New Life Science Development to Bring Thousands of Jobs to the South End
Posted By: Boston City Properties
Demolition of the former Boston Flower Exchange site has begun, officially marking the South End’s quest to join the ranks of Boston’s rapidly growing number of life science-technology hubs. The work, which began on December 12, 2019, will pave the way for the development of what is being called Exchange South End. As noted by the developer, The Abbey Group, where the former flower market revolved around the exchange of flowers for currency, the new one will revolve around the exchange of technology, ideas and culture – and it will bring up to 7,000 new jobs to the area.
Upon completion, Exchange South End will be a vibrant, 1.6-million-square-foot technology and life science campus. Offices and labs will fill the space, which will extend across four buildings. One of those buildings will be among the tallest in the South End, changing the neighborhood’s skyline in a big way. The development is expected to be delivered during the first quarter of 2022, so you can expect for construction to occur at a whirlwind pace. Ultimately, Exchange South End is expected to consist of the following:
- Building A – A six-story building with a total of 230,000 square feet of space, Building A will include 192,855 square feet of lab space; 20,500 square feet of retail space; and 352 underground parking spaces.
- Building B – This 14-story building will boast a total of 480,700 square feet of space. This will include 284,030 square feet of lab space; 161,300 square feet of office space; 22,000 square feet of retail space; and 505 garage parking spaces.
- Building C – At 282 feet in height, this 20-story building will be the tallest of the bunch – and among the tallest in the South End. It will offer a total of 502,000 square feet of space, including 195,970 square feet of lab space; 298,360 square feet of office space; and 288 underground parking spaces.
- Building D – A 15-story tower, this building will offer 386,725 square feet of space. It will include 167,955 square feet of lab space; 180,880 square feet of office space; and 288 underground parking spaces.
Buildings A and B are to be part of the first phase of construction. With 14 additional surface parking spaces, Exchange South End will boast a total of 1,159 parking spaces.
Occupying a 5.6-acre parcel at the corner of Albany and East Canton Streets, Exchange South End expects to draw in tenants for a number of reasons. First, unlike similar developments at Kendall Square and the Seaport, it will be located in an area that already has a significant and established residential population. Situated close to the intersection of I-90 and I-93 and within close proximity of Boston Medical Center and Boston University School of Medicine, which are right down the street, it offers a convenient location that is also near numerous retail establishments and restaurants. Although the South End is known more for its huge expanses of Victorian rowhouses rather than commercial activity, developers believe that the $1 billion development will change that.
Plans for the development were approved by the Boston Planning and Development Agency back in August 2019. In addition to lab space and office space, it will offer around 30,000 square feet of community space and around 22,000 square feet of retail space. The plans call for the development of what is being called Albany Green, a privately owned but publicly accessible one-acre expanse that will include benches and other features. This element will help to lend the development a truly campus-like feel, which is what developers are aiming for.
Located as it will be in one of the city’s fastest growing neighborhoods, Exchange South End is sure to transform the South End in many significant ways. In particular, it’s expected to bring at least 7,000 new jobs to the area. This is likely to create a domino effect that will include increased demand for residential housing in the area. Therefore, you can expect to see the development of new residential towers in the neighborhood before too long. Boston City Properties will continue to update you regarding the progress of the new Exchange South End, so stay tuned for more information.