Hayward Place has been approved.
This is a project to be built by Millennium Partners, the developer behind The Ritz Carlton Towers.
Originally, the Boston Redevelopment Authority (BRA) had decided that an office building was the best use for this space, even as the office vacancy rate shot up, several years ago. In a controversial decision, the BRA granted Millennium the right to redevelop the property.
Good timing, wouldn’t you say!
The BRA Board of Directors has approved Hayward Place, a $200 million mixed-use development that will contribute 277 new units to Downtown Bostonâ€™s housing stock, as well as create 19,000 square feet of ground-floor retail space and a below-grade parking garage.
The 38,000 square foot project site, situated just one block from Boston Common, currently serves as a surface parking lot, bounded by Washington Street, Avenue de Lafayette, Harrison Avenue extension, and Hayward Place.
The project is expected to generate approximately 250 new construction jobs, and is estimated to break ground in the spring of 2007.
Source: Boston Redevelopment Authority