Looks like the old Bayside Expo $235 million deal is moving forward. According to Bisnow.com, Accordia Partners has formalized a 99-year, $235M ground lease for the 20-acre Bayside Exposition Property owned by UMass Boston.
Back in February, UMass officials voted to approve the deal to lease the land. Accordia Partners, along with their capital partner Ares Management Corporation made a formal announcement about the deal on Tuesday morning. As part of the development of the 20-acres, up to 3.4 million square feet of mixed-use development is included.
Accordia Partners and Ares Management also acquired 2 Morrissey Boulevard located right near the old Bayside site back in June for $110 million.
The residents of Dorchester and South Boston have been waiting with bated breath to see what will become of this area. No doubt both neighborhoods will be voicing their opinions on what should be built there.
This land has not been without controversy
To refresh your memory, this lot of land was considered a potential spot for the Olympic Village as part of Boston 2024 and just recently Bob Kraft was hoping for a New England Revolution soccer stadium. The proposal was shutdown after lack of transparency and input from the public and local elected officials.
This property is right across the way from the new development taking over the Boston Globe site on Morrissey Blvd. in addition to the renovation of the Mary Ellen McCormack Housing Development in Southie.
Finger’s crossed they fix the rotary from hell!