The BRA has approved a new project for the intersection of Tremont Street and Stuart Street, which will allow a developer to build a three-story (30 feet) multi-use building.
The other bidder for the site is questioning the deal, seeing as they wanted to build a 90 foot building with more condos, which would have increased tax revenues to the city by $2 million.
The Boston Redevelopment Authority gave preliminary approval yesterday to a Theater District proposal that would let a New Jersey billboard company develop a three-story, glass-enclosed building with a Times Square-like electronic billboard dramatizing the building’s facade.
The project, which would have retail, restaurant, community, and cultural space, ”will help bring the Theater District to the next level," Mayor Thomas M. Menino said in a statement.
But the BRA’s action prompted a disappointed rival bidder for the site — a team that includes Tufts-New England Medical Center and the managing partner of the Wilbur Theatre — to threaten legal action, on the grounds the BRA’s selection process is ”suspect."
In May, the BRA suggested that development teams interested in the site should consider a 90-foot-high building, yet three months later, the BRA passed over the Tufts-New England team’s proposal for a 90-foot building and chose a bidder with plans for a roughly 30-foot-high structure.
The BRA said it made its selection based on the bidders’ financial capacity, the composition of their development teams, their designs, and their ”readiness to proceed."
Source: Touch of Times Square wins Hub OK – By Chris Reidy, The Boston Globe