Peebles to Move Forward with Long-Delayed Air Rights Project
The letter of intent filed on Friday on behalf an affiliate of Peebles Corp. is in connection with Air Rights Parcel 13 located on the northeast corner of the intersection of Massachusetts Avenue and Boylston Street.
BOSTON—A significant air rights project that dates back more than five years in the Back Bay is now moving forward.
Peebles Corp. has filed a letter of intent to file an expanded project notification form with the Boston Planning and Development Agency. The letter of intent filed on Friday on behalf an affiliate of Peebles Corp. by Trademark Partners of Charlestown, MA is in connection with Air Rights Parcel 13 located on the northeast corner of the intersection of Massachusetts Avenue and Boylston Street, partially over the east and west bound lanes of the Massachusetts Turnpike and partially over the MBTA Green Line Hynes Station in Boston.
Peebles was selected to undertake the project back in 2015 by the Massachusetts Department of Transportation and Massachusetts Bay Transportation Authority as result of an RFP process for the air rights development. Peebles and MassDOT have entered a development agreement and are finalizing draft a ground lease, a Project Interface Agreement related to the Hynes Station Improvements, and other pre-development agreements and investigations necessary to properly commence the permitting process with the City of Boston and others.
The proposed “Viola” project will involve the construction of a mixed-use structure of approximately 432,000 square feet. The proposals calls for a full-service luxury hotel component with a amenities and support services, a for-sale residential component with associated amenity spaces, first floor retail units, community space, an MBTA head house and support spaces, along with an internal above-grade parking garage for approximately 200 parking spaces.
The project will include hardscape areas at Boylston Street and the intersection of Boylston Street and Mass Avenue to provide additional public realm area for foot traffic at the currently congested crossing area, as well as connections and accessibility to the Hynes station platforms, according to the letter of intent filing.
Peebles Boston intends to include green roof areas, enhanced air quality and acoustic envelope systems, and other sustainable and resiliency measures.
The developer has increased the proposed height of the project from the RFP submission, now including areas of 12 levels and 17 levels and zoning heights between 145 feet and 221 feet.
Peebles states in the filing that the due diligence period for the project also resulted in some other changes or additions, including the “creation of internal queuing for arriving vehicles, addressing the evolving resiliency and critical infrastructure standards, and resolution of complex timing and access issues related to Hynes Station transformers, electrical distribution and egress.”
The MBTA is now beginning its design for the Hynes Station Improvements Project, according to Peebles.
Back in 2015, Peebles’ winning proposal for a 390,000-square-foot mixed-use development, was valued at $330 million and was one of three submitted in response to an RFP issued by the Massachusetts Department of Transportation and the Massachusetts Bay Transportation Authority in November 2014.
Peebles, which maintains operations in New York City, Miami and Washington, DC, did not divulge the revised cost estimate for the project that now calls for 432,000 square feet of mixed-use space.