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The Massachusetts Bay Transportation Authority's (MBTA) fiscal and management control board yesterday approved lease rights for two firms to develop a mixed-use project on the agency's land at the Red Line rail station in Quincy, Mass.
The winning firms, Bozzuto Development and Atlantic Development, will pay the MBTA $230 million over the course of a 99-year lease. The two companies will create a transit-oriented development aimed at spurring economic growth in the city of Quincy, Massachusetts Department of Transportation officials said in a blog post.The 295,000-square-foot property includes 852 surface parking spaces. The developers also will build a new parking garage.The permitting and design process is expected to take one to two years, with construction possible by 2018. In July 2015, the MBTA invited bids to develop the property. The winning firms' bid was one of three under consideration.