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New investors in the South Station air rights tower could enable developer Hines to break ground on a 2.7 million-square-foot mixed-use project next year.
APG Asset Management and Dune Real Estate Partners are joining the development team for the long-delayed project at the gateway to the downtown central business district.
New York-based APG Asset Management US Inc. is an affiliate of APG Asset Management NV, which manages a $500 billion portfolio on behalf of Dutch pension plans including $11 billion worth of real estate and securities.
Dune Real Estate Partners LP of New York has raised $3.6 billion since 2005.
Chinese developer Gemdale Properties and Investment Management had been the potential financial partner with Houston-based Hines since 2016.
Hines is seeking approval from the Boston Planning and Development Agency’s board of directors Thursday for the change, and an extension from Oct. 31 until April 30 for closing date of the land disposition.
Hines was designated as the redeveloper for the air rights project in 2006. The latest version of plans call for a 1.1 million-square-foot, 51-story tower designed by Pelli Clarke Pelli Architects with 26 stories of office space, topped with 16 floors of condos.
Phase two would be a 349-foot-tall, 473,000-square-foot residential and/or hotel building, and phase three would include a 279-foot-tall, 552,000-square-foot office building.
The existing bus terminal would be expanded by 106,000 square feet above the tracks, and a 5-story, 895-space parking garage is planned above the bus terminal.
Hines estimates the project will create 6,600 construction jobs and 5,300 permanent jobs.
