Transit-Oriented Development
Arborpoint at Woodland Station, Newton, MA
Client: Massachusetts Bay Transportation Authority (MBTA)
Ground lease for proposed residential and commuter parking facility located at transit station
PROJECT DESCRIPTION: Arborpoint at Woodland Station is a "friendly 40b" (Massachusetts high density/affordable/ mixed housing project) transit oriented development incorporating 180 rental apartment units with 25% affordable units and a structured parking garage.TRA's ROLE:
- Identified the development opportunity
- Provided site use planning services and recommendations
- Obtained input from the City on the parameters of the development
- Wrote the public bid process
- Coordinated the bid process
- Negotiated the ground lease
CLIENT BENEFITS: Prepayment of the $4.3 million ground lease payments allowed for the construction of a 548 unit parking garage, new entrance road and redesigned handicapped accessible station platform. The project's operating agreement calls for shared maintenance costs of the entry road and landscaping, reducing the MBTA's long-term maintenance obligations. The MBTA recaptured some of its financial contributions through parking fees generated by the garage. STATUS: A 70 year ground lease between National Development and the MBTA was signed in 2004. The MBTA parking garage and housing development are completed. The housing project is 95% complete.