Plans are moving forward for the Fenway Center, a $450 million mixed residential and commercial project that developers claim will transform the neighborhood.
The colossal project, which would mean the development of four and half acres of land next to Fenway Park and over the Mass. Turnpike, recently cleared a legal hurdle. It has been stalled in court for three years, forcing John Rosenthal, CEO of Meredith Management Corp. and the developers of the project, to halt his search for financing.
"We can now begin to complete our negotiations with our joint venture partners and complete financing," said Rosenthal, who has been working on the Fenway Center concept for a decade.
The Fenway Center will include two acres of air rights over the Mass. Turnpike and two acres of land on Beacon and Maiteland streets that will be developed in phases. The first phase includes the construction of 420 apartments in three buildings, 1,290 parking spaces in two garages and 100,000 square feet of retail space. The final phase includes a 27-story residential tower.
If Rosenthal secures financing soon, construction will likely begin later this year and be completed in 2017, said Rosenthal.
The project will envelop Yawkey Station, a state project that has already commenced and will include a commuter rail stop.
"This will transform ugly surface parking lots and wind-swept bridges over the turnpike into a new neighborhood with residences, service-oriented retail and a new commuter rail station," says Rosenthal. "It's going to be similar to Prudential and Copley Place that you won't even know its built over the highway."
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Fenway Center by the numbers
550 apartments including some affordable units
1,290 parking spots
170,000 square feet of offices
100,000 square feet of retail
30,000 square feet of greenery