$120M Waterside Place Breaks Ground in Boston’s Innovation District

By Veronica Grecu, Associate Editor

Nearly two years since getting the final green light from the Boston Redevelopment Authority (BRA), The Drew Company broke ground on the newest addition to the city’s emerging Innovation District, the $120 million Waterside Place located on the corner of Congress and D streets across from the Boston Convention & Exhibition Center.

Under plans designed by project architect TRO Jung Brannen, the 20-story development will include 236 luxury one- and two-bedroom rental units, 7,000 square feet of office space for start-ups, 10,000 square feet of ground floor retail space and 140 parking spaces with direct access to the World Trade Center Silver Line station.

As reported by The Boston Globe, the long-stalled Waterside Place will replace a vacant parking lot called the Commonwealth Flats Development Area and owned by the Massachusetts Port Authority (Massport). The Drew Company will pay $200,000 to lease a three-acre parcel at the site during the two-year construction phase and $300,000 once the rental units are completed in late 2013. It is estimated that the project will generate around 800 construction jobs.

The Drew Company founder John Drew, who is also listed as President and Chief Executive Officer of the Seaport Companies—which includes the World Trade Center Boston and Seaport Hotel—is one of the top developers involved in the revitalization efforts of the South Boston Waterfront.

Rendering courtesy of The Drew Company website