Heavy Hotel Component In Next Wave Of Development
Banker & Tradesman | By Steve Adams
September 11, 2016
As the master-planned 6.3-million-square-foot Seaport Square and 3-million-square-foot Fan Pier projects build out prime real estate in Boston’s Seaport District, the next frontier of development is forming near the entrance to the Raymond L. Flynn Marine Park.
Three development projects with nearly 1.1 million square feet of offices, hotels and apartments are moving ahead, all on land owned by Massport and the Economic Development and Industrial Corp. (EDIC) of Boston on the edge of the waterfront’s industrial zone.
Both the EDIC and Massport are counting on business travelers to generate demand for hotel development, which will comprise a substantial portion of the sites.
Wellesley-based Harbinger Development will target the business traveler crowd with a dual-branded hotel at 660 Summer St. It’s partnering with Hampton Inn and Homewood Suites to appeal to the convention center market with a mix of 245 select service and 166 extended-stay rooms.
Stoughton-based Conroy Development obtained Boston Redevelopment Authority approval in 2014 for a 250-room hotel on Massport’s parcel K, at Northern Avenue and Congress Street. The development would also include a 304-unit apartment building.
John Miller, executive vice president for Lincoln Property Co. in Boston, confirmed that it has agreed to take over the project from Conroy Development and hopes to break ground in early 2016. Lincoln Property will self-manage the property.
“We’ve gone back and forth between limited-service and more of a 4-star hotel,” Miller said.