Fan Pier, located between the Joseph Moakley U.S. Courthouse and the Institute of Contemporary Art on South Boston’s waterfront, is set to become a bustling destination on the harbor with more than 3 million square feet of retail, residences, office space and restaurants. The Fallon Co., which purchased the land in 2006 and is developing the project, is working on the first of several phases.

“Last year has been full of incredible momentum at Fan Pier,” said Steven Pellegrino, spokesman for The Fallon Co. “There is no other development like it in terms of what it brings to residents, and visitors to Boston. It is literally at water’s edge.”

Just recently, the owners of North End restaurant Strega announced they would be opening a second Italian locale at the pier. The restaurant, which includes an outdoor patio, will be located in One Marina Park Drive, the first office building to be erected on the site. Global law firm, Fish & Richardson, also confirmed it will be occupying 124,000 square feet of space in the 18-story tower. The tower is near completion, said Pellegrino.

Construction is also set to begin on the new home of LouisBoston, the high-end retailer now located on Newbury Street. Owner Debi Greenberg made the decision to move the iconic store because Fan Pier is located steps away from the harbor, offering her
clientele a relaxing destination, according to a recent news release.

Earlier this year, The Fallon Co. finished work on the marina and hosted the Volvo Ocean Race, attracting more than 100,000 spectators to the waterfront. Construction on a harbor park is almost finished, and recent updates have been made to the harbor walk.

Plans for high-end residences, a world-class hotel and additional office buildings have been put on hold pending financing and the state of the economy, said Pellegrino.

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