Life sciences real estate development company IQHQ and local co-developer Meredith Management have announced that construction has begun on the $1bn Fenway Center.
The development is for a state-of-the-art life science campus between Kenmore Square and the Longwood Medical and Academic Area.
Located on an air rights deck over the Massachusetts Turnpike connecting the Beacon Street and Brookline Avenue bridges at the western gateway to Boston, the project will enhance pedestrian routes between the Longwood Medical Area and the historic Audubon Circle, Fenway, Kenmore Square, Boston University and Back Bay neighbourhoods.
The completed Fenway Center will have a double-tower, interconnected life science campus with immediate access to public transportation and other amenities.
Another location strategy that works to its advantage is its proximity to BOWER, a new 312-unit luxury apartment complex that comprises 38,000 ft2 of retail amenities, the Lansdowne MBTA Commuter Rail Station, Fenway Park and the Lansdowne Entertainment District.
Approved by the City of Boston last year, the project design features more than 960,000 ft2 of life-science buildings with about 10,000 ft2 of ground floor retail along Brookline Avenue and Beacon Street, in addition to an automated garage that can be accessed from both buildings.
IQHQ chief investment officer John Bonanno said: “Fenway Center creates a direct connection between premier life science, research, academic and medical districts at the gateway to Boston. It also reunites several of Boston’s iconic neighborhoods after more than 100 years of separation caused by railroad tracks and the Mass Pike. Fenway Center will be the gateway to the Longwood Medical Center and act as a prominent catalyst for Boston’s rapidly growing life science sector that will serve the needs of future tenants with collaborative workspaces teaming with top talent, and access to world-class entertainment, amenities, residential space and public transportation.”
The Fenway Center project has been GOLD LEED certified. It is considered a model transit and sustainable energy-oriented development, as it is also close to the Kenmore Square and Fenway Green Line Stations.
Also featured at Fenway Center will be the Life Science Park: A Monument to Life Sciences and Public Health – 1.6 acres of landscaped green space, which will connect Brookline Avenue, Lansdowne Station and Beacon Street. The green space will also have a large plaza along with 700-foot-long public pedestrian walkway.
President of Meredith Management John E Rosenthal said: “After 20 years of working closely with the State, City and neighbourhood stakeholders, I’m thrilled to see our vision for Fenway Center finally become a reality. I’m also very proud to be working with IQHQ and to bring a new, best-in-class life science project to Boston and the Fenway area.”
The $1bn private investment in Fenway Center will produce about $3bn over the 99-year lease term.
The 90,000 ft2 air rights deck to be constructed over the Mass Pike between Beacon Street and Brookline Avenue will be the largest air rights structure in Boston, since Copley Place was built in 1980. Approximately 24 months will be taken to complete this.
The Fenway Center life science buildings to be constructed on top of the deck will be completed in early 2025.
Another location strategy that works to its advantage is its proximity to the Lansdowne MBTA Commuter Rail Station, Fenway Park and the Lansdowne Entertainment District. Credit: Aubrey Odom/Unsplash.