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How Much Is the Air Worth in Boston? Oh, $50M, Give or Take

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It was first pitched as a condo tower in 2005, but then the Great Recession got in the way, like an asshole with his earplugs in at a T turnstile. Now, though, the residential tower on a Nashua Street site controlled by the owner of the nearby TD Garden is back—as a rental (time to update our Rental Heatmap—again!). Delaware North has turned to ginormous apartment-building concern AvalonBay to construct a 375-unit tower called the Nashua Street Residences. The developer is expected to file plans with the city post-haste.

The key move that got things going again (besides the economic recovery!) was Delaware North's leasing deal with the MBTA in June that included the air rights over the five-level North Station Garage. In a sign of just how valuable develop-able land is in Boston, including for thin air above garage entrances, Delaware North paid the MBTA $50M upfront and will, after a decade, pay $2.3M annually. That's a lot of Celtics games.

· TD Garden Owners' New Game: Sell Rights to Build Tower [Herald]
· Our Rental Heatmap: Where the Hub's New Apartments Are [Curbed Boston]

TD Garden

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