A project at the corner of Boylston Street and Mass. Ave. in Boston’s Back Bay neighborhood involving the construction of a hotel and residential development over the MassPike received approval from the Massachusetts Department of Transportation today.
The 99-year lease agreement between MassDOT and ADG Scotia covering two plots of land, known as Parcels 12 and 15, will provide the Commonwealth project value of $18.5 million for the two parcels in the form of fixed payments early in the lease period combined with annual rent payments.
The proposed two-parcel development will include the following, with all numbers approximate:
Parcel 12:
• 111 residential condominium units;
• 41,200 square feet of retail space; and
• 98 garage parking spaces.
Parcel 15:
• 270-room hotel;
• 120 residential condominium units;
• 9,100 square feet of retail space; and
• 240 garage parking spaces.
According to MassDOT, the developer selection process considered several factors: the details of the financial proposal; developer’s financial capacity and experience; project design and proposed land use and the resulting community benefits and neighborhood impact; and community input.
The decision was made following a thorough and transparent process with significant involvement by the Boston Redevelopment Authority and Citizens Advisory Committee, as well as members of the general public and Back Bay neighborhood. The process began in 2008 but was put on hold during the financial crisis and restarted in 2011.
The Development Agreement with ADG Scotia will include review and approval of the proposed development design by MassDOT. The developer will have 24 months to close on a lease for at least one of the two parcels, and within another 12 months on the second parcel.
ADG Scotia is a joint venture between Samuels & Assoc. and Adam Weiner’s Weiner Ventures. Weiner’s father, Stephen, was the developer behind the Mandarin Oriental complex on Boylston Street, not far from the Turnpike parcels. ADG Scotia’s public filings with the Secretary of State’s office list Stephen Weiner as an officer.
