IQHQ, Inc., a commercial real estate developer, and Meredith Management, its co-developer, have recently announced the commencement of the Fenway Center development worth $1 billion. The Fenway Center is a state-of-the-art life science campus that is expected to anchor a growing life science district between the Longwood Medical & Academic Area and Kenmore Square.
The new project will be located on an air rights deck on the Massachusetts Turnpike that connects the Brookline Avenue and Beacon Street bridges at the western gateway towards Boston. It will also improve the pedestrian connections between the Longwood Medical Area and the Audubon Circle, Boston University, Fenway, Kenmore Square, and Back Bay neighborhoods.
Following the completion of the Fenway Center development, the project will include a two-tower and interconnected life science campus that provides immediate access to public transportation & world-class amenities. Approved by the City of Boston in 2020, it also features more than 960,000-sq.ft. of ground-floor retail and an automated garage.
The GOLD LEED-certified Fenway Center is directly adjacent to the Kenmore Square & Fenway Green Line Stations and Lansdowne Commuter Rail Station. This significant location of the project can provide future lab & office workers seamless access to public transportation. Additionally, the center will feature over 1.6-acre of landscaped green space to be known as Life Science Park. The park will then connect Beacon Street, Lansdowne Station, and Brookline Avenue, and will feature the art and exhibition spaces that will include a plaza and over the 700-ft-long public pedestrian walkway.
The private investment of $1 billion in Fenway Center is anticipated to generate approximately $3 billion in economic impact in the 99-year lease term. Furthermore, it is likely to create 3,000 permanent new jobs, 2,000 construction jobs, as well as generate annual tax revenues of more than $15 million for the City of Boston.