Transit-Oriented Development
Hingham Shipyard, Hingham, MA
Client: Massachusetts Bay Transportation Authority (MBTA)
Waterfront mixed use development project
PROJECT DESCRIPTION: This new waterfront mixed-use development project includes a mix of new restaurants, many local and national retailers, entertainment destinations and a marina. The project will also include approximately 479 single and multiple family residential units with 24 units for affordable housing, and mixed-use office space with waterfront views.
TRA's ROLE:
- 3-way land exchange
- Managed the land exchange transaction
- Leveraged the business deal
- Maximized asset aquisition
- Negotiated all legal documents
CLIENT BENEFITS: Increased ridership and $7.5 million in improvements to the Hingham Ferry Terminal facilities for commuter parking, bus and vehicular access.
STATUS: Opened in Spring 2010, this mixed use community is currently under development with Phase 1 complete. The client's commuter parking lot has been completed, providing 1,751 new parking spaces. Planning is in process for the development of a new multi use intermodal transit facility.
UPDATE: TRA worked with the MBTA to identify additional development opportunites on the site. A recent public offering for a 30 year lease for a single tenant retail pad site was completed. TRA is currently negotiating the lease documents with an expectation to close be Summer of 2012.