by cden4
http://business.bostonherald.com/reales ... eid=120982
NorthPoint speeds new T station plan
By Jay Fitzgerald
Boston Herald General Economics Reporter
Thursday, January 12, 2006 - Updated: 04:34 PM EST
Backers of the massive $2 billion NorthPoint project are speeding up plans to build a new Lechmere T station in an effort to boost future condo and office sales at the East Cambridge development site.
The move to start construction as early as next year — rather than in 2010 or 2011 — could also accelerate plans to eventually extend the Green Line into Somerville and West Medford.
Dan Grabauskas, general manager of the Massachusetts Bay Transportation Authority, hailed the tentative new construction schedule as “very good news” for both the T and developers.
“We’ve made some real good progress,” he said of talks to “jump start” construction.
In a unique deal, Spaulding & Slye Colliers and Guilford Transportation Industries — which are jointly developing the mostly 45 acres of railway and industrial land off of Monsignor O’Brien Highway — have agreed to swap land with the MBTA.
The developers will build a new T station east of O’Brien Highway, where they’re now constructing the first two condo buildings within the planned transportation-friendly NorthPoint.
Developers will pick up most of the expected $35 million cost to build a new station — which will include space for trolleys, buses, parking and retail. Once finished, developers would take over the old T site and redevelop it.
Lisa Serafin, project director at Spaulding & Slye, said a new T station had always been planned as NorthPoint’s “front door.”
The most recent plans had called for construction of a new station in 2010 or 2011 “at the outside.” Now it looks like construction may start within 18 months.
Serafin said developers are starting work on designs for the station and nearby roadwork.
Sales of about 230 Northpoint condos now under construction are going well, she said.
But a new T station will make the entire project — which could eventually have 5 million square feet of housing, office and retail space — more attractive, she said.
NorthPoint speeds new T station plan
By Jay Fitzgerald
Boston Herald General Economics Reporter
Thursday, January 12, 2006 - Updated: 04:34 PM EST
Backers of the massive $2 billion NorthPoint project are speeding up plans to build a new Lechmere T station in an effort to boost future condo and office sales at the East Cambridge development site.
The move to start construction as early as next year — rather than in 2010 or 2011 — could also accelerate plans to eventually extend the Green Line into Somerville and West Medford.
Dan Grabauskas, general manager of the Massachusetts Bay Transportation Authority, hailed the tentative new construction schedule as “very good news” for both the T and developers.
“We’ve made some real good progress,” he said of talks to “jump start” construction.
In a unique deal, Spaulding & Slye Colliers and Guilford Transportation Industries — which are jointly developing the mostly 45 acres of railway and industrial land off of Monsignor O’Brien Highway — have agreed to swap land with the MBTA.
The developers will build a new T station east of O’Brien Highway, where they’re now constructing the first two condo buildings within the planned transportation-friendly NorthPoint.
Developers will pick up most of the expected $35 million cost to build a new station — which will include space for trolleys, buses, parking and retail. Once finished, developers would take over the old T site and redevelop it.
Lisa Serafin, project director at Spaulding & Slye, said a new T station had always been planned as NorthPoint’s “front door.”
The most recent plans had called for construction of a new station in 2010 or 2011 “at the outside.” Now it looks like construction may start within 18 months.
Serafin said developers are starting work on designs for the station and nearby roadwork.
Sales of about 230 Northpoint condos now under construction are going well, she said.
But a new T station will make the entire project — which could eventually have 5 million square feet of housing, office and retail space — more attractive, she said.
