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A 6-acre block of South Boston real estate is positioned for over 1.8 million square feet of development under plans by the new owners who acquired it through foreclosure.
The HYM Investment Group of Boston said the mixed-use development at 314-420 Dorchester Ave. will add a “dynamic addition” to the corridor including housing, retail, restaurants and accessory uses.
HYM was selected by DOT Development LLC, an affiliate of New York-based JT Magen & Co.., to partner on the project along with New York-based Extell Development, which has developed over 35 million square feet since 1989.
The corridor between the MBTA’s Broadway and Andrew stations has attracted strong interest from developers in the past decade. A planning study completed by the Boston Planning & Development Agency in 2016 called for wholesale rezoning of the largely industrial district to accommodate higher-density housing, office and lab projects.
But the study was never codified through rezoning, and the parcels controlled by the HYM-Extell team are still zoned as a manufacturing industrial district. They currently contain a mix of warehouse, self-storage and light industrial buildings,
Developers will seek approvals through a Planned Development Area master plan approval, according to a notification letter submitted to the Boston Planning Department, which would provide flexibility for higher density and other uses such as housing.
The proposed floor area ratio for the development is 7.1. Further details will be provided in a forthcoming project notification form.
The site went to a foreclosure auction on March 17 and was previously owned by entities controlled by developer Andrew Collins of South Boston. Collins filed a lawsuit seeking to delay the auction, but was unsuccessful.
Dot Developments, the lender, submitted the only bid of $75 million.
Another developer, Boston-based Core Investments, received approval 2023 for a 3.8 million square-foot mixed-use project known as “On the Dot” on parcels just north of Andrew station, but has not broken ground. That project would include 11 buildings and 1,460 housing units on a 21-acre site.
