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.