A Boston real estate developer plans to liven up some Financial District buildings currently used as Fidelity Investments office space by adding restaurants, retail and a possible boutique hotel and residences.
Related Beal's Congress Square would be a mixed-use project designed to inject 24-hour life into the district and connect it with Faneuil Hall Marketplace by activating the Quaker Lane alley into a pedestrian zone with stores, restaurants and nightlife options.
Plans call for adding 50,000-plus square feet of restaurant and retail space to the ground floors of five buildings on Congress, Devonshire and Water streets to bring the "retail and market activity that is currently blossoming on Washington Street and State Street … to the Post Office Square area," executive vice president Stephen Faber said.
Related bought what's now about 343,000 square feet of primarily office space from Fidelity in December for $87.25 million. Fidelity will move out of three of the buildings by year's end and the others by the end of October 2015.
Related plans to modernize the nine-story 40 Water St. into Class A office space.
It also plans to seek city approval within weeks for a new building at 54 Devonshire St. as an extension to 86 Devonshire, and possibly expand 15 Congress St. by four or five stories.
It will market those buildings — and 19 Congress St. — to specialized developers for conversion into possible residences and a hotel.
"This historic portion of downtown Boston is prime for revitalization, and we look forward to reviewing Related Beal's proposal to reactivate the streetscape and breathe new life into the area," Boston Redevelopment Authority spokesman Nick Martin said.
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