John Hancock plans to begin construction on its new $350 million, 625,000 square foot building in Back Bay in the second half of 2016 following approval from the Board of Directors of the Boston Redevelopment Authority (BRA).
The project could deliver in early 2019.
The 26-story tower, designed by Skidmore, Owings & Merrill to be LEED Gold certifiable, will replace a nine-story building at 380 Stuart Street. The new office building, which will provide workspace for over 3,000 employees, is expected to include a conference center, collaborative space, a fitness center, ground floor retail and restaurant space, and a roof deck that could be used for community events.
The project will contain approximately 175 underground parking spaces for occupants and visitors, as well as five loading bays that will be accessed off of an adjacent alley.
As required by zoning, John Hancock will contribute approximately $5.25 million over several years in so-called linkage payments to support affordable housing creation and workforce development in Boston. The company will put $4.38 million into the Neighborhood Housing Trust and over $876,000 into the Neighborhood Jobs Trust.
New pedestrian and bicycle accommodations are planned as part of the project. Generous sidewalks, street furnishings, landscaping, lighting, and other amenities will help animate the streets around the building. John Hancock will also commit a total of $100,000 to the Friends of Copley Square to help maintain and improve the public park.