T to lease Riverside Station space for development
By Adam Sell
Globe Correspondent / February 13, 2009
MBTA officials yesterday announced the details of a longawaited major development project at Riverside Station in Newton that will net the T more than $200 million over the next 85 years.
The MBTA unveiled an 85-year lease of a portion of the station complex to BH Normandy Riverside LLC. The developer plans to use the space for 420,000 square feet of office space, 60,000 square feet of retail space, and 190 residential units. The development will take place at Riverside Station, on the Green Line's "D" branch.
"Served by trains and buses, Riverside Station is an ideal location for a transit-oriented development project such as this one," Daniel A. Grabauskas, general manager of the Massachusetts Bay Transportation Authority, said in a news release. "This is an excellent example of smart growth."
Grabauskas also pledged not to decrease the amount of parking for commuters at the station.
In return for the property, the MBTA will receive $850,000 on the lease each year for the first five years, and that figure will increase by 12.5 percent every five years. James Aloisi Jr., chairman of the MBTA board, said the revenue over the course of the lease will exceed $217 million.
MBTA officials said yesterday that they would like to consider the lease and development of more of their properties as a way to help lift the agency out of debt.
But Aloisi was not so sure when asked about the idea, noting that the climate for development is difficult in the current credit crunch. "We've got to confront reality," he said.
According to the MBTA, the T's operations at Riverside, "which include the Green Line station and maintenance facility, an intercity bus depot, and a 960-space commuter parking lot, will be protected and preserved during the construction and development process."
The news release described the development as a "smart growth" project, and it said Mayor David Cohen of Newton supports the plan. The release said "the project will generate significant new tax revenue and jobs."
http://www.boston.com/news/local/ma...ease_riverside_station_space_for_development/
By Adam Sell
Globe Correspondent / February 13, 2009
MBTA officials yesterday announced the details of a longawaited major development project at Riverside Station in Newton that will net the T more than $200 million over the next 85 years.
The MBTA unveiled an 85-year lease of a portion of the station complex to BH Normandy Riverside LLC. The developer plans to use the space for 420,000 square feet of office space, 60,000 square feet of retail space, and 190 residential units. The development will take place at Riverside Station, on the Green Line's "D" branch.
"Served by trains and buses, Riverside Station is an ideal location for a transit-oriented development project such as this one," Daniel A. Grabauskas, general manager of the Massachusetts Bay Transportation Authority, said in a news release. "This is an excellent example of smart growth."
Grabauskas also pledged not to decrease the amount of parking for commuters at the station.
In return for the property, the MBTA will receive $850,000 on the lease each year for the first five years, and that figure will increase by 12.5 percent every five years. James Aloisi Jr., chairman of the MBTA board, said the revenue over the course of the lease will exceed $217 million.
MBTA officials said yesterday that they would like to consider the lease and development of more of their properties as a way to help lift the agency out of debt.
But Aloisi was not so sure when asked about the idea, noting that the climate for development is difficult in the current credit crunch. "We've got to confront reality," he said.
According to the MBTA, the T's operations at Riverside, "which include the Green Line station and maintenance facility, an intercity bus depot, and a 960-space commuter parking lot, will be protected and preserved during the construction and development process."
The news release described the development as a "smart growth" project, and it said Mayor David Cohen of Newton supports the plan. The release said "the project will generate significant new tax revenue and jobs."
http://www.boston.com/news/local/ma...ease_riverside_station_space_for_development/