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Related Beal has filed a letter of intent to build a new life sciences project in the Seaport, adding to the firm's growing portfolio in the neighborhood.
The firm plans to replace a "dilapidated warehouse" with a 99K SF life sciences building, according to the letter. The site has been owned by the Shaughnessy family for the past four decades.
The site houses a warehouse and an asphalt parking lot, which have been used for crane and equipment storage, the letter said.
The site was purchased by an affiliate of the Shaughnessy & Aherns Co. in 1991 for $350K, according to public records. John Shaughnessy was the former CEO of the company and the founder of a second company called Shaughnessy Crane Service, according to his obituary.
The project sits next to another life sciences building Related owns at 7 Elkins St., a 60K SF property it bought for $29M in 2019 that is occupied by Integra LifeSciences. It is also across the street from Hilco Redevelopment Partners' multiphase, 745K SF 776 Summer St. project.
Related has several life sciences developments scattered within the Seaport District, including the $1.2B Channelside project the Boston Planning & Development Agency approved in October and 22 Drydock Ave., which landed Vertex for a full-building lease in May.
Related isn't the only developer actively filing new life sciences plans in the city.
On Tuesday, The Druker Co. filed a Project Notification Form for its 588K SF life sciences proposal in the South End, Banker & Tradesman reported. Late last month, IQHQ filed plans for a lab conversion project of a historic hotel in Kenmore Square.
The filings come after Mayor Michelle Wu in December proposed raising linkage fees, which would weigh heavier on life sciences developments with a $30.78-per-SF fee. Any projects approved before the changes are effective won't have to pay the new linkage fees.
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