Re: Nashua Street Residences (North Station)
TD Garden owner to sell development rights for apt tower
Boston Business Journal by Thomas Grillo
Monday, December 19, 2011
Deleware North, TD Garden’s owner, intends to sell its permits for a 37-story residential tower in the West End to Avalon Bay Communities, the Arlington, Va.-based developer of apartment communities with offices in Quincy, according to a source familiar with the deal.
Nashua Street Residences, a 375-unit residential community, is to be built on land behind the Thomas P. O’Neill, Jr. federal building and next to the TD Garden, down the street from the Spaulding Rehabilitation Hospital and the Suffolk County Jail. In 2005, the Boston Garden Development Corp. won approval from the Boston Redevelopment Authority for the project.
Scott Dale, vice president of development for Avalon Bay, did not return a call seeking comment. Christopher Maher, Delaware North’s vice president of development, declined to be interviewed.
But a source familiar with the deal, which is expected to close with days, told the Business Journal Delaware North will use the proceeds of the sale to help fund its project slated for Causeway Street. The TD Garden owners have approval for a pair of 400-foot towers with 1 million square feet of apartments, office space, a hotel and ground-floor retail on the site of the former Boston Garden. Boston Properties , the developer of the $500 million Atlantic Wharf, is working with TD Garden owner Jeremy Jacobs to get the project started. Bryan Koop at Boston Properties did not return calls seeking comment.
Avalon is not the only developer with plans for what has been a shadowy part of the West End. Chicago-based Equity Residential wants to replace the Garden Garage across from the TD Garden with 500 new apartments by fall 2015. Under the $300 million plan filed with the BRA, the 710-space parking facility at 35 Lomasney Way off Martha Road would be replaced with two buildings. One would be a 21-story tower with 200 units and another, a 28-story tower with 300 units. An 850-space parking structure would be built underground. Redevelopment of the three-acre Garden Garage site would include demolition of the parking garage and a vacant one-story building once used as the Boston Children’s School Annex.
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