BOSTON, MA – April 14, 2022 – A joint venture comprised of Related Beal, the Boston Real Estate Inclusion Fund (BREIF) and Kavanagh Advisory Group has been selected by the City of Boston’s Planning and Development Agency (BPDA) to develop 20 and 22 Drydock Avenue by voting to approve the recommendation of the Economic Development and Industrial Corporation (EDIC) at the BPDA board meeting today. The proponent will develop a state of the art, best in class, life science facility in the growing and dynamic Raymond L. Flynn Marine Park (RLFMP).
The group was selected by the EDIC after a competitive bid process based on its proposal, which included a significant diversity and inclusion program, providing opportunities for equity in investment, design, construction and on-going operations. The team proposed leading edge sustainability including on site solar power generation, advanced building systems and operating parameters resulting in a zero-carbon footprint design. The proposal also includes substantial public benefits supporting STEM education, technical job training and employment opportunities for Boston residents, and support for the fishing industry, which is an important economic partner and neighbor on the South Boston waterfront.
“We are extremely proud of this group of partners and the tremendous work that went into shaping an innovative, impactful proposal that will create significant new economic development and workforce opportunities in Boston,” said Steve Faber, Executive Vice President at Related Beal. “Together with the Boston Real Estate Inclusion Fund and Kavanagh Advisory Group, Related Beal is committed to a development process that prioritizes diversity, equity and inclusion initiatives throughout, will deliver substantial community benefits and result in a highly sustainable life science campus.”
“We are pleased to be able to offer our diverse and growing pool of minority investors a blue-chip investment opportunity in the life sciences, ensuring that everyone has the opportunity to participate in this significant sector of the economy,” said Richard Taylor, General Partner of BREIF.
BREIF aims to provide BIPOC with unprecedented access to invest in transformative projects in mature markets from which they have been historically excluded. As part of the DEI program, the ownership group is also working with In Order Business Development Solutions to advance key initiatives.
“We have enjoyed a successful partnership with Related Beal providing innovative life science development in the RLFMP, this new chapter is particularly rewarding to welcome new diversity into the team to be part of a spectacular, center piece development, transforming these assets into a major life science cluster for Boston,” said John E. Kavanagh, III, Chairman and CEO of Kavanagh Advisory Group.
A strategic partnership established with The Gloucester Marine Genomics Institute (GMGI) will create educational opportunities for underprivileged and minority communities through onsite training in GMGI’s future ground floor location at 22 Drydock. The partnership will also allow for the expansion of GMGI’s middle and high school STEM education programs and will target local Boston schools such as the Dearborn STEM Academy in Roxbury.
When completed, 20 and 22 Drydock Avenue will be a 319,000 square foot, seven story state of the art research and development facility, complete with onsite amenities including a café, fitness center, roof deck, conference and event space, and outdoor public seating. The development will also deliver a new model of sustainability for lab buildings in Boston, through LEED Platinum designation and a zero net carbon design.
The development group expects to invest upwards of $400 million on the Drydock Avenue project, generating as many as 700 construction jobs and 900 permanent jobs for the city.
About Related Beal:
Related Beal is a fully integrated real estate firm focused on development opportunities in Boston and its surrounding areas. Related Beal leverages a national real estate platform with expertise across all asset classes and storied local experience in residential, commercial, hospitality and life sciences development, property management and investment. Related Beal has developed, and is undertaking the development of, some of the most recognized buildings in the area including The Clarendon, One Back Bay, Lovejoy Wharf, The Beverly, The Quinn, Congress Square, Innovation Square, the redevelopment of Kenmore Square, and more. For more information on Related Beal, please visit www.relatedbeal.com.