BOSTON (AP) — Developers plan to build a roughly 20-story tower that will include residential, lab and retail space on a 1.5-acre (0.6 hectares) state-owned plot of land in Boston, officials said.
The state Department of Transportation board of directors approved the project on the parcel on Kneeland Street at the edge of Chinatown and the Leather District and close to South Station on Wednesday.
The approved developer is a partnership between two, 100% minority owned businesses, the department said in a statement.
“This project is in keeping with the Baker-Polito administration’s promise to continually consider unused Commonwealth assets for economic development purposes,” state Transportation Secretary and CEO Jamey Tesler said. “It’s an added bonus that this project will also achieve the administration’s goal of creating additional housing while also including a diversity and inclusion program.”
The nearly 300-foot (91-meter) building with a total of more than 580,000 square feet (55,000 square meters), will include 218 housing units, 40% of which will be affordable housing, on 12 floors. The plan calls for approximately eight floors of lab space, a ground floor with retail space, and parking.
The Transportation Department will receive a one-time payment of $61.5 million plus annual payments of $1 million increasing by 2.5% each year for a 99-year lease term.
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