as prospective futureoccupants proved that no expense was spared for yesterday's FanPier complex groundbreaking here on the city's waterfront, and fewof the dozen or so speakers held back, either. Mayor Thomas Meninodeclared the three-million-sf project “the most exciting thing thatwill happen in Boston in our lifetime,” as he joined otherslionizing veteran developer Joseph Fallon for getting the mixed-useventure under way after two decades of frustrating setbacks.

Indeed, while the hyperbole flowed freely throughout themid-morning event, it might be difficult to underestimate thesignificance of the ceremony, one marking the start of a 500,000-sfspeculative office building that will kick off the commercialportion of Fan Pier's ambitious platform. The site does have onebuilding open, with the Institute for Contemporary Art abeneficiary of the master-planned development's civic benefitspackage. Now, however, Fallon is moving ahead on such elements as1.5 million sf of office space; a five-star, 175-room hotel;high-end retail and luxury condominiums that some observers predictwill set new pricing records for the market.

Offering such an outlook was groundbreaking attendee DavidBegelfer, executive director of the Naiop Massachusetts chapter.The views of Boston Harbor and mix of amenities to be providedthroughout the complex will ensure such an outcome, Begelfer toldGlobeSt.com, “It is a triple-A location,” he said. “I think theyare going to do extremely well on that.” Ditto for the officebuilding, added Begelfer, who supports Fallon's decision to moveforward on a speculative basis. “Once people see the steel goingup, they know its real, and they will react,” said Begelfer.Leasing agent Steven Lynch of CB Richard Ellis agreed with thatassessment, and said the long-held mindset of Boston tenants fitsinto that approach.