Event Notices

Parcel 9 Apartment Plan Sounds Close to Approval

eastathaymarketsquare-1There has been a series of articles and public comments leaning toward the conclusion that Parcel 9 will be awarded to Eastat Reality Capital and their residential plan for 78 apartments over a ground market. The site is along the Rose Fitzgerald Kennedy Greenway by the Haymarket pushcarts and Blackstone Street, one of the oldest streets in Boston.

The Boston Herald’s Tom Grillo is quoting the Mayor’s support as, “We are trying to get people back to work and if (Eastat) has a shovel-ready project, I can support it.” Eastat’s proposal was also the lowest cost project at $40.5 million. MassHousing and the AFL-CIO have committed financing along with 20% equity from Eastat.

The Boston Museum continues to mount an aggressive campaign for its $120 million civic proposal. (See previous post “Boston Museum Makes Final Push“). But, with less than $10 million raised, it is unlikely officials would award any project that does not have financing through completion due to the “Filene’s Hole” effect.

The other two proposals are for office buildings with ground markets, although the building height exceeds the neighborhood’s desired 55 foot limit. For a detailed description of all the four bidders, see “Parcel 9 Haymarket/Blackstone Street Bidders.” An interesting concept by DeNormandie Companies, supported by the Rockefeller Family, was to add a glass ceiling over Blackstone Street, connecting it’s existing ownership there to a new development on Parcel 9. The BRA’s comment letter did not believe the glass cover would be practical.

Three North End neighborhood groups collaborated on a joint letter, highlighting the pros and cons of each proposal. The letter did not make specific recommendations but guarded against several characteristics of the Boston Museum. (See “North End Groups Send Joint Letter on Parcel 9“.)