Vision, patience and persistence have given Steven Samuels high marks in the real estate community with his transformation for the Fenway.
Credit: Boston Magazine
Boston Magazine put together an editorial that tracks Samuels’s personal development along with that of Fenway. Here’s an excerpt:
But the Verb and the new Fenway also tell a story about how to amass power in the most elegant of ways. Since acquiring his first Fenway properties more than 14 years ago, Samuels has united the neighborhood’s middle-class residents with top-tier financiers and the city’s notoriously fickle bureaucracy to arrive at a workable vision of what this dump of a place could become.
The full editorial is available on BostonMagazine.
The construction of Fenway Center in Boston over the Pike could be getting closer. Developer John Rosenthal is looking to partner up with Gerding Edlen to get the project in the ground.
Credit: The Boston Globe
The development of “Fenway Center calls for the construction of five buildings on 4.5 acres of land and air rights over the Turnpike. The 1.3 million-square-foot complex would contain about 550 homes, 80,000 square feet of stores and restaurants, and 167,000 square feet of office space. Multiple garages, including one straddling the Turnpike, will contain space for 1,290 cars. A revamped Yawkey commuter rail station has already opened at the edge of the property, according to the Boston Globe.
More information on the Fenway Center project is available on the Boston Globe website, here. You can also read more general information on office space in Fenway on our submarket page.
Credit: Boston Business Journal
Would you take a $320 million gamble? It appears the Boston office market will embrace it. We have seen office vacancy’s drop while rents have continued upward over the recent years. The Boston office market has tremendous barriers to entry for new product, thus creating a supply and demand problem. Tenants are anxious to capitalize on the benefits of new construction, which allows them to be more efficient with the square footage per employee.
Developer Samuels & Associates is attempting to capitalize on the trend, beginning construction on a new office building on Boylston Street in Fenway. An article on the Boston Business Journal’s website reports:
Samuels & Associates is underway with construction of VanNess, a $320 million mixed-use project fronting on Boylston Street near Fenway Park. Slated for completion in 2015, the project is designed to include two buildings: an 8-story building housing 232,000 square feet of office space and another 11-story building with 172 residential apartments. The development also will include 210,000 square feet of retail space anchored by a 170,000-square-foot City Target, a new small-footprint store format launched by Target Corp. last year. There will also be about a dozen other retailers.
The full article is available on the BBJ.
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Fenway Office Space
Photo Credit: Boston Globe
Projects that seems only to be dreams in years past are moving forward to reality. The Fenway Center development will bring a 27 story office and retail complex along with 550 apartments to the area along the turnpike.
According to a Boston Globe article, “Governor Deval Patrick’s administration has struck a deal to allow construction of Fenway Center, a $500 million mega-development in Boston that would transform scrubby parking lots near the storied ballpark into a bustling complex of homes, stores, offices, and parking.”
To read the full article, continue on to the Boston Globe online.
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Fenway Office Space