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.