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Transit-Oriented Development
Avenir (Parcel 1A), Boston, MA
Client: Massachusetts Bay Transportation Authority (MBTA)
Air rights lease for mixed-use commercial, residential and retail development
PROJECT DESCRIPTION: 10-Floor mixed-use, transit oriented development that includes retail, a 121 space parking garage and 241 residential units, including 17 affordable units.
TRA's ROLE:
- Identified the development opportunity
- Generated developer interest in the site
- Designed an appropriate public offering format based on extensive community and governmental outreach
- Managed the public bid and selection process
- Navigated a variety of complex operational, environmental, public policy and title issues
- Negotiated the final business deal structure and documents
CLIENT BENEFITS: The MBTA received $9.86 million in revenue. Upon sale of residential units, the MBTA will receive an additional $9.86 million.
STATUS: A 99 year air rights lease between Trinity Financial and the MBTA was signed in June 2005. Construction was completed and occupancy commenced in 2008.