BOSTON--(BUSINESS WIRE)--IQHQ, Inc., a premier life sciences real estate development company and local co-developer Meredith Management, today announced the start of construction on the $1 billion Fenway Center development, a state-of-the-art life science campus that will anchor a growing life science district between Kenmore Square and the Longwood Medical and Academic Area.
The project will be situated on an air rights deck over the Massachusetts Turnpike connecting the Beacon Street and Brookline Avenue bridges at the western gateway to Boston, and it will dramatically improve pedestrian connections between the thriving Longwood Medical Area and the historic Audubon Circle, Fenway, Kenmore Square, Boston University and Back Bay neighborhoods.
Once completed, Fenway Center will include a new two-tower, interconnected life science campus with immediate access to public transportation and world-class amenities. It is adjacent to BOWER, a new 312-unit luxury apartment complex that contains 38,000 square feet of amenity-oriented retail, the Lansdowne MBTA Commuter Rail Station, Fenway Park and the Lansdowne Entertainment District.
The project design, which was approved by the City of Boston last year, features more than 960,000 square-feet of state-of-the-art life-science buildings with approximately 10,000 square-feet of ground floor retail along Brookline Avenue and Beacon Street, along with an automated garage that will be accessible from both buildings.
“Fenway Center creates a direct connection between premier life science, research, academic and medical districts at the gateway to Boston. It also reunites several of Boston’s iconic neighborhoods after more than 100 years of separation caused by railroad tracks and the Mass Pike,” said John Bonanno, Chief Investment Officer of IQHQ. “Fenway Center will be the gateway to the Longwood Medical Center and act as a prominent catalyst for Boston’s rapidly growing life science sector that will serve the needs of future tenants with collaborative workspaces teaming with top talent, and access to world-class entertainment, amenities, residential space and public transportation.”
Considered a model transit and sustainable energy-oriented development, the GOLD LEED certified Fenway Center project is directly adjacent to the Lansdowne Commuter Rail Station, as well as the Kenmore Square and Fenway Green Line Stations, which will provide future lab and office workers with easy access to public transportation.
Fenway Center will also feature approximately 1.6 acres of landscaped green space that will be called Life Science Park: A Monument to Life Sciences and Public Health. The Park will connect Brookline Avenue, Lansdowne Station and Beacon Street, and it will feature art and exhibition spaces dedicated to the history, achievements, heroes and consequential impacts of the life sciences and public health sectors. The space will include a large plaza and a roughly 700-foot-long public pedestrian walkway.
“After 20 years of working closely with the State, City and neighborhood stakeholders, I’m thrilled to see our vision for Fenway Center finally become a reality. I’m also very proud to be working with IQHQ and to bring a new, best-in-class life science project to Boston and the Fenway area,” said John E. Rosenthal, President of Meredith Management.
The $1 billion private investment in Fenway Center will generate an estimated $3 billion in economic impact over the 99-year lease term. The project will create 2,000 construction jobs, 3,000 permanent new jobs and will generate more than $15 million in new annual tax revenues for the City of Boston.
Construction of the 90,000 square-foot air rights deck over the Mass Pike between Beacon Street and Brookline Avenue is the largest air rights structure built in Boston since Copley Place in 1980 and it will take approximately 24 months to complete. Construction of the Fenway Center life science buildings on top of the deck will be completed in early 2025. The deck construction phase will require closures of a single east and west bound travel lane and additional late night lane closures to accommodate the construction of the deck and building foundations.
In order to keep the public informed, IQHQ will employ an outreach and communications campaign that will be available at the project website, www.BuildP7.com, and via virtual public meetings. The website will provide information on the construction schedule and a look-ahead at potential travel impacts for the upcoming two-week period. Visitors to the website will be able to register for regular email updates. Additional information will be shared with motorists through a Real-Time Traffic Management (RTTM) System.
IQHQ is giving progress a home, empowering the life science community to thrive and succeed by creating and developing environments that inspire innovation and drive progress and growth. IQHQ’s focus is to acquire, develop and operate life science properties in the innovation hubs of San Francisco, San Diego and Boston in the United States, and the Golden Triangle in the United Kingdom. IQHQ has offices in San Diego and Boston. To learn more, visit www.iqhqreit.com.
About Meredith Management
Meredith Management is a Boston area-based real estate management and development firm with a proven track record and a reputation as a first-class, community-oriented real estate developer. Meredith developed the first mixed income multi-family affordable housing complex financed by MassHousing in 1969 and has developed several thousand units since. Meredith co-developed BOWER, completed in 2020, which includes 312 new luxury apartments, 38,000 sf of retail space and 200 below ground parking spaces. Meredith currently owns over 1,000 apartments and approximately 150,000 square feet of commercial space in the Commonwealth. To learn more, visit www.meredithmanagement.com.