The Loop at Mattapan Station
Update
07/27/16
MBTA releases new details and renderings for Mattapan Station development
The Massachusetts Bay Transportation Authority (MBTA) has released new details for Preservation of Affordable Housing (POAH) and Nuestra Comunidad Development Corporation (Nuestra)'s mixed-use development project proposed for an existing Mattapan Station surface parking lot. The following is a link to the MBTA's full presentation for the project. As previously reported, the project would construct 135 residential units in the heart of Mattapan Square across two new five-story buildings. 69 units (51% of total) would be designated affordable. The buildings would also contain 12,000 square feet of retail, up from previously reported 10,000 square feet. The project would create 25-41 full-time and 6 part-time job opportunities in Mattapan Square. A total of 173 parking spaces would be located on site, including 50 for MBTA commuters. A connection to the new Neponset River Greenway would also be constructed. The project will now undergo review by the Boston Redevelopment Authority (BRA). The following is a rendering of the proposed project:
View along River Street
The following is a locus graphic:
Locus graphic
POAH and Nuestra will enter a 99-year lease with the MBTA for the parking lot and will make annual rent payments for the lease's first 20 years starting at $210,000 in 2017 and increasing annually by 1.5%. A total of $4,885,970 in rent will be paid to the MBTA. The project has a Net Present Value (NPV) of $2,954,307.08 calculated with a 5% discount rate. The MBTA designated POAH and Nuestra as the developers of the lot earlier this year, rejecting a second proposal by Trinity Financial (Trinity) and Codman Square Neighborhood Development Corporation (CSNDC) that would have constructed 267 residential units, including 195 affordable (73% of total), and 8,000 square feet of retail. Trinity and CSNDC would have purchased the parking lot under a fee-simple sale, generating $2 million of revenue for the MBTA.