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Rail News: Passenger Rail
2/24/2009
Rail News: Passenger Rail
MBTA leases portion of Riverside Station site to developer
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The Massachusetts Bay Transportation Authority (MBTA) board recently authorized an 85-year lease on a portion of the Green Line's Riverside Station complex in Newton to BN Normandy Riverside L.L.C.
The firm plans to develop a mixed-use complex featuring 420,000 square feet of office space, 60,000 square feet of retail space and 190 residential units.
Annual rent for the leased premises will begin at $850,000 annually and increase 12.5 percent every five years. The agreement will increase MBTA's cash flow by $217 million over the course of the lease, the agency said.
The firm plans to develop a mixed-use complex featuring 420,000 square feet of office space, 60,000 square feet of retail space and 190 residential units.
Annual rent for the leased premises will begin at $850,000 annually and increase 12.5 percent every five years. The agreement will increase MBTA's cash flow by $217 million over the course of the lease, the agency said.
