Construction will begin as early as next week on a 12-story apartment and retail building — including a possible supermarket — on Canal Street just a block from the TD Garden in a deal announced yesterday between developers and the state transportation department.
"It's just a premier location and the views you get up at the building looking down at the Greenway and the harbor is incredible," Trinity Financial Vice President Abby Goldenfarb said. "Five or six years ago, we were taking a chance on the location, but now it's really proven itself to be a great place to live."
Trinity will construct 310 apartments, 147 parking spaces and ground-floor retail at One Canal Street — three mostly empty grassy parcels owned by MassDOT and the MBTA across the street from the Haymarket bus station and the Government Center garage.
Trinity will pay $13 million up-front to the state for the 99-year ground lease. Denver-based Aimco, a real estate investment trust, will pay property taxes on the site.
The 22,000 square feet of retail space will be designated for a supermarket under an agreement with the city, but can be opened up to other retail tenants after 18 months, or if another supermarket opens nearby — such as at the TD Garden, where developers envision both a supermarket and a cinema.
"We understand the community really wants a supermarket in the neighborhood and the Boston Garden site is the preferred site," Goldenfarb said. "But nonetheless, if a supermarket wants to be here, we are obligated to market it to a supermarket for a set period of time."
Construction of the $190 million project could begin within days and will last about 27 months. Several other high-profile projects are slated for the area, including three high-rises with residences, hotels, offices and shops near the site of the old Boston Garden.
Across the street from One Canal Street, developers want to resuscitate the Government Center Garage project with apartments, offices, shops and a hotel.
The project will also replace the Grand Canal's large outdoor patio, which had been part of a temporary lease with the MBTA.
It's been a long process. Trinity originally was the second choice to develop the state-owned sites back in 2005. After the original developer was taken off the project in 2010, MassDot awarded it to Trinity in the $13 million deal, MassDOT spokeswoman Cyndi Roy said.
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