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Developers could soon take away a lot of Park Square parking.
CIM Group filed plans Friday with the Boston Planning & Development Agency to construct a 17-story, 280-unit residential tower above the nine-story Motor Mart Garage in Boston. The Los Angeles-based developer bought the Art Deco garage in 2016 for $162.5M. The project would drop the number of spaces in the garage from 1,050 to 600, the Boston Globe reports.
CIM closed on a four-level parking garage and adjacent 11-story office building at 1000 Washington St. in the South End in September for $114.2M. It intends to build an eight-story office building on top of the garage.
The move is the latest in several parking transformations taking place across the city. The HYM Investment Group is underway with Bulfinch Crossing, a 2.9M SF mixed-use project that entails significant demolition of the Government Center parking garage. Boston Properties is pursuing a 1.37M SF Back Bay/South End Gateway project surrounding a parking garage at Back Bay Station.
New York-based Fortis Property Group filed plans with the BPDA earlier this year to build 195 residential units on top of the Dock Square Garage near Faneuil Hall. The Fortis plan would reduce the garage's parking capacity by over 100 spots.
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