National Real Estate Advisors and HYM Investment Group has received the go signal from the Boston Redevelopment Authority Board of Directors for the construction of two towers on the site of the Government Center Garage.
"This redevelopment exemplifies National's commitment and dedication to enhance cities, create jobs, and generate returns for our investors in modern, vanguard assets," said Jeff Kanne, President and CEO at National Real Estate Advisors.
According to their press release in PR NewsWire, the two towers are the first phases of a six-building, $1.5 billion redevelopment plan to replace the 1960s-era garage. The two towers include a 480-foot, 486-unit luxury apartment building, and a 43-story, one-million-square-foot iconic office tower.
"We are humbled by the historic opportunity that this project presents," said HYM Investments founding partner and managing director, Thomas N. O'Brien. "This project will reconnect four of Boston's greatest neighborhoods - the North End, the West End, Beacon Hill and Downtown - that have been divided by this hulking concrete structure for decades. This area of Boston is undergoing a tremendous positive transformation, all of which are accelerating, including transit improvements, the Greenway, and the new Boston Public Market. We also have beautiful Back Bay and Harbor views as well as proximity to Massachusetts General Hospital, Kendall Square and the Financial District."
Once the construction is underway, the garage, which includes the prominent section that spans Congress Street and all floors extending east over the Haymarket MBTA Bus Station is going to be demolished. At the end of the project, the office tower and two residential buildings will envelop the approximately 1,100 parking spaces that were retained from the existing 2,300 garage. At completion, the project will provide 812 residential units, 196 hotel rooms, 1.1 million square feet of office space, and 85,000 square feet of new retail that will set in motion the area and harmonize the bordering, established surrounding neighborhoods.
