An extreme makeover is underway at Pier 4 in the city’s “Innovation District” within Boston’s newest waterfront area. This development will bring a mix of retail, hotels, offices and residences over the next few years, transforming one of the last prime pieces of real estate on the South Boston waterfront.
Many of my empty nester clients are asking me specifically about what’s happening with residential development in the Seaport area as they think about moving to Boston.
There are two projects currently in process that will bring roughly 500 new residences to this emerging neighborhood. First in line is 100 Pier 4, a luxury rental apartment building being developed by Hanover Company of Houston. Construction on this $195 million project began in November 2012 and features a 21-story, 369-unit apartment building. Designed by architect ADD Inc. with an L shape to maximize exposure to the harbor, it “will stand out as one of the few apartment buildings in Boston that actually touches water,” according to David Hall of the Hanover Company.
The main draw of these apartments will be the sweeping water views which will be a mix of units—from studios to three bedrooms—appealing to a broad range of renters from young professionals to growing families to empty nesters. Fifty of these so called “innovation units” are designed to be more compact and more affordable for young professionals in the area. 100 Pier 4 will include 258 underground parking spaces as well. Rents for the units have not yet been established. The project also contains a larger ground-floor retail space, although no tenant has been named yet. According to David Hall, the grand opening will be late 2014, leasing will begin just before the grand opening, and the building will be completed in early 2015.
The remaining phases of work at Pier 4 will be led by New England Development, which bought the property in the late 1990s from Anthony Athanas, the original owner of the famed Anthony’s Pier 4 restaurant. The current site of Anthony’s Pier 4 will be converted to a public park and the restaurant is expected to re-open on the pier although no specific plans have been announced. In total, the pier will be re-developed with three new buildings. In addition to the luxury apartment tower, two other large buildings are planned, which will house a mix of retail, a hotel and offices. Stay tuned for an update on the the next exciting development in this enviable neighborhood.