Shawmut and real estate investment firm L3 Capital celebrated the steel topping off on 149 Newbury Street, a mixed-use commercial development in Boston’s Back Bay neighborhood slated to be completed in 2023.

In partnership with architecture firm Nelson Worldwide and consulting firm RL Edward Partners, the former parking lot at the corner of Newbury Street and Dartmouth Street is being redeveloped into a 5-story mixed-use retail and office building totaling 43,500 square feet. The state-of-the-art structure will feature 130 feet of frontage on Newbury Street, two floors of dedicated flagship retail space, and three floors of LEED-Certified, Class-A office space with an exclusive entrance as well as an outdoor rooftop terrace.

“The topping off of 149 Newbury Street marks an exciting milestone for this transformational project set to strengthen a prime corridor in the heart of Boston’s coveted Back Bay neighborhood,” said Kevin Sullivan, Executive Vice President of Shawmut Design and Construction’s New England Region. “Together with L3 Capital and Nelson Worldwide, our team continues to tap into decades of experience completing complex urban developments to seamlessly convert this last remaining undeveloped land parcel on Newbury Street into a state-of-the-art mixed-use offering.”

“This milestone represents three years of effort by the entire project team up to this point and is certainly one to be celebrated,” said Whitney Robinette, Principal of L3 Capital. “Having the opportunity to develop 149 Newbury Street into a prominent mixed-use building continues L3 Capital’s legacy of owning and operating prime urban real estate. It takes skill, experience, and partnership to execute a project of this scale and importance, which we have found in the Shawmut, Nelson, and RLE teams.”

149 Newbury Street will offer up to 16,000 square feet of at-grade and second level retail space within the newly constructed, luxury, mixed-use environment. The building will also feature 27,500 square feet of office space above, boasting high ceilings, expansive views of both Newbury and Dartmouth Streets through floor-to-ceiling windows, and luxurious base building finishes. The fifth floor of the building will include a private rooftop terrace overlooking Newbury Street with an iconic view of the Back Bay.