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Groundbreaking at Fan Pier

Developers are calling it the most ambitious waterfront project in the city's history. After decades of false starts at building in the area, a new mixed use development has broken ground at Fan Pier.

President & CEO of the Fallon Company, Joseph Fallon says his massive project will cover 3-million square feet of land on South Boston's waterfront.

The building complex will house office space, luxury waterfront residences, upscale retail, and a 175-guestroom hotel.

Fallon says the location will also include 4.5 acres of public parks and a 6 acre water marina.

Speaking at this morning's elaborate ceremony, Mayor Thomas Menino said the project will create 2,000 new jobs and generate approximately $10 million per year for Boston.

Fallon says Fan Pier will be one of the largest LEED (Leadership in Energy and Environmental Design) certified developments in the country. He says the entire 3-million square foot site will be certified a "green" and sustainable development project.

Fallon is the third owner of the land since the 1960s, when Anthony's Pier 4 owner Antohny Athanas originally bought the land.

The land has been plagued by construction delays and failed proposals for decades.

This program aired on September 26, 2007. The audio for this program is not available.

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