Developers Samuel & Associates and Weiner Ventures have received approval from the state to build a $360 million residential, commercial, and hotel development in the Back Bay.
The real estate groups were victorious in acquiring the air rights above the development site. Although details regarding the development are sparse, it will likely transform the Boylston Street and Massachusetts Avenue intersection.
After winning the bid to construct over Chiafaro Co. and Prudential Financial, the real estate groups are looking to expand the development even further to include the Dalton Street parking garage across from the Hynes Convention Center.
Adam Weiner of Weiner Ventures emphasized that the project would not depend on the Dalton Street parking garage acquisition. It is simply, “a natural expansion.”
The developers will sign a 99-year lease with MassDOT for $18.5 million. This project is likely to generate a great deal of tax revenue as well as construction work for locals. The state transportation chief Richard Davey said the proposal “provides the best overall value and long-term benefit to the city of Boston.”
As of late, the two sites will total 230 residential units, a 270-room hotel, and approximately 50,000 square feet of commercial space. Nearby, guests and residents can shop on Newbury Street and the surroundings retail centers. This is seen as a major asset to the project. The Back Bay citizens advisory committee approved the project.
See the Boston Herald for more details on the development. http://bostonherald.com/business/real_estate/2013/03/state_picks_pikes_peak