Business & Tech

Massport paves way for new Seaport hotel and apartment complex

18massport - The Hyatt Place will soon be built in Boston on Parcel K. It will combine residential living and a hotel.
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Massport approved a lease Thursday for a site across the street from Blue Hills Bank Pavilion in the Seaport. A new hotel and apartment complex is scheduled for construction there.

Music fans headed to the Blue Hills Bank Pavilion for a show next season will get a front row seat for the construction of a hotel and apartment complex that’s going up in the Seaport.

The Massachusetts Port Authority board on Thursday approved a long-term lease for the site — which the agency owns — paving the way for Lincoln Property Co. and Hyatt Hotels Corp. to develop a 304-unit apartment building and a 294-room hotel at 315 Northern Ave. The complex, which is across the street from the outdoor concert venue, will also include nearly 20,000 square feet of retail and restaurant space.

Both 12-story buildings will be built on a raised platform, Massport chief executive Thomas Glynn said, with room to park as many as 450 cars underneath. Construction will begin next month on what is now essentially a 2.5-acre parking lot. The project will take about two years to complete.

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Glynn said the existing lot is primarily used by employees at John Hancock’s headquarters, on nearby Congress Street. Employees at the insurance company will soon be able to park in a 1,500-plus space garage that Massport is building across D Street, Glynn said.

The hotel and apartment project has been in the works for at least seven years, and has gone through several changes along the way. The proposed apartment building was moved away from the adjacent Haul Road, which is frequently used by trucks to get in and out of the nearby industrial park, and Hyatt dropped plans to include extended-stay rooms, and will instead build a Hyatt Place-brand hotel.

Jon Chesto can be reached at jon.chesto@globe.com.