City of Boston,
Massport Announce First Large-Scale Residential Waterfront
Development
(East Boston, January 28, 2013) Mayor Thomas M. Menino and the
Massachusetts Port Authority (Massport) today joined with Governor
Deval Patrick, New Jersey-based developer Roseland, RBS Citizens and
other elected officials and members of the East Boston community to
celebrate the groundbreaking of Portside at Pier One, East Boston’s
first new residential waterfront development in many years. The
first of seven planned buildings is now underway, and will lead in
the transformation of the underutilized shoreline which has
spectacular views of the Boston skyline.
“Today’s groundbreaking demonstrates how public-private partnerships
can create economic opportunity and prosperity for a local
community,” said Gov. Deval Patrick. “I applaud the City of Boston
and Massport working together with the East Boston community and the
private sector to support this important waterfront investment.
Ultimately everyone who lives, works and does business in East
Boston will benefit.”
First to be constructed is a five-story apartment building featuring
176 units, with 26 designated for affordable housing, and retail
space on the ground floor. It is part of a larger planned mixed-use,
550 luxury-unit project scheduled to be built over the next few
years on Massport-owned property along Marginal Street and on Pier
One.
“Just one year ago I made a commitment to take East Boston’s
enormous waterfront potential and turn it into progress,” said Mayor
Thomas M. Menino. “Thanks to focus and collective action, today I
can proudly share with the residents of East Boston this momentous
housing start and a promising neighborhood that is underway.”
In 2006, initial construction began on the Roseland project, but
stalled during the economic downturn and challenging real estate
market. In 2012, Massport restructured the ground lease for the
first apartment building, giving new life to the project. Massport
and Roseland continued to work with members of East Boston’s
Waterfront Development Advisory Committee (WDAC), the Jeffries Point
Neighborhood Association, the East Boston Piers Project Advisory
Committee (Piers PAC) and local elected officials to preserve plans
to revive the 13-acre waterfront site.
“Today represents the culmination of effort by the Governor, the
Mayor, the East Boston community and its elected officials, Roseland
and Massport, to get this project restarted,” said Thomas P. Glynn,
Massport’s CEO & Executive Director. “Like Piers Park, this
development represents a significant contribution by Massport to
revitalize East Boston’s waterfront neighborhood. We believe it will
also prompt other private development in the rebirth of one of
Boston’s hidden gems.”
In 1995, Massport constructed the 6.5 acre Piers Park, located
adjacent to the Portside at Pier One site, and boasting the same
spectacular views of downtown Boston. The public park features a
600-foot pedestrian promenade extending out into Boston’s inner
harbor, and more than 16 different species of trees, flowering
shrubs, annual and perennial flowers.
In addition to stunning views, Portside at Pier One amenities
include, close proximity to the MBTA’s Blue Line, on-site parking,
public access to the waterfront, and landscaped open spaces.
Roseland is also providing a subsidy for a proposed water
transportation service at Lewis Street serving East Boston when the
first apartment building opens, which is scheduled to be completed
in spring of 2014.
The construction of the first apartment building is expected to
create some 200 full-time union labor jobs, and is estimated to cost
roughly $46 million to complete. RBS Citizens is providing $42.5
million in construction loan financing. Roseland is a Mack-Cali
Company with headquarters in Short Hills, NJ. The general contractor
for Portside at Pier One is Cranshaw Construction of Newton Lower
Falls, MA.
“We are delighted to see this much-anticipated project get underway,
said Mitchell E. Hersh, President and Chief Executive Officer, of
Mack-Cali. The extraordinary public and residential aspects of this
community, including an expanded marina and shipyard, world class
waterfront park, and magnificent views of the downtown Boston
skyline, will all combine to energize the East Boston Waterfront.”
“RBS Citizens is proud to work with Roseland who are exceptional
developers, and to have met their needs throughout this unique and
transformational project,” said Kevin Boyle, Regional Manager for
Commercial Real Estate at RBS Citizens. “We’ve been very active in
East Boston in recent years and look forward to being part of its
continued redevelopment.”
