T eyes air-rights lease
Bids sought for UMass station
By Scott Van Voorhis | Friday, December 28, 2007 |
http://www.bostonherald.com | Business & Markets
Another project may soon be in the pipeline near Dorchester?s long-neglected waterfront.
The MBTA is seeking developers interested in building a major complex at the JFK/UMass T station.
The deal would include air rights over the tracks, the parking lot and the station itself.
As it seeks ways to bolster its budget, the Massachusetts Bay Transportation Authority is putting out to bid the development rights to 4.7 acres at the Red Line station.
The MBTA, which is marketing the property through a private firm, is hoping to reap nearly $400,000 in annual rent under an 85-year lease agreement, bid documents show.
The move comes as planning begins on two other significant projects along the harbor in Dorchester, at the Bayside Expo & Conference Center and the University of Massachusetts at Boston.
?I think it?s timely,? said Vivien Li, head of the Boston Harbor Association. ?There is a lot of stuff happening in the neighborhood. This is waterfront property. There is not that much waterfront property left.?
The winning bidder will have the chance to build more than 300,000 square feet of new development, according to bid documents issued by Transit Realty.
The project could include residential, commercial and some retail uses, according to an MBTA spokesman.
The MBTA?s development push would join two other projects in reshaping Dorchester?s waterfront. The owner of the Bayside Expo & Conference Center is planning a $1 billion residential, office and retail complex on the 30-acre site. Meanwhile, UMass Boston recently unveiled a $750 million plan to remake its own campus.
?The JFK/UMass air rights parcel lies in the heart of what will likely become a significant transit-orientated development (TOD) district,? MBTA spokesman Joe Pesaturo said in an e-mail.