Image courtesy of CBT Architects
Two decades after The Fallon Company acquired a cornerstone development site on Boston Harbor, the final building is nearing completion at its 3 million-square-foot Fan Pier project.
A topping-off ceremony was scheduled at midday to mark the completion of steel framing for One Harbor Shore, a 14-story, 122-unit condominium tower.
The Fallon Co. of Boston acquired the 21-acre Fan Pier site in 2005, but it took nearly a decade for the project to gain momentum. The Great Recession depressed commercial leasing and virtually froze lending for developments.
Vertex Pharmaceuticals’ relocation from Cambridge to a new 1.1 million-square-foot headquarters at Fan Pier in 2014 was the tipping point for the project and broader Seaport District’s growth, Fallon Company Chairman Joseph Fallon said in an interview.
“Without question, Vertex became a life changer, really for the city,” Fallon said. “This area of the city was parking lots, and having Vertex commit to 1.1 million square feet and 1,000 employees really changed the dynamics.”
Vertex renewed its lease this summer for the property, which is now owned by The RMR Group of Newton.
Other portions of the Fan Pier site have been developed with a pair of office buildings, including one occupied by MassMutual. The expanding corporate presence fueled demand for restaurants and retailers throughout the Seaport District, and large mixed-use projects developed by The Drew Co., Boston Global Investors and WS Development.
Two previous high-end towers, Twenty-Two Liberty and 50 Liberty, were completed at the Fan Pier in 2015 and 2018 respectively.
Prices for One Harbor Shore have not been announced yet, but nearly 70 residents of the two previous buildings have expressed interest in buying units in the new tower, Fallon said. A sales center will open this summer on the ground floor of 10 Fan Pier Blvd. The Collaborative Companies of Boston is the exclusive sales agent.
The building also includes 23,570 square feet of civic or cultural space, with a tenant to be selected in coordination with city officials, and 3,500 square feet of retail or restaurant space.
Fallon broke ground on the One Harbor Shore tower last August after receiving a $215 million construction loan from Bank OZK, but its foundation and underground garage were completed years before.
They sat, covered by fake grass and white-painted boxes over the column tops, like a peculiar extension of Seaport Square Park so long that a nearby development controversially omitted One Harbor Shore from its first renderings.
Boston’s high-end condo development scene has slowed amid interest rate hikes and project cost increases. After more than 1,800 luxury units were delivered in the urban core from 2019 to 2024 at projects such as Winthrop Center and Raffles Residences Boston, only 556 units are in the planning or construction phase, according to a report by The Collaborative Companies.
Two major developments have been significantly delayed: the 231-unit Motor Mart Garage expansion and a vertical expansion of the Dock Square Garage containing 125 condominiums.
