Developers with a ground lease for land owned by the University of Massachusetts Boston want to build a new mixed-use development to rival Kendall Square in nearby Cambridge.
Andy Rosen reports on the recently revealed plans for a new master planned project in Boston that will be called Dorchester Bay City, bringing a huge amount of residential, retail, and office uses to the site of the defunct Bayside Expo Center, now owned by the University of Massachusetts Boston.
"Documents filed by Accordia Partners with the Boston Planning & Development Agency detail what would be one of the city’s largest development projects and ― its backers hope ― a hub for businesses such as life sciences firms that could rival Kendall Square in Cambridge," according to Rosen.
The developers signed a ground lease with the University of Massachusetts Boston to develop on the 34-acre site. "UMass offered the property to private developers under a long-term lease; Accordia, which includes a pair of veteran Boston builders, and the investment firm Ares Management won the bidding with an offer that would bring $235 million to the university," according to Rosen.
As planned, Dorchester Bay City would add 5.9 million square feet of new development, including about 1,740 residential units, 155,000 square feet of retail and restaurant space, and about 4 million square feet of space for "offices, scientific research, and perhaps academic uses."
The 36-acre site is highly valued for its location at the nexus of several local assets, including the shoreline, Moakley Park, the UMass complex, and the cultural diversity of Dorchester and South Boston, according to the article.
"The filing kicks off a review process by the city planning and development agency, which is likely to include months of public meetings before a final decision," reports Rosen. A lot more details about the proposal are available in the source article.
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