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Tea Party Time
$28M new Boston Tea Party Ships and Museum
The Seaport’s newest development doesn’t sit on the ground; it floats. The $28M reconstruction of the Boston Tea Party Ships and Museum was just completed and hosted its first public visitors. Cultural institutions like this (expected to draw around 400,000 guests/year) add depth and excitement to CRE markets, so it’s not surprising that the project was partly financed with $3M in BRA funding for the Fort Point neighborhood. The Massachusetts Convention Center Authority provided an $18M loan and Historic Tours of America, the museum operator, invested $7M of its own. The development team for the complex:Boston Properties, Suffolk Construction, and Margulies & Perruzzi Architects.