Accordia Partners’ Dorchester Bay City would include 2,000 housing units as part of a 36-acre mixed-use development. Image courtesy of Stantec
Developers of the 6.5 million square-foot Dorchester Bay City project offered a third of the site for sale, more than two years after it was approved without any groundbreakings taking place.
A master plan for 21 buildings on 36 acres was approved in 2023 by the Boston Planning & Development Agency, but Accordia Partners has not submitted individual building plans or begun construction. 2 Morrissey Boulevard is now being listed for sale through brokerage Newmark, the Boston Globe reported.
In 2019, Accordia Partners acquired the 13-acre Santander Bank-occupied office park at 2 Morrissey Boulevard for $110 million.
In a statement provided to the Globe, Accordia Partners’ Richard Galvin said “our investor group believed it was the right time to determine if 2 Morrissey – both as an operating asset and a permitted development site – was of interest in the larger market. We remain excited about the vision for Dorchester Bay City and are confident that the fundamental design of the project as permitted allows for flexibility to move forward in even a complex commercial real estate market.”
The 2 Morrissey Boulevard property received $85 million in financing in 2021 from Société Générale, according to a Suffolk County mortgage.
The section of the site is approved for eight buildings totaling 2.4 million square feet.
The 36-acre Dorchester Bay City site includes the former Bayside Expo Center, now owned by University of Massachusetts-Boston, and an adjacent property containing the Boston Teachers Union headquarters at 110 Mount Vernon St.
The former Bayside Expo Center is leased from University of Massachusetts under a 99-year agreement totaling $235 million in payments.
The project also was designed to protect large sections of surrounding neighborhoods from rising sea levels, committing $18.5 million toward construction of a 22-foot-high flood barrier stretching north to Moakley Park in South Boston.
A message was left with Accordia Partners seeking comment.
