What’s New in Boston:
As Boston real estate developers welcome the first rays of sunshine this summer, several firms are unveiling plans for revitalization and new construction projects. Projects span industrial, mixed-use, retail, and office asset classes and are poised to create new jobs, housing, and recreational space in the Greater Boston Area. With many underway, here’s a look at the recent development updates in and around Boston.
Retail Center Redevelopment in Hyannis: The Landing
WS Development, a Chestnut Hill-based firm, is gearing up to begin its redevelopment of Hyannis’s Capetown Plaza. The firm aims to transform the plaza into a Whole Foods-anchored retail center with ample outdoor space, named The Landing at Hyannis. WS Development’s plans call for the improvement of facades, interiors, new landscaping, and the construction of an outdoor gathering area. The project will include two phases, with renovations in phase one and the construction of new buildings in phase two.
Cambridge International Technology Park Laboratory Project
BioMed Realty, a Blackstone portfolio company, has received approval to deliver a 600,000 sq. ft. laboratory space on the Cambridge International Technology Park site it acquired in September 2021. Construction began earlier this year, intending to complete phase one of development in 2024. Once constructed, the laboratory space will create thousands of new jobs.
Allston LabWorks Mixed-Use Development: Coming Soon
A joint-venture partnership between King Street Properties, Mugar Enterprises, and Brookfield secured $585 million in financing for a mixed-use project known as Allston LabWorks. The project will include 534,000 sq. ft. of life science space, 20,000 sq. ft. of retail space, 35 multifamily units, and 12,000 sq. ft. of public space, including a parking garage. A percentage of the multifamily units will be made into affordable housing, and the project will likely bring new life to the area. No timeline has been announced for the project at this time.