More Housing Makes It Even Harder To Find Downtown Boston Parking
Parking is hard to come by in Boston, and out-of-town developers are not helping.
New York-based Fortis Property Group filed plans with the Boston Planning & Development Agency Monday to construct 195 residential units on top of the Dock Square Garage near Quincy Market. The letter of intent did not divulge whether the residential units would be apartments or condos, the Boston Globe reports. The developer is designating 25 units in the building as affordable housing.
Fortis bought the 698-space garage in September from Dock Square Parking Associates for $170M. The developer’s residential plan will shrink the parking component to 538 spaces. The letter says the nine-level addition would spiral upward to 194 feet over the Rose Kennedy Greenway.
Boston parking garages have become increasingly popular for out-of-town buyers. Los Angeles-based CIM Group bought the Motor Mart Garage in Park Square for $162.5M in 2016 and is exploring redevelopment options. CIM also closed on a four-level parking garage and adjacent 11-story office building near Ink Block in the South End for $114.2M in September. It plans to build an eight-story office building on top of the garage.
