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Millennium Partners will recoup the money it invested toward a Seaport property that was key in its aerial gondola proposal, which it eventually lost the rights to develop.
The Massachusetts Port Authority will pay Millennium Partners $1.5M for roadwork and refund the $5M the developer paid the agency for rights to develop a 6.8-acre waterfront property in the Raymond L. Flynn Marine Park. Millennium had plans to incorporate the property as part of a broader office development, but it missed a May construction deadline.
Massport put the property out to bid again and awarded it to Malden-based Pilot Development Partners, the Boston Globe reports.
Millennium Partners had floated the idea of an aerial gondola network running from South Station to the Flynn complex. While Millennium remains committed to an office project on the property it still owns in the Seaport, Pilot Development Partners is expected to develop the waterfront site for industrial uses.
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