Fallon stays the course on Fan Pier apartment plan

Joseph Fallon Residential Development

Boston Business Journal – by Craig M. Douglas

Developer Joseph Fallon used Wednesday’s groundbreaking ceremony for Vertex Pharmaceuticals new campus in South Boston to publicly reaffirm his plans to select an architect by the end of the year for a planned residential complex on Fan Pier — right behind the site where Vertex will set up shop.

Joseph "Joe" Fallon Fan Pier Boston

Speaking at the lavish ground-breaking ceremony for Vertex, Fallon said his company would be selecting an architect at the end of the year to begin work on a 200-condominium, 225,000-square-foot residential development. The comments came roughly six weeks after Fallon finalized his plan to bring Vertex to the South Boston waterfront.

At the time he said designs for Fan Pier’s second phase, a 100-to-200 unit condominium development along the waterfront, would start to materialize in the weeks ahead. “I finance each development on a building-by-building basis,” he told the BBJ in May 5 interview. “I never take anything for granted.”

Fallon and a subsidiary of Massachusetts Mutual Life InsurancebizWatch paid $115 million to acquire the Fan Pier development site in 2005. The Vertex project will involve the construction of roughly 1 million square feet of office and laboratory space and includes a commitment by the drug maker to pay more than $1 billion in rent over the next decade.

According to a report in Thursday’s Boston Herald, Fallon told yesterday’s crowd that the Vertex deal and his plans for a new residential development go hand in hand.

“Adding 1,800 employees means we’ll be adding residential. It’s not rocket science,” said Fallon, as quoted in The Herald report. “You bring people to the waterfront, you add more people, there’s going to be more demand for that use.”

 Fan Pier Boston - Fan Pier Joseph Fallon
Joseph F. Fallon

As CEO and President of The Fallon Company, Joseph F. Fallon oversees the development and investment operations of the company’s real estate portfolio, which includes some of the most sought-after residential, hotel, and commercial properties in Boston.

In addition to Fan Pier, Fallon is or has been an owner and developer of several other projects in Boston, including The Westin Boston Waterfront Hotel, Park Lane Seaport, and the Marriott Renaissance Boston Waterfront Hotel. Fallon has served on numerous non-profit boards including A Better City, Beth Israel Deaconess Hospital, The Island Alliance, Sail Boston, The Boston Harbor Association, and the New England Aquarium. Current boards he is serving on are The Boston Symphony Orchestra and WGBH.

Fallon’s wealth of experience is matched only by his commitment to the city of Boston and the Waterfront. His vision, strong local focus and wide- ranging knowledge are proven by his success in transforming real estate opportunities into projects of enduring quality and value to both its residents and to the city of Boston.

Named one of eight “Bostonians of the Year 2005” by The Boston Globe, Fallon was also honored by The Boston Business Journal as one of its “People to Watch in 2006.”

Related Websites:

  • RSS
  • Twitter
  • Facebook
  • Flickr
  • YouTube

Created by: Media Crush Salem MA