About Quincy Center Station Air Rights
6.31 acres of air rights located over Quincy Center Station and its’ surroundings. The Massachusetts Bay Transportation Authority (MBTA) recently issued a Request for Proposals (RFP) for development of the air rights, which include the area above Quincy Center Station and the Red Line/Commuter Rail right-of-way between Dimock Street (to the north) and 194 Burgin Parkway (to the south), as well as the land on which the Quincy Center Bus Terminal is located. A condemned five-story parking garage currently stands above Quincy Center Station.
In response to the RFP, the MBTA and the City of Quincy have designated Atlantic Development and Bozzuto Development as the air rights' developer. Preliminary plans for Atlantic and Bozzuto's development call for 300 apartment residences, 225,000 square feet of commercial space, over 600 parking spaces and $20 million in station and infrastructure upgrades in three phases, with the first phase opening in 2023. Atlantic and Bozzuto will pay the MBTA $167 million over a 99-year lease in order to develop the air rights and are expected to file detailed plans for the development with the City of Quincy's permitting bodies in mid-2018. The following are renderings of Atlantic and Bozzuto's proposal:
The MBTA's RFP comes at a time when Quincy Center is seeing significant investment. The $60 million West of Chestnut development, featuring 169 apartment residences and multiple ground-floor retail options, was recently completed, and the $30 million Nova Residences of Quincy, featuring 171 apartment residences and over 15,000 square feet of commercial space, recently broke ground. Chestnut Place, a 15-story tower pegged at $45 million featuring featuring 124 apartment residences and 4,000 square feet of retail, is anticipated to break ground by the end of 2017.
Just outside Quincy Center, Deco, a $36 million recently completed apartment building featuring 180 residences, was sold to TA Realty last April for $68.5 million, or $380,556 per residence. Based upon area comparisons, Class A apartment rental rates in and around Quincy Center average $3.25 per square foot, and Class A direct average asking rent for office space has reached $24.53 per square foot. City infrastructure projects totaling over $400 million have been recently completed or are underway in and around Quincy Center.