A parking lot at 132 Arlington Street in Boston’s Bay Village could end up hosting a new residential development, becoming the latest downtown parcel to see a second act as parking norms in the area undergo a generational shift.
Owner National Amusements, the media and entertainment holding company founded in Dedham whose assets include CBS and Viacom, is putting the surface lot up for sale through the Dartmouth Company. The 14,180-square-foot site is being marketed as a development opportunity.
“The 132 Arlington Street site represents a rare opportunity for area developers to thoughtfully execute and plan while continuing to collect income,” Peter Considine, a partner in the Dartmouth Company, said in a statement. “We have been in contact with users and developers from multiple asset classes; residential development may ultimately be the best use for the parcel.”
The brokerage will accept offers September 20. It’s unclear what kind of price the parking lot might fetch, but recent precedent suggests it could be quite a lot. In July, Chicago investment firm L3 Capital bought the surface parking lot at the corner of Newbury and Dartmouth streets in Back Bay—less than a mile away—for $40 million. That lot is expected to host a new development, probably retail.
Meanwhile, various garages around Boston, including the Government Center Garage, the (now-demolished) Winthrop Square Garage, and the Dock Square Garage, are undergoing or are slated to undergo major revamps that include new development.