Proposes Mega Business Campus In Boston

Developer Proposes Mega Business Campus In Boston

USA – A developer is proposing to turn a metal scrapyard measuring over 9 acres close to South Boston’s Andrew station into a multibillion-dollar commercial campus consisting of office space, tech premises, and life-science laboratories, reported The Boston Business Journal on Monday afternoon (11 January).

To be called “On the Dot”, construction of the 2.5 million sq ft development could start in 2022. Situated along 475-511 Dorchester Avenue at 65 and 75 Ellery Street, the project will feature 1.1 acres of open space and will consist of 4 buildings.

Boston-based property developer Core Investments intends to construct first a 15-storey facility 505 Dorchester Avenue spanning 670,000 sq ft that will accommodate either tech and office premises or life-science labs. This would be followed by office and lab space at 65 and 75 Ellery Street, and then mixed-use residential building along 495 Dorchester Avenue.

“This will no longer be the best-kept secret in the city of Boston,” said Core Investments’ President of development John Cissel.

“We don’t view east Cambridge or Kendall Square as much of a competitor as much as we think this complements an area that is pretty much already completely built out and has no vacancy.”

In the letter of intent dated 8 January that the developer submitted to the Boston Planning and Development Agency, it outlined a range of uses for the mega project. These include laboratories, mixed-use office space, pharmaceutical manufacturing, research and development (R&D), or residential with retail outlets on the first floor.

Although demand for office space is currently sluggish due to the COVID-19 pandemic, premises for life-science biolaboratories have become more sought-after because of the health crisis.

Many investors are on the hunt for life-science properties as a way to diversify their portfolios away from segments severely impacted by the virus outbreak, like offices, hotels, and residential, noted Cissel.

“There’s an opportunity to fund these types of projects because people need to diversify and they want to take advantage of this growth,” he explained.

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