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Rail News Home Passenger Rail

12/8/2009



Rail News: Passenger Rail

MBTA station garage garners additional funding, advances to construction phase


Massachusetts Gov. Deval Patrick and Massachusetts Bay Transportation Authority (MBTA) officials recently announced plans to provide funding for a planned parking garage at Wonderland station in Revere.

The Massachusetts Department of Transportation will provide $22.7 million in federal American Recovery and Reinvestment Act dollars and MBTA will provide $11.3 million in bond revenue financing to help fund the $47 million project.

MBTA expects to launch construction next year on the nine-story, 1,900-space parking facility, which will support a planned Waterfront Square transit-oriented development (TOD) that would feature 902 residential units, a 100-room hotel, 145,500 square feet of office space and 28,000 square feet of retail space.

Financial analyses show parking revenue generated by the new garage will exceed MBTA’s cost of borrowing $11.3 million for the project, according to the authority.


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