Last Block of Seaport Land Sells for $359 Million
Cranes continue to rise in the Seaport, and today, the final large block of land, spanning 12.5 acres along Seaport Boulevard, Congress Street, and Summer Street, was claimed by Massachusetts-based property developer WS Development in a $359-million-dollar deal.
WS, one of the largest privately owned real estate development firms in the country, is best known for retail developments such as the Street in Chestnut Hill and Legacy Place in Dedham, and this deal adds to their existing portfolio in the neighborhood.
Preliminary development plans for the space, now mostly parking lots, call for 2.8 million square feet of residences, offices, hotels, retail venues, parks, and community spaces across ten city blocks.
WS purchased this land from Morgan Stanley and Boston Global Investors (BGI), who have been gradually selling off the Seaport Square’s 23 acres piece by piece. BGI, along with the City of Boston, will continue to provide urban planning services in the neighborhood.
“The privilege to reshape this land in our hometown is surpassed only by the obligation, which we take to heart, to build something for the ages. We will give this our all,” says Jeremy Sclar, pesident of WS Development, in a press release.
WS made its first investment in the Seaport in 2006, and this newly acquired property adds to the 500,000 square feet of retail space that they already own on seven adjacent blocks.
As mixed-use projects move forward, the deal solidifies the vision for the area and is likely to quicken further development.