A long-awaited transit-oriented development in Roxbury is finally ready to move forward.
The Boston Planning & Development Agency gave final approval Thursday to lease nearly 8 acres of city-owned land at Parcel P-3, better known as Tremont Crossing. The long-term ground lease is expected to be finalized in the next two months, and site work on the $700M, 1.7M SF project across from Ruggles Station could begin by summer or sooner, the Boston Globe reports.
The plan calls for a podium and two-tower design with more than 700 apartments, 405K SF of retail, 108K SF of office and a museum for African American culture.
The development team, led by Feldco Development Corp., has an agreement with Landmark Properties as an equity partner on the project’s first phase. That includes one of the apartment towers, the museum, a central plaza, a parking garage and all of the retail component, which will include a BJ’s Wholesale Club, Regal Cinemas, Starbucks, Brooklyn Boulders and CVS.
The city is expected to charge below-market rent in the ground lease, and residents in the area will get preference for half of the 100 income-restricted apartments planned for the development.
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