From: bostonherald.com

Seaport Square master developers are moving ahead with the latest installment of the new Seaport District neighborhood, encompassing almost 900,000 square feet of luxury residential space and 125,000 square feet of retail.

The $700 million development will take shape on a 3.5-acre parking lot along Seaport Boulevard that’s bounded by East Service Road, B Street and Congress Street.

“The site is under contract to a foreign investment group,” said John Hynes, CEO of Boston Global Investors. “They’ve hired us as their development partner, and we’re just going through the design review process right now for the site.”

BGI, a Hub real estate development and consulting firm, and Morgan Stanley are the master developers of Seaport Square, a $3.5 billion, 23-acre development that’s reshaping the South Boston waterfront.

The new project’s three towers each will be approximately 256 feet high and 300,000 square feet. Two will include about 400 condos, and the third tower will have about 350 apartments, according to Hynes. Three levels of underground parking with 800 spaces will be built.

Hynes declined to reveal the investors or where they’re from. The deal is contingent on getting permits and approvals in place.

The project’s design is being reviewed by the Boston Redevelopment Authority and Boston Civic Design Commission, an advisory group that’s been “supportive of their approach to date,” according to BRA spokesman Nicholas Martin.

The outside investment group has financing in place for the project, and Hynes anticipates a first-quarter 2016 groundbreaking.

The retail space will be on the ground and second levels of the towers. Chestnut Hill’s WS Development is handling retail leasing, as it is with other Seaport Square projects. No retail tenants have been signed, according to Hynes. Although a large tenant such as a grocery store was planned for the site under the developers’ original plans filed with the BRA, Hynes said a supermarket isn’t likely.

Four pedestrian ways will bisect the site and converge on a 9,000-square-foot plaza.

The architects are New York’s Kohn Pedersen Fox Associates and Boston’s CBT.