MassDOT Board of Directors recently approved a real estate development project for Parcel 25, state owned land, located on the edge of Chinatown and the Leather District Neighborhoods and boarded by Kneeland, Albany and Lincoln Streets.
The development will include 218 units of housing, 40 percent of the units (84) will be affordable, lab space, first floor retail space and 120 parking spaces.
The project will create an extension at the Rose Fitzgerald Kennedy Greenway.
It is expected to improve pedestrian crossings and signalization at nearby intersections and other public infrastructure use improvements.
MassDOT will receive a one-time payment of $61.5 million plus an annual payment of 1,000,000, increasing by 2.5 percent each year for a 99-year lease term (86 million) is the Net Present Value of the transaction.
As of April 21, 2021, six bids were received for Parcel 25.
A graphic showing Parcel 25 can be found at this link: www.bldup.com/projects/massdotparcel25.