Developer Related Beal unveiled detailed plans this week to redevelop a block of century-old office buildings in Boston’s Financial District into a hotel, condos, retail shops, restaurants and modern workspaces.
Beal acquired the six-building portfolio in late 2013 for $87 million and hired Boston-based architects Arrowstreet to draw up plans for the one-acre property bounded by State, Congress and Devonshire streets.
Related Beal wants to build a 13-story addition to 54 Devonshire St., a five-story addition on 15 Congress St. and three additional stories on 40 Water St. The project would expand the existing 330,000 square feet of office space on the site into a 458,300-square-foot mixed-use development.
Long-time tenant Fidelity Investments is moving out of the buildings, which were built between 1899 and 1921. The portfolio is being renamed Congress Square.
Three buildings – 40 Water St., 82 Devonshire and 33-35 Congress St. – would be renovated as 284,600 square feet of tech office space with a single core, according to the project description submitted this week to the Boston Redevelopment Authority.
A 113-room hotel would be built at 68 Devonshire St. with an addition at 54 Devonshire St., which is currently vacant.
15 and 19 Congress St. would be converted into 35 residential condos.
“Quaker Lane will be transformed from an under-utilized service way into an exceptional pedestrian experience lined with boutiques, cafes and restaurants, nightlife attractions and distinct retail venues,” the description states.
In an interview with Banker & Tradesman last fall, Related Beal Executive Vice President Stephen Faber said the developers hope to attract various ground-floor tenants including fitness clubs and clothing retailers. Dining options would include white-tablecloth restaurants, quick-service operators and cafes with outdoor seating on Quaker Lane, Faber said.
The project is subject to a large project review by the Boston Redevelopment Authority. Related Beal hopes to begin construction this fall with completion in spring 2017.
