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Rail News: Rail Industry Trends

MBTA designates firms as North Station-area developers

Massachusetts Bay Transportation Authority (MBTA) recently announced it has preliminarily designated Trinity Financial Inc. and Hines Raymond L.L.P. to purchase and develop two parcels of land in the Bulfinch Triangle area, located above the authority’s Green and Orange subway lines at North Station.

If Trinity’s and Hines’ bids of $385 per square foot of land and $222.51 per square foot, respectively, are approved by MBTA’s board, the proceeds will generate nearly $28 million in revenue for the authority.

On one parcel, Trinity has proposed constructing a nine-story building with 27,750 square feet of retail space, one level of parking and 200 condominiums. On the other parcel, Hines Raymond has proposed constructing an 11-story building with a supermarket, up to 75 parking spaces, 24,000 square feet of retail space and seven levels of condominiums.

The two parcels were declared "surplus land" after MBTA demolished the elevated Green Line tracks as part of the North Station SuperStation project. Completed last June, the project combined the Orange and Green lines’ platforms at an underground station.

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More News from 6/28/2005