Developer Lincoln Property Co. and hospitality giant Hyatt will build a 304-unit apartment building and a 294-key hotel at 315 Northern Avenue in the Seaport District, across from the Blue Hills Bank Pavilion.
The board of the Massachusetts Port Authority, which owns the site, approved a long-term lease on November 16 that allows the two-building project to move forward.
The buildings will each be 12 stories and will be built on raised platforms, which will make room for as many as 450 parking spaces underneath. The project will also include nearly 20,000 square feet of retail and restaurant space.
Altogether, it will surely enliven a site that is “now essentially a 2.5-acre parking lot,” per the Globe’s Jon Chesto and give pavilion attendees a ready option for the night.
Also, the November 16 vote caps years of planning and changes for the site. Hyatt, for instance, dropped plans for extended-stay rooms as part of the development. The hotel will be a more traditional Hyatt Place instead.