Pembroke, the real estate arm of Fidelity Investments, hopes to complete the project by 2024. Plans call for demolishing Commonwealth Hall to make way for “more accessible and relevant public waterfront amenities.” Eliminating the building means the addition of nearly 170,500 square feet of outdoor space for the public, according to a news release.
The project, with construction planned to begin next year, also includes making public access to the waterfront easier, adding retail space, and putting in a new “public terrace” in the upstairs of the Headhouse, which will provide new views of the city and space for outdoor dining.
“We’re excited for the opportunity to reintroduce the Pier as a new destination in what has become a thriving neighborhood,” Andrew Dankwerth, senior vice president, design & development at Pembroke, said in a news release. “Our project will bring new life to this iconic building, inviting more people onto the pier, coupled with public realm programming, to create a waterfront experience unlike anything else in Boston.”
Details of the project include:
Fidelity Investments plans to occupy new work space there. The company has a long-term land lease with the Massachusetts Port Authority, which owns the land beneath the pier. The project is expected to create 1,000 to 1,500 construction jobs.