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Transit-Oriented Development
Ashmont Station, Boston, MA
Client: Massachusetts Bay Transportation Authority (MBTA)
Ground lease for a mixed-use residential and retail development at MBTA rapid transit station
PROJECT DESCRIPTION: Transit oriented mixed use development resulting in construction of 116 units of mixed income housing, approximately 10,000 square feet of retail and 80 underground parking spaces on a site directly adjacent to the MBTA‘s Ashmont Station.
TRA's ROLE:
- Identified the development opportunity from a station modernization project
- Developed the public Request for Proposals
- Managed the public bid process & selection of the developer
- Negotiated ground lease
- Provided critical analysis of development pro-forma to assure closing
- Facilitated coordination between the TOD and station renovation
CLIENT BENEFITS: The MBTA collected $1.425 million as the single upfront lease payment for the development rights. The agreement also included a contribution to landscaping and maintenance of adjacent Ashmont Station and Peabody Square.
STATUS: An 85 year ground lease between Trinity Financial and the MBTA was signed in 2006. Construction was complete and occupancy commenced in the first quarter of 2008.