Hines, Gemdale Partner to Redevelop Boston's South Station

Global real estate firm Hines announced that it has partnered with Gemdale Properties, one of the largest builders in China, to redevelop Boston's South Station with a 677-foot condo and office building at the city's busiest train station. Hines originally secured approval for the development of a three-phase, 1.8 million-square-foot mixed-use air-rights project at South Station in 2006, but the project was delayed after the market fell and its partner, Tufts University, exited the project in 2009. Hines has been meeting with MassDOT and the Boston Redevelopment Authority in recent weeks to hash out details of the new partnership plan, as a new equity partner requires approval from the city because the air rights above South Station are jointly owned by the city and state, and a financial analysis is required for any city-owned development site, according to the BRA.

"Boston is experiencing a remarkable economic and physical transformation," said Hines Founder and Chairman Gerald Hines. "Hines and Gemdale PI will make a significant investment in upgrading and expanding Boston's transportation infrastructure at the regional transit hub. The project will also result in the creation of a world-class, architecturally significant, mixed-use community. We are thrilled and honored to participate in this critical public/private partnership with the MBTA to complete the redevelopment of the Dukakis Transportation Center."

The redevelopment of the South Station Transportation Center, now known as the Michael S. Dukakis Transportation Center, includes a 26-floor tower starting nine stories above the ground, 530 parking spaces, and the expansion of the South Station bus terminal. The building will feature state-of-the-art commercial office space with the top 16 floors reserved for residential condominium units with panoramic views of the city and Boston Harbor.

Hines Senior Managing Director and longtime head of the firm's Boston office David Perry said, "The visibility of this corner location and the scale and dramatic styling of the tower, combined with the dignity of the station façade at its base, will serve to establish the project's identity as the most prominent building in downtown Boston and reinforce the site's strategic location at the intersection of Boston's Seaport and Financial Districts."

"Gemdale Corporation, a PRC company listed on the Shanghai Stock Exchange and the controlling shareholder of Gemdale PI, brings outstanding real estate development experience and community service to our joint venture in Boston. Together with Hines, and various governmental bodies with interests in South Station, we are committed to develop an outstanding project that Gemdale, Hines and the City of Boston will all be very proud of," added Jason Zhu, Chairman and CEO of Gemdale USA Corporation.

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