Land in hand, Berkshire Group sets course for One Seaport Square

Construction is slated to start in April on One Seaport Square, a $600 million pair of 22-story towers with 832 apartments above 260,000 square feet of retail space in South Bostons Seaport District.

Bostons Berkshire Group, a multifamily-housing investor and manager, spent $72 million to buy three acres along Seaport Boulevard from Seaport Square master developers Boston Global Investors and Morgan Stanley.

The luxury apartment project will include some smaller, less expensive innovation apartments that share common areas.

Its a fantastic location in what we believe is the best part of the Seaport, which we believe is the most exciting part of Boston development right now, Berkshire Group senior partner Steve Wood said.

Seaport Square will encompass 6.3 million square feet of mixed-use projects on 23 acres. Boston Global Investors will be a limited partner in One Seaport Squares residential component. Its a big deal for us, CEO John B. Hynes III said. (One Seaport Square is) the biggest project in the Seaport Square portfolio at 1.1 million square feet.

Chestnut Hills WS Development, whose retail centers include Dedhams Legacy Place and Hinghams Derby Street Shoppes, has an option to buy One Seaport Squares retail component three stories in each of the two towers which it will manage. Its among Seaport Squares 1.3 million square feet of total retail space, which will rival that of the best shopping destinations in the metro-Boston area, according to WS Development senior vice president Michael McNaughton.

We are entertaining all retail, dining and entertainment options, he said.

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Land in hand, Berkshire Group sets course for One Seaport Square