The Boston Redevelopment Authority is set to approve a $950 million redevelopment of the former Boston Garden site next week — including $7.8 million in tax breaks for the city-designated "blighted" area — despite neighborhood objections to a 600-foot tower among the three-building complex.
The Menino administration confirmed a 15-year tax deal yesterday and that a Star Market supermarket will be part of Boston Properties and Delaware North's project near the TD Garden.
The tax deal was reached to "secure the critical tenant and create tax certainty" during the first phase of the 1.87 million-square-foot mixed-use project, the announcement said.
"It's a mistake to offer any tax breaks for economic development purposes," said David Tuerck, executive director of the Beacon Hill Institute. "The better policy would be to have a tax rate that is low enough to encourage economic development without having to provide special favors to every supplicant who comes along wanting a subsidy."
The project includes a 497-unit, 600-foot residential tower; a 20-story, 306-room hotel; a 25-story office building; 235,000 square feet of retail space; a 40,000-square-foot TD Garden expansion; and an expansion of the North Station parking garage.
"The tax certainty provided by the 121A agreement will benefit our tenants, securing the mix of uses and public benefits long desired by the community," Boston Properties senior vice president Bryan Koop said in a statement.
Menino and BRA director Peter Meade weren't made available for comment. Meade met with the Boston Garden Impact Advisory Group yesterday to inform the neighborhood stakeholders of the news.
Six of 13 members who favor a 400-foot tower instead of a 600-foot tower and object to the "blighted" status wrote to Menino this week, alleging their concerns weren't given serious consideration. Member James Zahka said he still feels ignored. "If you live near a transportation node, get ready for 600-foot buildings," he said.
The project will generate $32.3 million in revenue over 15 years, versus $5 million in property taxes should the land, vacant since the 1990s demolition of the old Boston Garden, remain undeveloped, BRA spokeswoman Melina Schuler said. "This is an opportunity to have a signature building in this part of the city," she said. "We feel that a tower up to 600 feet would be appropriate."
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