625,000 Square Foot Office Tower at 125 Lincoln Street Officially Under Review
Oxford Properties planned 24 story office tower to replace the garage at 125 Lincoln Street is now officially under review. The plans call for a 625,000 square foot office building with retail and publicly accessible ground floor uses. The development would also include the redesign of 7,500 square feet of existing open space at the corner of Lincoln Street and the Greenway along with the creation of a publicly accessible indoor space of approximately 7,000 square feet that includes gathering and retail spaces. Parking capacity for up to 275 vehicles would be located in up to five levels below grade. Oxford Properties purchased the garage for around $40M in May 2017.
24 Story Building Proposed in Leather District
Oxford Properties Group proposes to demolish the existing parking garage and construct a new, approximately 625,000 square foot, 24 story office building containing retail, restaurant, and other commercial uses on the ground floor, below grade parking and indoor/outdoor public space. The project will be a dynamic addition to downtown Boston that will revitalize the site.
The site currently features a 115,625 square foot parking garage including upper-floor office and ground-floor retail space located on a 27,800 square foot lot steps to South Station. Existing zoning for the 125 Lincoln Street parcel would allow up to 223,880 square feet of mixed-use development; current tenant lease termination options would allow a potential development to begin in 2018.
ABC IN OPPOSITION TO THE PROPOSED ALEWIFE MORATORIUM
A statement written by a committee of ABC members
A moratorium on all development at Alewife is a moratorium on affordable housing, a moratorium on transit-oriented development, and a moratorium on an ecologically responsible future. It is fundamentally out of step with Cambridge values. Proposals for housing moratoria are often discussed or adopted in surrounding suburban cities and towns, and for the same reasons forwarded in this letter. We now join Brookline, Newton, Marlborough, Pembroke, among many others, as part of the moratorium discussion. Cambridge has been a leader in progressive solutions to affordable housing, the environment, and transit, and we cannot set a precedent by turning our backs on that legacy.
Most importantly, this moratorium would have immediate and drastic impacts on affordable housing in Cambridge, aggravating issues of income inequality and social equity we pride ourselves in tackling as a community.
- Homeowners Rehab Inc.(HRI), a Cambridge non-profit affordable housing developer will provide 98 low to middle-income homes right on Concord Ave.
- 55 Wheeler Street could be impacted. This project will be the first private development to be built under our new 20% inclusionary zoning rules and will provide over 100 affordable homes. Not only would a moratorium prevent much-needed housing, but would also block many of the goals outlined by the moratorium petition.
-In total this moratorium could directly stop 500+ desperately needed units of Cambridge housing. This includes 100+ affordable units and a mix of 1,2,3 bedrooms with homeownership opportunities that will allow families and young people alike to remain in Cambridge.
Secondly, this moratorium will put a halt on ecologically friendly, transit-oriented development in Cambridge, and cause us to lose much-needed state funding to fix this congested part of our city.
-The Wheeler St development will provide a landing space for a much-needed potential bridge that will connect the quadrangle to Alewife T station. This bridge could complete and connect many biking and pedestrian routes in Cambridge. The developer has proposed infrastructure improvements, as well as greater connectivity through the creation of a completed street grid to alleviate congestion and traffic.
- Cambridge has an opportunity to secure state funding as well as priority funding through the MA Department of Housing & Community Development’s Housing Choices Initiative. This important funding could be used to help pay for a bridge connecting the quadrangle to the Alewife T station. The state will reject applications from cities and towns that have a moratorium on housing. We cannot miss this opportunity for increased mobility and connectivity in the Alewife area.
- Some have argued that this area is too congested for new development. However, it is estimated over 80% of the traffic in this area originates outside of Cambridge. This development is close to multimodal transport options, and could even lessen traffic as people move in closer to jobs and transit options. Residential development causes much less congestion that commercial development this partially replaces.
Lastly, this moratorium would fail to set the highest standard for climate preparedness in Cambridge development and miss opportunities to remediate severely polluted sites.
- The Wheeler development will provide significant flood mitigation and new open space for flood and stormwater runoff. Higher standards could even be proposed without scuttling the entire development
- HRI is keeping all units and building resources above the 2070 flood elevation, as recommended by the City of Cambridge’s Climate Change Vulnerability Assessment.
- The area being developed is currently contaminated soils and unused pavement. Development work would require remediation, rather than these toxins remaining free to infiltrate the floodplain.
A moratorium on development in Alewife does nothing but prevent this community from confronting our housing, climate, and mobility challenges. We need investment in housing and mixed-use development to tear up pavement, insert green space, provide infrastructure, and build a resilient, diverse, and well-connected neighborhood. A moratorium is a step backward and does nothing but hurt our progress on some of the most important issues facing our city.
Over 500 apartments proposed at 55 Wheeler Street in Cambridge, minutes from Alewife Station
Redgate and Westbrook Partners propose to construct three new buildings containing 526 apartment residences across six acres located minutes from Alewife Station in Cambridge. Residences would include studios, one-bedrooms, two-bedrooms and three-bedrooms; 111 residences would be designated affordable. 55 Wheeler Street would be built to LEED v4 Silver sustainability specifications and include amenities such as two on-grade courtyards, one of which would feature a pool deck, and a third elevated courtyard. A new 30,000-square-foot public park would be constructed as part of the project. The City of Cambridge is now reviewing Redgate and Westbrook’s proposed project plans.
Oxford Properties acquiring Leather District garage for nearly $40 million
Oxford Properties will reportedly acquire the parking garage at 125 Lincoln Street in the Leather District, a 0.64-acre property with significant development potential located steps to South Station, for nearly $40 million. According to The Real Reporter, Oxford has emerged as the winning bidder amongst a number of developers who bid to acquire the garage, brokered for sale by Newmark Grubb Knight Frank and sold by Intercontinental Real Estate Corporation. The sale would amount to nearly $345.95 per existing building square foot and $62.5 million per acre. Intercontinental acquired the garage in August 1996 for $6 million, amounting to $51.89 per existing building square foot and $9.375 million per acre. Oxford has not yet closed on its' acquisition of 125 Lincoln Street.
Leather District garage with prime redevelopment potential offered for sale
Intercontinental Real Estate Corporation is selling the existing 115,625 square foot parking garage at 125 Lincoln Street in the Leather District, a site at which existing zoning would permit up to 223,880 square feet of mixed-use development. Existing lease termination options would allow a potential development to begin in 2018.
According to a report by The Real Reporter, 125 Lincoln Street's sale price could approach $40 million. Intercontinental acquired the garage in August 1996 for $6 million. The garage includes upper-floor office and ground-floor retail space in addition to parking. 125 Lincoln Street yields a Net Operating Income (NOI) of $2 million; office and retail space is 100% leased.