The Red Sox aren’t the only ones feeling the love at Fenway Park.
There is currently a massive development boom under way in the Fenway area. It seems like every week brings a new development announcement, meaning that the Landmark Center is about to have some serious commercial company.
So what’s driving in the surge in interest in Fenway?
With new retail, residential, hotels and green space, Fenway is starting to encapsulate live-work-play, making it a valuable location companies seeking to tap into premium talent. There is more than 368,000 square feet coming on line by 2015, with rates in the mid-to high $30’s per square foot for new class B buildings. Class A developments are in the high $40’s-low $50’s for Class A, comparable to downtown Boston listings, likely because of the tight supply. But the supply won’t be all that tight for long. Here’s a quick look at the commercial development in the works:
- Fenway Center – a proposed five-building mixed-use development.
- 900 Beacon St. – a proposed six story building including residential & commercial space.
- Boston Children’s Hospital – a proposed office building to support the hospital with ground-floor retail space.
- Fenway Point – BRA-approved mixed-use building for commercial & residential purposes.
- Fenway Triangle – BRA-approved mixed-use residential, office, & retail space.
- Landmark Center 2013 – a proposed center to include residential units, retail space, grocery store, & office space.
- Parcel 7 Air Rights – BRA-approved four-building mixed-use development.
Benjamin Sutton is a senior associate at NAI Hunneman.