Image courtesy of Google Maps
Three companies have submitted offers to buy a 1,029-space parking garage at Boston’s Downtown Crossing in response to the city’s plan to reinvest proceeds from the sale in affordable and public housing.
Chicago-based InterPark Holdings, LAZ Parking Realty Investors and The Abbey Group, and Avon Associates LLC responded to a request for proposals issued by the Department of Neighborhood Development, spokesman Alexander Sturke said.
Avon Associates is affiliated with Pilgrim Parking, the current operator of the three-level structure at 474-552 Washington St.
According to the RFP issued in December, the company selected as buyer will be required to continue operating the garage. Air rights above the garage are owned by The Abbey Group, owner of the neighboring Lafayette City Center office and retail complex.
The ground lease and profit-sharing agreement on the property expires in April 2022.
The developers’ full submissions have not been released publicly, but DND provided a list of respondents following an inquiry from Banker & Tradesman.
DND is beginning of review of the submissions, Sturke said. The sale would require approval by the Public Facilities Commission and Boston City Council.
