X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-The Merano–a proposed $160 million mixed-use facility from Boston Development Group–is getting approval from the city, setting the scene for major construction in the Bulfinch Triangle here. The project will include two hotels, retail space and more office space in the downtown Boston area near North Station.

“This project will further the revitalization efforts that are happening in the Bulfinch Triangle by bringing much needed hotel rooms and commercial space,” Mayor Thomas Menino says, in a statement. “The removal of the elevated highway brought us the beautiful Rose Kennedy Greenway–and now we will add to that with a great mixed-use project.”

The burgeoning project site is available because of the elevated Interstate 93 highway structures’ recent demise and subsequent demolition. Officially, the construction will be on Massachusetts Turnpike Authority’s Parcel 1B, Parcel 1C and 86-88 N. Washington St. The space is across the street from the TD Banknorth Garden, a sports arena for Boston’s professional hockey-team, the Bruins, and the Boston Celtics basketball team.

The dueling hotels will total 190,000 sf, consisting of a 153-room short-term Courtyard and a 121-room extended-stay hotel from TownePlace Suites–both by Marriot. Retail will sell from 10,000 sf of ground-floor cement with 13,000 sf of ground-floor restaurant space. The Merano will also contain 206,000 sf of office space for businesses in the adjacent area. The developer, Boston Development Group, is anticipating pushing dirt by Q1 of 2009 and expects to top it off up to two years later.

The project puts into play myriad public benefits for the Bulfinch Triangle. There is $50,000 to support a comprehensive traffic study of the Bulfinch Triangle neighborhood in coordination with the Boston Transportation Department; $75,000 to support neighborhood improvements; and $300,000 for the City’s Crossroads Initiative, focusing on Causeway Street, among other proposed initiatives to improve the neighborhood.

According to Cushman & Wakefield’s 2008 Q2 market report, office space in this area goes for $56.89 per sf. The project will add to the already expected 300,000 sf of retail space delivering in 2011, thanks in large part to the revitalized Filene’s Basement at One Franklin St. The BRA, nor Boston Development Group could be reached for a response by deadline.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.