Thirty-five to forty million dollars. That was the price tag for upgrades to make Boston’s Hynes Convention Center Station more accessible for light-rail transit riders. The Massachusetts Department of Transportation (MassDOT) called on our team to craft a developer solicitation that would net funds to help cover the cost of the project. They also asked us conduct a formal risk analysis process.
With a strong real estate market and air rights parcels across Boylston street about to be developed, ground lease payments were the natural choice for funding. We created a strategy that generated more than $30-million in prepaid ground lease payments from the air rights developer. The solicitation also required the developer, for no additional compensation, to act as project manager for the combined station improvement and air rights development project to ensure the projects were completed on time.
We also prepared the solicitation, analyzed the submission, and assisted MassDOT throughout the solicitation process and development agreement negotiation.