Boston Properties Inc. BXP is preparing for a huge air-rights development above the Back Bay station, according to a report on the Boston Business Journal. The project would include 1.26 million square feet of mixed-use space.
The report that cited a filing of the project notification form with the Boston Redevelopment Authority also revealed that the company has planned three distinct commercial and residential towers together with a refurbished and expanded Back Bay Station.
In fact, the project includes 575,000 square feet of commercial office space and as much as 100,000 square feet of retail and restaurant space, together with 600 residential units. That itself speaks volumes about the size of the development which is called “South End Gateway” by Boston Properties.
Spanning four air rights parcels, this development would be on top of the Back Bay Station and a present parking garage at 100 Clarendon Street. It will be surrounded by Dartmouth Street, Stuart Street, Trinity Place and Clarendon Street in Boston’s Back Bay locality.
If approved, such a mixed-use project at a major transportation hub would eventually offer scope to the company to augment its top line. This is because, there’s a growing population that prefers to live, work and play in the same area. This group also gives much importance to transit options. Therefore, focusing on such transit-oriented redevelopment opportunities seems a strategic choice for the company.
Apart from this Back Bay station development plan, Boston Properties is also capitalizing on other such opportunities. The company has already started the construction of the first phase at The Hub on Causeway, which is a 1.5 million square feet project at North Station.
Boston Properties currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the REIT space include Hersha Hospitality Trust HT, PS Business Parks Inc. PSB and Public Storage PSA. Each of these stocks holds a Zacks Rank #2 (Buy).
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