Massport is unloading another acre of its South Boston real estate holdings
The Massachusetts Port Authority is looking to unload another prime piece of its South Boston Waterfront portfolio.
On Friday, Massport began circulating a brochure within Boston’s commercial real estate industry to promote a 1.1-acre parcel, now used as a parking lot, that will hit the market soon. As is typical for the authority, it’s technically selling the development rights, not the land itself. The property, known as Parcel H, would be available through a long-term ground lease.
The site on Congress Street, behind John Hancock’s previous glass-enclosed home and next to the Silver Line Way MBTA stop, could accommodate up to 400,000 square feet of mixed-use development, with the potential to increase that amount to 600,000 if the developer also opts to procure an acre-plus of air rights over the Silver Line right-of-way.
That would make the building similar in size to John Hancock’s old home next door. The insurer recently finished moving its Seaport workers to the Back Bay.
This project would be the third Massport development in the Seaport that weighs diversity and inclusion as 25 percent of its selection criteria. The other two projects: the Omni Hotel, going up on Summer Street across from the convention center, and an office building on Congress Street that will open in 2022.
Massport also would favor a developer that promises to make public realm improvements, such as upgrading the bare-bones Silver Line station.