Greenbush Station Transit-Oriented Development

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Presentation transcript:

Greenbush Station Transit-Oriented Development FMCB Meeting January 9, 2017 Massachusetts Bay Transportation Authority | mbta.com

Request: FMCB approval to execute Purchase and Sale Request: FMCB approval to execute Purchase and Sale Agreement with The Drew Company Project Overview Location: Scituate Size: 194,408 SF ITB Release: 5/26/16 Bid Due Date: 7/19/16 Disposition Type: Sale Minimum Bid: $1,330,000 Purchase Price: $2,019,604

Development Summary The Drew Company Designated Developer The Drew Company Fee-Simple Sale Price $2,019,604 Residential 87,600 gross sq.ft. Retail/Commercial/Hotel Gross 18,000 gross sq.ft. Residential Units 72 Affordable Residential Units 11 Total Parking Spaces 370 MBTA Parking Requirement Met Yes 240 Preserved for MBTA Construction Phases One Construction Timeline 16-18 months Jobs – full/part time 33 (full and part time) Zoning Relief Required? No Annual Tax Payment to Town $285,400 Required Funding Subsidies None The Drew Company has agreed to give the MBTA 50% of the gross proceeds in excess of the Drew Company’s purchase price for any sale before a Certificate of Occupancy is obtained for the project.

Greenbush Station: Current Day

The Drew Company Project Rendering Interstate 93 (18.3 miles) Scituate Harbor (2.5 miles) Greenbush Commuter Rail Station Downtown Scituate (2 miles)