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Beantown Builds in Bulk
Along South Boston's waterfront, the Vertex Pharmaceuticals' headquarters at Fan Pier will be the city's largest commercial lease at $1.1 billion. It will include offices, biomedical research laboratories, retail and restaurant spaces, residential units, a hotel, a park, and a marina. Across the street, the $5.5 million Boston Innovation Center will be "part of Mayor Menino's vision to turn this part of the city into the Innovation District" by offering spaces for companies to hold meetings and host events. The less developed Pier 4 will be boosted by a mixed-use building consisting of a hotel, retail, residential units, and office spaces.
The city has also approved a $2 billion master plan to expand the Boston Convention and Exhibition Center with new hotels, retail and commercial space, and a grass-covered rooftop park. This is part of an effort to boost Boston's ranking as one of the top five cities in North American for conventions, and the Massachusetts Convention Center Authority has already purchased six acres of land next to the Center for two mid-priced hotels.
Other developments to watch out for are John Rosenthal's $450 million Fenway Center Development, which is currently fighting the state over a long-term lease, and the conversion of a former department store into the 625-foot mixed-use Millenium Tower, which will be the tallest residential building in Boston once completed.