Linda Lukas dreams of Newbury Street-style shops coming to her almost retail-free neighborhood.
Enter John Drew. The developer is set to break ground next fall on Waterside Place, a mixed-use project that will bring more than 600,000 square feet of retail space to the South Boston Waterfront -- which means residents like Lukas, who lives in a loft along Fort Point Channel, will be able to shop without taking a cab ride or hopping on public transit.
Drew, president of the Drew Co., confirmed this week he has issued a request for proposals for the $600 million project on the 8.3-acre site, which is known as the "Core Block" and lies across the street and diagonal from the Boston Convention and Exhibition Center.
Two construction firms -- Skanska USA Building Inc. and the team of Danvers-based William A. Berry & Son Inc. and Bovis Lend Lease -- are competing for the $350 million contract.
Waterside Place is a 1.2 million-square-foot proposed development that includes a 300-room hotel, 200 condominium units, between 625,000 square feet and 650,000 square feet of retail space and a 2,300-car garage. The project has been moving forward quietly, said Drew, who built the World Trade Center East and West office buildings and the Seaport Hotel with partner Pembroke Real Estate, a division of Fidelity Investments.
This time Drew has partnered with Vornado Realty Trust (NYSE: VNO) to build what will be South Boston's version of Copley Place. Drew is well on his way, and Lukas and her neighbors are behind him.
"There's no grocery store. There's no dry cleaners," said Lukas of the LukasGroup, a marketing firm. "We were just thrilled to have Finagle A Bagel."
Drew is keeping quiet on potential retail tenants, but industry insiders point to companies including Target Corp. as likely contenders. The complex will include a cinema, restaurants and a department store. Drew wouldn't comment when asked about specific stores like Target, but said deals are "in the process" of being negotiated.
It's likely Drew has a pre-commitment from an anchor tenant, said David Begelfer, chief executive officer of the Massachusetts Chapter of the National Association of Industrial and Office Properties.
"If he's going to get started, he obviously has something," said Begelfer. "It's very odd in this market for any kind of project to get going without any kind of commitment."
Begelfer said Drew's project has the advantage of being predominantly retail in an area where residential development is booming. The new Westin Boston Waterfront hotel has 100,000 square feet of retail space available but has not announced any tenants. The space, unlike Drew's retail mall, is designed with boutiques in mind.
As the South Boston Waterfront neighborhood has begun to take shape as a residential neighborhood, small retail and restaurants have followed, such as the LTK Bar and Kitchen at Park Lane and Wolfgang Puck's Water Cafe at the newly opened Institute of Contemporary Art on Fan Pier.
"I think this project is going to be one of those things bringing vitality down here," said Drew.
Developing Waterside Place will not be easy, according to those familiar with the site. Even though Drew's been designing and planning the project for two years, the sheer magnitude of the project -- it's being built on land over the Massachusetts Turnpike tunnel -- will lead to construction taking at least three years to complete.
The Waterside Place project still needs Boston Redevelopment Authority approval which could come in several months, according to BRA spokeswoman Jessica Shumaker. She said Drew is approaching the second step of a three-step process which involves a design review, a public comment period and community meetings before the BRA board votes on the project.
A second phase of the project, called Waterside Crossing, also is being reviewed by the BRA but is not part of the RFP for which construction firms are now competing.
David Passafaro, a vice president at William A. Berr, said Drew's parcel is a keystone in the development of South Boston.
"John Drew has been an urban pioneer, if you will, at the World Trade Center since the early going," said Passafaro.
Michelle Hillman can be reached at mhillman@bizjournals.com.