Motor Mart Garage Update

12/11/17


278-foot residential tower proposed atop Motor Mart Garage in Bay Village


CIM Group of Los Angeles, who acquired the nine-story, 420,000 square foot Motor Mart Garage at 201 Stuart Street in Bay Village for $162.5 million in October 2016, proposes to construct a 278-foot-tall residential tower above the garage. The existing facade would be renovated, and the garage would continue to be used as vehicle parking, including parking for tower residents; the garage currently contains 1,037 parking spaces. Per The Boston Sun, CIM hopes to start construction of the tower next summer and will likely file a Letter of Intent (LOI) with the Boston Planning & Development Agency (BPDA) formally proposing the project in the coming weeks.


CIM also acquired the 200 Stuart Street Garage, a seven-story, 826-space parking garage located across from the Motor Mart Garage adjacent to the Revere Hotel, for $95 million in July 2017. CIM has not disclosed plans to construct a tower atop the 200 Stuart Street Garage, which is currently home to the popular Rooftop@Revere rooftop outdoor bar and lounge. A 19-story, 199-foot-tall tower featuring 131 apartment residences and approximately 3,000 square feet of ground-floor retail was recently approved for construction at 212 Stuart Street, next to the 200 Stuart Street Garage and across from the Motor Mart Garage. CIM also recently acquired 321 Harrison Avenue in the South End, a property featuring an 11-story, 235,000-square-foot office building and three-story, 300-car garage atop which an eight-story, 232,500 square foot office development is approved, for $114.2 million in September 2017. CIM is reportedly weighing speculatively constructing the office development.

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