Boston Properties has passed milestones on projects transfiguring two of the city’s largest transit hubs, with a vision of large commercial developments rising above Back Bay and North Stations.
The real estate investment trust said this morning it has entered a joint venture to acquire the air rights for the 377,000-square-foot initial phase of the North Station redevelopment. It also has signed a 44-year extension on its lease for the Clarendon Street parking garage with the state Department of Transportation, part of a larger proposal to build two towers containing offices, residences and retail above Back Bay Station. As part of the agreement, Boston Properties will take over management of the renovated station, which serves the Orange Line subway and several commuter rail lines.
The design and size of the new buildings is still under review, executives said Friday.
Last summer, Boston Properties released renderings showing a new shopping and dining space inside the building and additional retail space in front of the station entrance on Dartmouth Street.
Boston Properties bought the 2,000-space Clarendon Street parking garage and the Hancock Tower in 2010 for $930 million.
During its fourth-quarter earnings conference call, executives also announced progress on the $950-million North Station redevelopment, on which the company is partnering with Boston Bruins ownership.
The project built on a parking lot in front of the TD Garden will include three towers containing offices, residences, a Star Market, restaurants and stores. The project was approved by the Boston Redevelopment Authority in December 2013, including a $7.8-million tax break granted in the waning days of the Menino administration.
In December, Boston Properties entered a 50-50 joint venture with an unidentified third party to acquire the air rights for the North Station development and signed its first retail lease with Star Market for 62,000 square feet. The first phase will consist of an atrium and mid-rise "podium" building on Causeway Street.
The partner contributed $13 million and Boston Properties is contributing $8.8 million in cash and $4.2 million in improvements.
Timing and sequencing of the development is still being determined by Boston Properties and Delaware North Cos., owners of the TD Garden.
