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MBTA North QuincyThe MBTA Fiscal and Management Control Board voted unanimously Monday to approve lease rights to the firms Bozzuto Development and Atlantic Development so the firms may design and build a mixed use project on MBTA land at the North Quincy Red Line Station.

The winning bid for the project from Bozzuto and Atlantic was one of three bids under consideration. In addition to creating a large, transit-oriented development that will spur economic growth for the city of Quincy, the project also generates own-source revenue for the MBTA. Bozzuto/Atlantic’s offer will pay the MBTA approximately $230 million over the course of a 99-year lease.

The project will generate significant new tax revenue for the city of Quincy – estimated at $1.5 million – and a $5.7 million contribution to the city’s affordable housing fund.

The property is approximately 295,000 square feet, and includes 852 surface parking spaces. It is bordered on the east by Hancock Street, and on the south by West Squantum Street. As part of the project, the developer will build a new parking garage which replaces the 852 surface spaces that will be owned by the T. During the construction phase, parking accommodations will be made when work impacts the current parking area off Hancock Street.

An invitation to bid for the property was released on July 1, 2015.

It is anticipated that the permitting and design process will take approximately one to two years, with construction possible in 2018. The MBTA has additional parking lot space on Newport Avenue, and will work with the developer to limit parking-related impacts during construction.

Bozzuto is a privately held residential real estate company and Atlantic is a firm based in Hingham which has been involved in many non-MBTA projects previously.

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