W/S Summer Seaport Construction Start
On March 28, Bisnow will host an event on the wave of development, sales, and leasing at the Seaport. Panelist W/S Development partner Dick Marks says that construction will start this summer on a 300k SF residential and retail building that marks the beginning of the 1.2M SF of retail space that W/S plans to build at Seaport Square for $700M to $1B. First to get going will be 25k SF of retail in Skanska's350-apartment tower. Dick, whom we snapped at Goulston & Storrs' recent ThisGen event,isnt announcing tenants yet but says theyll be a mix of better apparel and food (some new to Boston). Retailer interest in the Seaport is extraordinary; beyond anything Ive ever seen, he says.
Seaport Square will take several years to build and the escalation of construction costs-- labor and commodities--continues, Dick explains. Rents haven't been rising as fast, so shopping center developer margins have dropped by 25% or more, he tells us. As a result, the ranks of retail developers have thinned considerably in the past 10 years. Still, W/S plans to open in August MarketStreet at Lynnfield, another major mixed-use development, while its redevelopment of the Chestnut Hill Shopping Center--and rebranding as The Street, Chestnut Hill--is under way and new retailers continue to arrive. To hear more join us for Bisnows 2nd Annual State of the South Boston Seaport District, March 28, Renaissance Boston Waterfront Hotel. Register here.