Developer HRP Group can move forward with a housing development on the site of the former Boston Edison power plant in South Boston after the state's port authority approved a key deal Thursday.
)
Massport voted to approve a $12M deal with the developer. As part of the deal, the port authority will change the deed restrictions that prevented homes from being built on the property at 776 Summer St., The Boston Globe first reported.
The deal would allow HRP to move forward with building 636 housing units as part of a mixed-use development that would also include life sciences and retail.
Massport placed the restriction on the site more than a decade ago to maintain a connection for trucks between Summer Street and the Conley cargo terminal and to avoid resident complaints about truck traffic on the street, according to the Globe.
The $12M from HRP will go toward Massport's maritime operations in the area. At Massport's request, the developer must inform tenants or owners who eventually live and work on the site that there may be maritime industrial uses running throughout the day and night.
HRP, formerly known as Hilco Redevelopment Partners, is working on remediation and demolition. In January 2023, the first phase of the 1.7M SF project won design approval and secured financing through debt and limited partners.
The first phase consists of two new life sciences buildings and the redevelopment of three structures on the power plant site into retail.
HRP and Redgate secured the Boston Planning & Development Agency's approval in January 2021 for the overall site plan. The entire project consists of 1.7M SF of lab, retail, housing, a hotel and open space. The joint venture bought the site in April 2016 for $24M from Exelon Corp.
A partial building collapse on the site in May 2022 sent three construction workers to the hospital, leading to a halt in work for two weeks. The project's contractors paid $600K in fines.
)
)
)
)
)
)
)
)
)
)
)
)