 |
| Some Details about the MBTA Air Rights Project |
This page will serve as the main page for the MBTA air rights project, which is located is proposed devolopment over the communter rail tracks that run through Porter Square. |
The following page is available so far: |
MBTA Air Rights: Letter to the MBTA about Community Input |
| · | According to The Boston Globe (June 27, 2003), the Porter Square development is the first such project to be built entirely above railroad tracks. The article wasn’t clear whether it is the first for the MBTA or for Massachusetts. |
| · | Permitting and approval processes in Cambridge and Somerville will apply; it is unlikely that both cities will establish special procedures for this project. |
| · | Zoning permits 87 units of housing (at 500 sq. ft. minimum) on the Cambridge portion of the parcel. |
Details about the Site |
|||
| Size of parcel | 50,375 sq. ft. |
||
| Valuation of property | $80/sq. ft.
According to the invitation to bid, this figure reflects significant reduction from a professional appraisal to account for difficult site conditions. The figures from the appraisal and the size of the discount have not been made public. Minimum bid is $4 million ($80 x 50,000). |
||
| Access to proposed development | From Somerville Avenue only |
||
| Schedule | |
| MILESTONE | DATE |
| Bid opening | July 30, 2003 |
| Winning bid announced | August 6, 2003 |
| Lease signed | No
later than September 5, 2003 (within 30 days of announcement). Permitting and approval process begins. |
| Site survey completed by winning bidder | No later than October 20, 2003 (within 45 days of lease signing) |
| Lease closing | 12 months after lease signing. A 3-month extension may be granted. The MBTA does not require bidder to obtain all permits and approvals have not been obtained. |