Boston Real Estate
New housing, hotel, offices, and retail in downtown Boston? Well, maybe.
The HYM Investment Group LLC met with the Boston Redevelopment Authority’s Impact Advisory Group (IAG) to show off their new plans for the redevelopment of the Government Center Parking Garage at One Congress St.
If the 2.4 million-square-foot project does materialize, the area could see a new renaissance, with added pedestrian connections, green space and six new buildings (the tallest being 600ft) for retail, office, residential and a hotel.
Although a majority of the residential units would be rentals, developers mentioned that they have considered adding some three-bedroom units in the first tower for families.
Along with new residential units, HYM also plans to demolish half of the parking structure, leaving just over a 1,000 parking spaces.
Many on the IAG and the crowd seemed excited for something that could revitalize the at times dreary Haymarket area.
But the past is hard to forget — and so is the last proposal a few years ago from developer Ted Raymond.
Not only did he want to build two (42 and 52 stories tall) Prudential-sized towers on the four acre lot, which many in the West End and North End opposed, but he failed to actually show any movement on the project, causing the National Electrical Benefit Fund and Acorn Asset Management, owners of the garage and office building, to replace Raymond.
Currently, HYM is getting feedback from the community and so far does not have a timeline or budget for the project. So the community will just have to wait and see.
Filed Under: Wishful thinking
