If you live here, you know how valuable property is in South Boston. It’s a hot real estate market and developers are taking advantage of the red hot market. Well, one small triangle of land in the neighborhood is causing a battle between two developers.
According to the Boston Globe, a six-story mixed-use building with 55 residential units would be built on approximately 10,183 square foot triangular parcel on West Second Street and right around the corner in short walking distance to the Broadway T stop – which is handy because this project will not have parking and tenants will be prohibited from getting street-parking permits from the city. A similar development in Dorchester was also approved by the BPDA.
Transom Real Estate is the developer behind the West Second Street project and is at odds with City Point Capital, who developed 14 West Broadway and the hotel next door. So here’s the skinny, City Point Capital is suing Transom and the City of Boston, saying the parking situation is destined to fail and also violates zoning rules. Transom is counter-suing stating City Point Capital is just mad they didn’t buy the parcel and is using the parking issue to try and force Transom to give up the project. Oh boy…..So now the project is on hold for now until the legal mess can be sorted out here.
You can read more about the drama here.
So what do you think? A new trend in the city seems to be non-parking buildings getting approval from BPDA due to the fact they are located next to an MBTA station. Some of these buildings also have the stipulation that tenants can’t receive a parking permit from the City of Boston. Could this help alleviate our parking crisis?
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