Weiner/Samuels Team Chosen to Develop Key Back Bay Parcels
BOSTON- Monday, October 28, 2013- The Massachusetts Department of Transportation (MassDOT) Board of Directors has authorized MassDOT Secretary and Chief Executive Officer Richard A. Davey to execute an agreement with ADG Scotia, a team of Weiner Ventures and Samuels & Associates, for Parcels 12 and 15, located in Boston’s Back Bay at the intersection of Boylston Street and Massachusetts Avenue. The project involves construction along and over the MassPike. The Weiner/Samuels proposal calls for a combined hotel and residential development with high-rise construction set back from Boylston Street and low-rise construction along the street.
“This long awaited proposal provides significant financial benefits to the Commonwealth, and I want to thank the Citizens Advisory Committee and Boston Redevelopment Authority for assisting us as we made this critical decision,” said MassDOT Secretary Davey.
“The exciting proposal provides will fundamentally change a long-neglected part of the Back Bay with a combination of new housing, a hotel and exciting new retail opportunities,” said MassDOT Assistant Secretary for Real Estate and Asset Development, Jeffrey A. Simon.
“We are thrilled to have this opportunity to partner with MassDOT on an important parcel,” said Adam Weiner, Weiner Ventures. “In the months ahead, we will launch more detailed design and planning work and look forward to sharing those plans with the community.”
The 99-year lease agreement with ADG Scotia covering Parcels 12 and 15 will provide the Commonwealth project value of $18.5 million for the two parcels in the form of fixed payments early in the lease period combined with annual rent payments.
The proposed two-parcel development will include the following, with all numbers approximate:
• 111 residential condominium units;
• 41,200 square feet of retail space; and
• 98 garage parking spaces.
• 270-room hotel;
• 120 residential condominium units;
• 9,100 square feet of retail space; and
• 240 garage parking spaces.
The developer selection process considered several factors: the details of the financial proposal; developer’s financial capacity and experience; project design and proposed land use and the resulting community benefits and neighborhood impact; and community input.
The decision was made following a thorough and transparent process with significant involvement by the Boston Redevelopment Authority and Citizens Advisory Committee, as well as members of the general public and Back Bay neighborhood. The process began in 2008 but was put on hold during the financial crisis and restarted in 2011.
The Development Agreement with ADG Scotia will include review and approval of the proposed development design by MassDOT. The developer will have 24 months to close on a Lease for at least one of the two parcels, and within another 12 months on the second parcel.
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