Work is continuing at The BEAT, the mixed-use project that will transform the former Boston Globe headquarters on Morrissey Boulevard, now reduced to its bare bones, into a 95,000-square-foot creative office, lab, and retail space, complete with brewery and food hall.
Representatives for the development team Nordblom Company confirmed a report by the online real estate publication BLDUP that The BEAT project has secured $252,747,880 in financing via Oaktree Capital.
“This financing is an exciting milestone and validates our vision for the site,” said Ogden Hunnewell, executive vice president at Nordblom, in a statement to the Reporter. “The demolition is now complete and our reconstruction has started. We are a step closer to revitalizing this iconic property, as well as bringing new jobs and amenities to the Dorchester neighborhood.”
Nordblom purchased the 16.5-acre lot and its 695,000 square foot building in December 2017 for $81 million. The new “innovation campus” is named The Boston Exchange for Accelerated Technology (The BEAT) in homage to the ‘beat’ reporters who worked at the Globe’s Dorchester location for more than 60 years and the arterial Red Line that stops nearby.
The BEAT received its building permit on Feb. 11, allowing for the renovation of the outdoor space and parking area as well as a change in its occupancy permitting to accommodate a wide variety of potential future uses, which could include office or product development space, prototype or light manufacturing, laboratory, a brewery, restaurant or bar with live entertainment, bakery, retail, a bank, fitness center or gymnasium, day care center, art gallery or studios, and even educational facilities.
A significant facade change is in store. The towering one- time press room will become a central atrium with a wide glass front where the public will enter into a food hall and flexible work space. Nordblom has pledged to take over care of the state-owned Patten’s Cove at the southern edge of the property. It has already promised $500,000 to be dedicated to local groups and a transit access study around JFK/UMass station.