Boston2024 Midtown Development Plan

M I DTOW N D E V E LO P M E N T P L A N
S ITE FO R TE MP O R A RY O LYMPIC S TA D IU M 2024
THE OLYMPIC STADIUM
1. Executive Summary.................................................. 1
2. Vision for a Neighborhood................................... 5
3. Vision for an Olympic Stadium......................... 37
4. Midtown Today.........................................................45
5. Land Assembly....................................................... 49
6. Infrastructure.......................................................... 53
7. Financial Plan........................................................... 63
8. Regulatory Issues...................................................79
9. Required Stakeholder Engagement............... 81
10. Schedule.................................................................. 83
M I DTOW N D E V E L O P M E N T P L A N J U N E 2015
1 . E X E C U T I V E S U M M A RY
1. Executive Summary
Boston 2024 has proposed

constructing a temporary
Olympic Stadium at a site
situated between South
Boston and the South End at
the southern end of Fort Point
Channel. We have referred to the
area as Midtown, which is not
an official designation, but simply
a way to identify a collection of
properties that has no distinct
identity today, although it has
enormous potential.
Given its location at the heart of the City,
Midtown is a compelling site for the Stadium.
It would provide the centerpiece for the
Games and the starting point of a pedestrian
of facilities used for, among other things,

maintaining city vehicles, city salt sheds, washing
of Amtrak trains, and the Boston Tow Lot. Active
Massachusetts Bay Transportation Authority
(MBTA) tracks also run through the area. In
the future, with the Olympic and Paralympic
Games serving as the catalyst, the area can be
transformed into an urban center that achieves
the ambitions the city has for a transit village.
Midtown can be the next great neighborhood
in Boston. It will connect two vibrant, historic
neighborhoods well-served by the MBTA Red
Line. It can replace underutilized properties
with the value created by mixed-use blocks
and supplant non-tax-generating property
with highly productive new tax generation. The
Olympic and Paralympic Games are not the end,
but a means to achieve smart infill development
in the heart of the City of Boston.
Olympic Boulevard that would run to South
A development vision that we are calling the
Station. Just as important, siting the Stadium
Midtown Legacy development plan has
in Midtown would serve as a catalyst to
been crafted for the site that includes an
create a vibrant new neighborhood that
assemblage of the land, a competitive solicitation
will benefit the city and residents of Boston
for developers to buy or lease the property,
long after the Games have ended.
construction of the platform and infrastructure
Today, Midtown is an underdeveloped and

little known area of the city home to the New
Boston Food Market cooperative and a collection
by a designated master developer, and several

decades of development above the platform.
While the Midtown Legacy plan is very viable
and desirable with or without the Olympics, it
can provide an excellent home for the temporary
Increased tax revenues to the City of

Boston from approximately $857,000
annual revenue today to $7.3 million
annual in 2030, $26.9 million annual in
2040, $64.0 million annual in 2050 and
$362.0 million annual in 2080 when all
tax phase-ins have expired**
4,000 new units of mixed-income housing

in the heart of the city, including 520
affordable units
15 acres of permanent new open space (8

times Post Office Square) and a vital link in
the open space network of the city
Accommodation for 9,000 office/science

and technology workers
New resilient and sustainable MBTA bus

maintenance facilities on site and City of
Boston facilities.
New community and cultural spaces
A catalytic effect on the development of

the Dorchester Avenue corridor
Improved connectivity from South Boston

to the South End to the Back Bay.
Stadium during the Games.

The development potential of Midtown will be
unlocked by the construction of a platform or
plaza supporting development and open space
above and parking and relocated city and MBTA
facilities below, as well as allowing uninterrupted
use of the train tracks.
The investment in the land, platform, and
development will be made by private developers,
including providing the platform in time for the
Games at no cost to the public. The temporary
Stadium and related Olympic facilities will be
paid for with Olympic funding; again, no public
funds will be involved. This value creation is made
possible by visionary planning, land assemblage,
rezoning by the City, and a location that promises
to maintain strong annual absorption. The
result is a temporary home for the Games and a
dynamic new neighborhood of Boston resulting
from private investment.
The mixed-use Midtown Legacy development,
This study is organized as follows:

The Midtown Legacy vision for this new

neighborhood is followed by the vision
for a temporary Olympic Stadium. The
Olympics and Paralympics are the catalyst
for change.
Following the vision are descriptions of

current uses and land control, existing and
planned infrastructure, and most importantly,
a financial plan to achieve the vision.
Lastly, are sections on regulatory issues

to be explored and resolved, an outline
of stakeholders engagement to date,
and a preliminary schedule for planning,
community engagement, approvals,
selection of a development partner, and
finally, development itself.
which will span 18 years, represents the engine for

new jobs construction jobs and permanent jobs
with new hotels and retail, and new office spaces
providing expansion space for Boston businesses
and the ever-evolving Boston innovation economy.
The benefits to the City of Boston are substantial:

500750 construction jobs annually at

Midtown over 18 years
+/- 1000 permanent jobs for hotel workers,

building maintenance, and retail employees
** The specific tax phase-in in the proposal is for illustrative purposes. It has not been agreed to by the City of Boston and would be
subject to negotiation between the city and the successful developer after a competitive process. Future tax revenues are based on
assumed property values and current estimated tax rates
2
The Boston 2024 team

believes the proposed
Midtown Legacy site
represents one of the most
interesting real estate
investment opportunities
in the United States.
It is a unique opportunity to develop a large master plan environment
with a high-quality sense of place that is fully zoned with supporting
infrastructure in one of the most dynamic urban environments in
the country. It is anticipated that some of the largest national and
international development and infrastructure firms, in association
with financial institutions and investors with ample financial resources,
will be highly interested in the Midtown Legacy project.
2. VISION FOR A NEIGHBORHOOD
2. Vision for a Neighborhood
2. VISION FOR A NEIGHBORHOOD
The Midtown neighborhood

will be a vibrant neighborhood
with diverse housing options, a
new generation of workplaces,
active streetscape with ground
floor shops and restaurants
as well as locations for anchor
stores, cinemas, and grocery
and entertainment venues.
TODAY
THE FUTURE
2040
S O U T H S TAT I O N
MIDTOWN LEGACY
DORCHESTER AVENUE
(O LY M P I C B O U L E VA R D)
SOUTH END
B R O A D WAY S TAT I O N
LEGACY PARK
A N D R E W S TAT I O N
HOTEL
10
RESIDENTIAL
OFFICE
TRANSIT
Midtown will be the site for a

mixed-use, transit-oriented
neighborhood of 18 blocks
and 8 million square feet
connecting two historic Boston
neighborhoods, South Boston
and the South End. The Midtown
Legacy plan calls for commercial
development over multiple
phases with an anticipated
build-out schedule of 18 years.
SEAPORT
NE W BROADWAY MBTA
STATION ACCES S
In addition, there are 15 acres of permanent

new park space and 28 acres of temporary
park space.
NE W FAIRMOUNT LINE
COMMUTER R AIL STATION
The Midtown neighborhood will be a vibrant

neighborhood with diverse housing options, a
new generation of workplaces, active streetscape
SP ORTS PARK
with ground-floor shops and restaurants as

well as locations for anchor stores, cinemas,
and grocery and entertainment venues. The
NE W CIVIC SPACE
Games can be the catalyst for enhanced transit

by means of an expanded MBTA Broadway
platform on the Red Line and a new commuter
rail station on the Fairmount Line, funded by
the successful developer. Midtown offers multimodal connectivity: MBTA transit on the Red Line;
SOUTH BOSTON
highway on I-93 and I-90; arterial roadway on

West 4th Street to the Back Bay, A Street to the
Seaport, Melnea Cass Boulevard to Longwood,
the South End and Roxbury, and Dorchester
Avenue to South Boston, Columbia Point and
Dorchester; biking paths to the waterfront and
downtown; and walkability to Back Bay, the
Seaport, the waterfront, and downtown.
450
900
11
MIDTOWN 2024
12
13
MIDTOWN 2024
4TH
STR
EE
I L L U S T R AT I V E P R O G R A M (S F )
PHASE 1
T O TA L
R E TA I L
3 0 0 ,0 0 0
3 0 0 ,0 0 0
HOTEL
24 0 ,0 0 0
24 0 ,0 0 0
9 0 0 ,0 0 0
9 0 0 ,0 0 0
2 5 0 ,0 0 0
2 5 0 ,0 0 0
INSTITUTIONAL
O F F I C E (S TAT E )
5 0 ,0 0 0
5 0 ,0 0 0
1 ,74 0 ,0 0 0
1 ,74 0 ,0 0 0
1,500
1,500
RESIDENTIAL
OFFICE
T O TA L
PA R K I N G S PA C E S
14
D O R C H E S T E R AV E N U E
APPROX.
950 UNITS
SUMMER 2024
photos: istockphoto.com
15
4TH
PHASE 2 - 2025
STR
EE
MIDTOWN LEGACY
PERMANENT
OPEN SPACE
MIDTOWN
L ANDING
PERMANENT
OPEN SPACE
PERMANENT
OPEN SPACE
TEMP OR ARY
G REEN SPACE
PHASE 2
T O TA L
R E TA I L
3 0 0 ,0 0 0
6 0 0 ,0 0 0
HOTEL
24 0 ,0 0 0
5 0 0 ,0 0 0
1 , 4 0 0 ,0 0 0
OFFICE
5 0 0 ,0 0 0
7 5 0 ,0 0 0
INSTITUTIONAL
2 5 0 ,0 0 0
2 5 0 ,0 0 0
5 0 ,0 0 0
1 , 5 5 0 ,0 0 0
3 , 2 9 0 ,0 0 0
1,500
3 ,0 0 0
RESIDENTIAL
T O TA L
16
APPROX.
525 UNITS
MIDTOWN L ANDING
4
photos: (1) Mikkel Frost/CEBRA, (2) Etienne Frossard/brooklynbridgepark.org, (3) Mark Stephenson/flickr.com,
(4) onboardthegravytrain.com
17
4TH
PHASE 3 - 2028
STR
EE
MIDTOWN LEGACY
MIDTOWN
OUTDOOR
PHASE 3
T O TA L
R E TA I L
5 0 ,0 0 0
6 5 0 ,0 0 0
HOTEL
2 0 0 ,0 0 0
4 4 0 ,0 0 0
5 0 0 ,0 0 0
1 , 9 0 0 ,0 0 0
OFFICE
5 0 0 ,0 0 0
1 , 2 5 0 ,0 0 0
INSTITUTIONAL
2 5 0 ,0 0 0
5 0 0 ,0 0 0
5 0 ,0 0 0
1 , 5 0 0 ,0 0 0
4 ,7 9 0 ,0 0 0
1 ,0 0 0
4 ,0 0 0
RESIDENTIAL
T O TA L
18
APPROX.
525 UNITS
MIDTOWN OUTDOOR
4
photos: (1) Steve Debenport/istockphoto.com, (2) NIPPaysage/landezine.com, (3) John Gollings/landezine.com,
(4) Crooked Tree Arts Center
19
4TH
PHASE 4 - 2031
STR
EE
OLYMPIC
BOULE VARD
PHASE 4
T O TA L
R E TA I L
5 0 ,0 0 0
7 0 0 ,0 0 0
HOTEL
4 4 0 ,0 0 0
5 0 0 ,0 0 0
2 , 4 0 0 ,0 0 0
5 0 0 ,0 0 0
1 ,7 5 0 ,0 0 0
INSTITUTIONAL
5 0 0 ,0 0 0
5 0 ,0 0 0
1 ,0 5 0 ,0 0 0
5 , 8 4 0 ,0 0 0
500
4,500
RESIDENTIAL
OFFICE
T O TA L
PA R K I N G
20
MIDTOWN LEGACY
APPROX.
525 UNITS
OLYMPIC BOULEVARD
3
photos: (1) Victor Dover/streets.mn, (2) B+B/landezine.com, (3) B+B/landezine.com
21
4TH
PHASE 5 - 2034
STR
EE
MIDTOWN
C AFE
PHASE 5
T O TA L
R E TA I L
5 0 ,0 0 0
7 5 0 ,0 0 0
HOTEL
4 4 0 ,0 0 0
5 0 0 ,0 0 0
2 , 9 0 0 ,0 0 0
5 0 0 ,0 0 0
2 , 2 5 0 ,0 0 0
INSTITUTIONAL
5 0 0 ,0 0 0
5 0 ,0 0 0
1 ,0 5 0 ,0 0 0
6 , 8 9 0 ,0 0 0
500
5 ,0 0 0
RESIDENTIAL
OFFICE
T O TA L
PA R K I N G
22
MIDTOWN LEGACY
APPROX.
525 UNITS
MIDTOWN CAFE
4
photos: (1) Hullettable/wikipedia.org, (2) Shaun Robinson/Shutterstock.com, (3) Greg Linhares/imgkid.com,
(4) Clement Guillaume/dezeen.com
23
4TH
PHASE 6 - 2037
STR
EE
MIDTOWN LEGACY
SP ORTS PARK
PHASE 6
T O TA L
R E TA I L
7 5 0 ,0 0 0
HOTEL
4 4 0 ,0 0 0
5 0 0 ,0 0 0
3 , 4 0 0 ,0 0 0
OFFICE
2 , 2 5 0 ,0 0 0
INSTITUTIONAL
5 0 0 ,0 0 0
5 0 ,0 0 0
5 0 0 ,0 0 0
7, 3 9 0 ,0 0 0
5 ,0 0 0
RESIDENTIAL
T O TA L
PA R K I N G
24
APPROX.
525 UNITS
SPORTS PARK
4
photos: (1) Rose Etherington/dezeen.com, (2) EFFEKT/archdaily.com, (3) EFFEKT/archdaily.com, (4) Andrew Lloyd/architectureau.com
25
4TH
PHASE 7 - 2040
STR
EE
MIDTOWN LEGACY
LEGACY PARK
PHASE 7
T O TA L
R E TA I L
7 5 0 ,0 0 0
HOTEL
4 4 0 ,0 0 0
5 0 0 ,0 0 0
3 , 9 0 0 ,0 0 0
OFFICE
2 , 2 5 0 ,0 0 0
INSTITUTIONAL
5 0 0 ,0 0 0
5 0 ,0 0 0
5 0 0 ,0 0 0
7, 8 9 0 ,0 0 0
5 ,0 0 0
RESIDENTIAL
T O TA L
PA R K I N G
26
APPROX.
525 UNITS
LEGACY PARK
4
photos: (1) Wrigley fielder/vimeo.com, (2) ANNABAU/landezine.com, (3) nyclovesnyc.blogspot.com, (4) Alija / istockphoto.com
27
MIDTOWN LEGACY
LOWER LEVEL - EL 8-0
SOUTH END
PARKING
LEVEL ONE
E XISTING MBTA
BUS FACILIT Y
PARKING
LEVEL ONE
PARKING
LEVEL ONE
28
SEAPORT
The Midtown Legacy plan, with or without the

Olympic Stadium, will be constructed on a new
platform, or Plaza, at a new grade. Serving
as the foundation for approximately 8 million
square feet of development over several
decades, it will be comprised of two levels, one
at an elevation of 8'-0"* and the second at an
elevation of 18'-9"*.
* Elevations based on the North American Vertical Datum of
1988 (NAVD88).
NE W BROADWAY MBTA
STATION ACCES S
NE W FAIRMOUNT LINE
MBTA STOR AG E TR ACKS +
L AY-DOWN SPACE
DPW MAINTENANCE
SOUTH BOSTON
450
900
29
MIDTOWN LEGACY
MIDDLE LEVEL - EL 18-9
SOUTH END
PARKING
LE VEL T WO
E XISTING MBTA
BUS FACILIT Y
MBTA BUS
MAINTENANCE
WA S H + F U E L
BUS STOR AG E
FUTURE PARKING
30
SEAPORT
Below the new grade will be a new MBTA bus

maintenance facility replacing the current Cabot
bus facility. Located at elevation 18'-9"*, the bus
maintenance facility is planned for resiliency; at
18'-9"* feet, it is above the 100-year flood and
storm surge.
1988 (NAVD88).
NE W BROADWAY MBTA
STATION ACCES S
NE W FAIRMOUNT LINE
SOUTH BOSTON
450
900
31
HUDSON YARDS
A CASE STUDY
renderings: Related | Oxford
32
Hudson Yards on New York Citys

West Side establishes a strong
precedent for the Midtown
Legacy strategy. Evolved out
of the planning for an Olympic
Stadium for the 2012 Summer
Olympic Games, Hudson Yards is
the largest private development
in US history, currently under
construction on a 26-acre
platform over working rail lines of
the Metropolitan Transportation
Authority. When complete, the
project will include 12 commercial
and residential towers, a park,
and a cultural center.
Hudson Yards will eventually be home to six
million square feet of office space, five million
square feet of residential space, a mixture of
affordable and high-end condominiums and
one million square feet of retail, including a
cinema and a department store. While Hudson
Yards is built largely over rail lines, at Midtown,
only 6.8 acres of the total 83 acres are actually
proposed over active rail; the remainder is more
conventional and less expensive construction.
Hudson Yards demonstrates that a large, mixeduse project on a deck is viable.
As part of the Hudson Yards development,
an extension of the No. 7 subway line
from Times Square to 34th Street and
11th Avenue will open this year, and work
is nearly complete on a new tree-lined
boulevard between 10th and 11th Avenues.
33
B A C K B AY
HE
ST
1 M REE
T
IL
E
RK
E
1 M LEY
ST
ILE
RE
ET
BE
RC
ST
DO
EA
INK
BLOCK
S
.75 TER
M I AV
EN
LE
U
VIABILITY WITHOUT
THE OLYMPICS
SOUTH END
SOUTH BAY
34
FAN PIER
SEAPORT
The Midtown Legacy plan

is viewed as a plan that
would proceed with or
without the Olympics.
Its core physical assets remain:
BCEC
Site that connects South Boston

and the South End
Excellent access to transit on

the MBTA Red Line
Location at the heart of the city one mile

to Fan Pier; one mile to Commonwealth
Avenue; less than one mile to South Station
Proximity to the waterfront

and Fort Point Channel
Immediate access to I-93, the

Southeast Expressway, I-90, the
Massachusetts Turnpike.
In addition, the site has the size to achieve

a coherent urban sense of place with a
mix of office, residential, hotel, shops, and
restaurants. The master plan describes more
than 15 acres of permanent open space for
active and passive recreation. The Olympic
Games provide the catalytic effect that makes
this smart development happen sooner.
The proposed density is the equivalent of an FAR
of approximately 3.8, which compares to other
development areas in the city, e.g., Fan Pier at 4.0
SOUTH BOSTON
and the Fenway with a base zoning of 5.0. This

vision for Midtown is conceptual: it must be fully
aligned with the Citys vision for this property and
the surrounding development opportunities, and
be fully vetted through the normal community
development process. It must be Bostons vision
for this pivotal site the seam between two
great neighborhoods.
35
36
3 . V I S I O N F O R A N O LY M P I C S TA D I U M
3. Vision for an Olympic Stadium
3. VISION FOR AN OLYMPIC STADIUM
In the summer of 2024,

the Olympic Stadium will be
located at Midtown, an urban
sports park in the heart of
Boston created from currently
underutilized properties at
the southern end of Fort
Point Channel.
37
MIDTOWN 2024
PLAZA LEVEL
OLYMPIC BOULE VARD
SOUTH END
FIRST PHA SE OF DE VELOPMENT
OLYMPIC PL A Z A
OLYMPIC STADIUM
6 9 ,0 0 0 S E AT S
HOTEL
38
RESIDENTIAL
OFFICE
TRANSIT
The Olympic Stadium will

have a capacity of 69,000
spectators in a state-of-theart temporary facility with
expansive guest gathering,
dining, and celebration spaces.
SEAPORT
The temporary Stadium focuses on re-usability and

sustainability by:
NE W BROADWAY MBTA
STATION ACCES S
NE W FAIRMOUNT LINE
Leasing from temporary stadium suppliers
Erecting with local labor
Re-using 95% of all materials at future sites
Designing efficiently, economically, and

sustainably
Retaining land for future highest and

best use development.
With newly created grade at elevation +34.0*,

the Olympic Plaza will be at the same elevation
WARM-UP FIELDS
as West 4th Street and will be directly connected

for pedestrians to South Station by Olympic
Boulevard on the right-of-way of historic
Dorchester Avenue. Olympic Boulevard will
connect Summer Street to Broadway and
South Station to the Olympic Stadium. Below
Olympic Plaza will be the full inventory of Olympic
back-of-house facilities including security,
broadcast, operations, ceremonies, and athletes
preparation areas.
SOUTH BOSTON
Served by MBTA Red Line stations at Broadway

and Andrew and less than a mile from South
Station, Midtown has unparalleled public transit
capacity as well as adjacency to I-93, the
Southeast Expressway, I-90, the Massachusetts
Turnpike. Bounded by I-93, West 4th Street,
Dorchester Avenue, and the reconfigured Haul
450
900
Road, the Midtown site is 83 acres.

1988 (NAVD88).
39
MIDTOWN 2024
LOWER LEVEL
SOUTH END
PARKING
LEVEL ONE
E XISTING MBTA
BUS FACILIT Y
PARKING
LEVEL ONE
AT H L E T E
40
MEDIA
O LY M P I C
FA M I LY
O P E R AT I O N S
CEREMONY
Spectators will enter the Stadium from the north

at West 4th Street with queuing and security
within the 83-acre park boundary. Athletes will
SEAPORT
enter the secure perimeter from Dorchester

Avenue, having arrived by bus from the Athletes
Village at Columbia Point, less than a mile from
the Stadium. A vehicle-screening area is the
entrance way to 12 acres of practice and warmup facilities. From there, athletes proceed on a
secure pedestrian bridge to the lower level of the
Stadium for final preparation and entrance into
the Stadium from the northwest corner.
VIPs will enter the Midtown site from the
south, where a continuous vehicular ring
NE W BROADWAY MBTA
STATION ACCES S
road circles the perimeter of the field of

play below the Plaza and provides secure
NE W FAIRMOUNT LINE
access and egress to all VIP accommodations

on the west side of the Stadium.
At the time of the Games, the first phase of
development will already be complete, MBTA
facilities will be relocated and City facilities will
be temporarily located off site. This private
commercial development will include the
GAMES OPER ATIONS
following components:
SOUTH BOSTON
450
Office:
250,000 square feet
Retail:
300,000 square feet
Hotel:
400 keys
Residential:
approximately 950 units
Parking:
1,500 spaces
900
41
EMPIRE FIELD
VANCOU VER, C ANADA
HORSE GUARDS PAR ADE

LONDON, ENG L AND
photos: (1) Rosie Tulips/flickr.com, (2) Henrico Prins/flickr.com, (3) Daniel Coomber/flickr.com
42
AMI STADIUM
CHRISTCHURCH, NE W ZE AL AND
The proposed Olympic Stadium

will seat 69,000 spectators and
will be temporary. There is a long
history of flexible and sustainable
temporary stadium construction
for popular global sports and
cultural events.
The advantages of temporary and modular
construction are multiple:
no white elephants left behind
reduced capital costs
no cost allocation required for maintenance

and operation
sustainable strategy with high reuseability of

component parts
installation and disassembly speed.
43
44
4 . M I D T OW N T O DAY
4. Midtown Today
4. MIDTOWN TODAY
Midtown today presents an

extraordinary opportunity
for a new neighborhood,
connected to the South End
and South Boston and an
opportunity for significant
investment in the city.
45
The site is one mile away from

the booming construction of the
South Boston Waterfront, one
mile away from busy Back Bay,
and less than a mile from South
Station, the transit hub of New
England. Adjacent to I-93, with
easy-access through Boston
arterial roads, and adjacent to
the MBTA Red Line, Midtown is
easily connected to the rest of
the city and the larger Metro
Boston region by vehicle or public
transit. Due to its location and
its access to the MBTA Red Line,
the current underutilized site
is adjacent to one of the areas
labeled as a Strategic Planning
Area in the City of Boston.
The existing site is comprised of both public and

private ownership. The five principal owners
are as follows:

The City of Boston uses 17.8 acres for

public works storage, City vehicular fleet
maintenance, salt sheds, and a tow lot.
The Commonwealth of Massachusetts uses

2.0 acres for maintenance (unaffected
by this plan); the MBTA uses 23.1 acres
for bus maintenance, fueling, and
washing; a .85-acre parcel controlled by
the Commonwealth of Massachusetts
Highways is unused.
The New Boston Food Market uses 16.4 acres

for a wholesale food distribution facility.
ART Mortgage Borrower (Americold) controls

4.7 acres and maintains a cold storage facility
related to the New Boston Food Market.
National Railroad Passenger controls a

segment of rail bed totaling 1.4 acres
(Amtrak wash facilities).
In addition, development of the site for the new

neighborhood requires the control of air rights
above the MBTA rail lines that are used by the
MBTA and leased to Amtrak.
The New Boston Food Market houses multiple
businesses and supports more than 800
permanent jobs. These businesses were
relocated from Quincy Market in the 1970s, and
these businesses are critical to keep in Boston.
A relocation strategy is being pursued that will
provide excellent highway and airport access for
these businesses and their employees.
The entire area is currently zoned for General
Industrial uses, designated I-2 by the Boston
Zoning Code.
46
47
48
5 . L A N D A S S E M B LY
5. Land Assembly
MIDTOWN
LAND OWNERSHIP
5. LAND ASSEMBLY
The Midtown site proposed

as the home for the Olympic
Stadium has several
current public and private
owners of the property.
C O M M O N W E A LT H O F
MAS SACH US E T T S
CIT Y OF
BOSTON
AMTRAK
NE W BOSTON
FOOD MARKET
ART M O RTGAG E
B O R R O W E R ( A M E R I C O L D)
49
Parcels to be assembled include:
from other key parts of Boston and the region.
New Boston Food Market
usable form so as to not prohibit future use for
An approximately 16.4-acre parcel containing

a series of buildings housing primarily foodrelated processing and storage businesses
in a cooperative ownership arrangement.
These are successful businesses that need
to be relocated, and a collaborative strategy
for relocation with excellent access to Logan
International Airport is currently being explored.
ART Mortgage Borrower (Americold)
An approximately 4.7-acre parcel containing a
cold storage facility. The business would also be
relocated, and proximity to a new food market
location is being explored.
City of Boston
A collection of contiguous parcels totaling
This right-of-way needs to be maintained in a

passenger trains.
Amtrak
A train car washing facility that would need to
be modified or relocated; air rights over tracks
would be needed.
All the landowners above have been engaged in
conversations with Boston 2024 about options
to sell or lease their properties and relocate, as
described below.
As discussed in earlier chapters, the plan for
Midtown is viewed as a plan that would proceed
with or without the Olympics. Based on that
understanding, all land assembly actions are
being taken to allow for and facilitate either path.
approximately 17.8 acres housing a fleet

maintenance facility, a police vehicle
PURCHASE AND RELOCATION STRATEGY
maintenance facility, a towed-car parking lot,
AND STATUS
offices, and a parking garage. These functions
Assembly of the required land for the Midtown
would need to be relocated.

Cabot Bus Facility
A collection of contiguous parcels totaling
approximately 25 acres containing a bus storage
and light repair facility. The functions would need
to be relocated nearby; the proposal explores the
uses is the overriding strategy for this site and

the core of the financial viability, as described
in Chapter 7. The intent is to negotiate purchase
and relocation agreements, as applicable, with
each land owner in the near term. A competitive
procurement process is anticipated to be
possibility of relocation on site.
undertaken by a process guided by the City of
master project developer. The developer will be
Track 61
responsible for financing all land and related
An at-grade train track currently used for
costs, including relocating tenants and building
train turning and storage, but envisioned as a
the deck and related infrastructure.
potential passenger train link to the Seaport
50
site and properly planning and zoning for its
Boston to transfer control of all parcels to a
The status of each parcel is as follows:

New Boston Food Market
The owners of the site, a cooperative, have
engaged in dialogue to sell their site subject
to satisfactory relocation facilities and
economic arrangements that meet their needs.
Amtrak
The train wash facility modification or relocation
plan, as well as the air rights issues, will need to
be developed, working with Amtrak.
RISK ANALYSIS
Discussions about value, timing, and relocation
Potential risks involved in the land assembly of
have been initiated. Site relocation alternatives
this site could include:
are actively being explored in the Seaport and
Any potential land owner holdouts, resulting

in well-above-market asking prices, delays in
selling, or refusal to sell
Problems with relocation sites, including

identification, cost, and timing.
surrounding areas.
The owner of the site, a real estate investment
trust, is interested in selling and relocating to a
new site. Discussions about value, timing, and
relocation are underway.
City of Boston
The functions performed by the City of Boston
at this site would need to be relocated on the
site or elsewhere in the city. For this analysis, it
is assumed that the majority of the functions
will be relocated below the deck. The cost of the
new facilities will be funded by the site developer.
Discussions are underway with the City of Boston
about relocation.
Cabot Bus Facility
The functions performed by the MBTA at this
site would need to be relocated on the site or
nearby. For this analysis, it is assumed that the
functions would be relocated largely under the
deck (bus storage) and possibly on a nearby
site (light maintenance) on Albany Street that is
already controlled by the MBTA. Discussions are
underway with the MBTA about relocation.
51
52
6. INFR ASTRUC TURE
6. Infrastructure
6. INFRASTRUCTURE
One of Midtowns strengths

is its adjacency to highquality, high-capacity
transportation facilities.
53
E XIT 20
B A C K B AY
SOUTH
S TAT I O N
REGIONAL
TRANSPORTATION
E X I T 24
SOUTH END
B R O A D WAY
E XIT 18
M IDTOWN
E XIT 20
E XIT 18
ANDREW
NEW MARKET
54
E XIT 25
SEAPORT
BCEC
Adjacent to Broadway Station;

located less than a mile
south of South Station, the
Commonwealths busiest and
highest-capacity public transport
hub; and less than a mile from
Tufts Medical Center Station and
Andrew Station, Midtown is well
connected to Red Line, Orange
Line, Commuter Rail, and Silver
Line services.
The Red and Orange Lines, two of the most
important public transport lines serving the
Commonwealth, currently have a maximum
capacity of 70,000 passengers per hour. With
previously planned improvements, including
rolling stock, power upgrades, and signal
upgrades, carrying capacity of these lines
will increase, backfilling the MBTA system
with much needed capacity and leaving
the city and Commonwealth with transit
capacity to support housing expansion,
economic development, and new employment
opportunities, regardless of the Games.
A revitalized Dorchester Avenue will provide
direct pedestrian and bicycle connection
between South Station, Midtown, and the South
SOUTH BOSTON
Boston residential neighborhood. New points

of access to local roads from the elevated deck
will greatly improve connections between future
developments and adjacent communities.
55
M
B
ST
C
S
E
C
TO
RK
ET
EL
N
V
RE
TA
RO
O
A
BE
FR
56
A
S
E
ST
SOUTH END
R E L O C AT E
SBBR
R
4T
H S
T
RE
EY
ET
S
O
A UT
S
S H
R BO
O
A ST
D
O
(S N
B
B
R
EA
DO
AI
ANY
STR
ST
ST
ET
HE
RE
RC
ER
LO
RP GAN
OR
T
TO
ALB
AV
EN
EET
UE
B A C K B AY
ARTERIAL ACCESS
SEAPORT
Midtowns proximity to I-90 and I-93 provides

excellent access to the regional roadway system.
Midtowns ease of access to I-90 and the Silver
Line provides strong vehicular and transit
connections to Logan International Airport.
The most significant barrier the MBTA faces to
expand its bus service is its capacity to store and
maintain an expanded bus fleet. Redevelopment
of Widett Circle allows relocation of the Cabot
Bus Maintenance Facility from its current location
to below the elevated deck after the Games, at
an elevation that provides a resilient solution and
protection against storm surge.
SOUTH BOSTON
57
MIDTOWN TRANSIT
IMPROVEMENTS
M I D T O W N P U B L I C LY F U N D E D I N F R A S T R U C T U R E C O S T S
COMPONENT
COST
B R O A D WAY S TAT I O N I M P R O V E M E N T S
$ 1 0 0 ,0 0 0 ,0 0 0
T O TA L
$ 1 0 0 ,0 0 0 ,0 0 0
M IDTOWN D E VELO PER-FU N D ED IN FR AS TRU C T U RE COS T S

COMPONENT
COST
W I D E T T C I R C L E R A I L S TAT I O N ( P O S T- G A M E S)
$ 9 6 ,0 0 0 ,0 0 0
M A S S AV E C O N N E C T O R E X T E N S I O N ( P O S T- G A M E S)
$ 1 0 ,0 0 0 ,0 0 0
A S T R E E T C O N N E C T I O N / E X T E N S I O N ( P O S T- G A M E S)
$ 1 0 ,0 0 0 ,0 0 0
R O A D S A R O U N D O LY M P I C S TA D I U M ( P R E - G A M E S)
$ 1 0 ,0 0 0 ,0 0 0
R O A D WAY R E C O N F I G U R AT I O N O F S O U T H B O S T O N B Y PA S S R O A D ( P O S T- G A M E S)
$ 3 0 ,0 0 0 ,0 0 0
T O TA L
58
$ 1 5 6 ,0 0 0 ,0 0 0
The Games and the Midtown

Legacy development plan can
also be the catalyst for significant
infrastructure improvements.
In addition to the Midtown Station, the following
Multiple access points to/from Widett Circle to

connect to local and regional roadway system
The Legacy transportation plan for Midtown
Existing access/egress from the frontage

road under South Boston Bypass Road
A new access/egress point to the west, as

an extension of the Mass Ave Connector into
the site
Right-in/right-out from frontage road
A new access/egress point on

West 4th Street.
proposes a new entrance for Broadway Station,

a new Fairmount branch commuter rail station
infrastructure improvements are included within

the scope of the master developer:
to support regional public transport access, a

reconfigured Haul Road, an extension of the
Mass Ave Connector, an extension of A Street
that will connect Midtown to the South End,
South Boston and beyond.
The Midtown development should serve as
The Broadway Station expansion will increase
a catalyst for improvements to the MBTAs
the effective reach of the station by adding an
subway capacity that account for future
additional head house in the vicinity of West 4th
ridership growth. For example, signal and
Street and Dorchester Avenue. This will spread
power upgrades for the Red Line will decrease
the existing and future passenger loads more
peak-hour headways from 4.5 minutes to 3
evenly along the platform and increase vertical
minutes providing 50 percent greater peak-hour
access options to increase station capacity and
capacity through the core, and will decrease
accommodate emergency evacuation of high
station wait time, resulting in less overall travel
passenger loads.
time and increased comfort from less crowding
The new Midtown Station serving the
during peak service.
Fairmount branch rail station will support
The Olympics can also be the catalyst for a
regional public transport access, providing
permanent transit connection between the
enhanced connectivity from South Station, the
Boston Convention and Exhibition Center (BCEC)
Seaport and the new Midtown development
and Back Bay and on to Allston by means of
to the neighborhoods of Dorchester, Roxbury,
improvements to Track 61 via New Diesel Multiple
Mattapan, and Hyde Park.
Units (DMU) service. Midtown can be designed

to accommodate a future DMU station that
connects the Back Bay and the Seaport District.
59
MIDTOWN
UTILITY PLAN
4TH
STR
EE
SOUTH
END
I-93
60
E
S AV
MAS
OR
ECT
N
N
CO
SOUTH
BOSTON
The Midtown site is well served

by infrastructure with regional
utility services available at the
perimeter of the site.
The proposed stadium facility is anticipated to
The Midtown site includes Widett Circle and
Residential - 3,900,000 square feet with

5250 bedrooms generating approximately
635,000 gallons per day
Retail 675,000 square feet generating

approximately 37,000 gallons per day
Restaurant An anticipated 5,000 seats

generating 192,500 gallons per day
Office 2,250,000 square feet generating

approximately 186,000 gallons per day
Hotel 750 rooms generating approximately

97,000 gallons per day
require approximately 220,000 gallons of water

per day. The Legacy development is expected to
require 1,150,000 gallons per day of water, with
its flow including the following:
areas extending north to West 4th Street. This

area includes the Olympic Stadium and will be
redeveloped in to a mixed-use neighborhood
with office, retail, hotel, and residential uses
under the Legacy plan.
This area is well served by infrastructure with
regional utility services available at the perimeter
of the site. The area to the west and east of
the site is densely developed and supported by
regional utility systems that traverse portions
Based on initial discussions with the Boston
of the Widett Circle site or are located in public
Water and Sewer Commission (BWSC), this
corridors at the perimeter of the site.
capacity can be accommodated via the existing

regional infrastructure. The designated master
WATER
developer will need to work with the City and the
Multiple water systems are available in
BWSC to develop a local network plan to support
Frontage Road to the west of the site and

Dorchester Avenue to the east of the site. As
many as five 12-inch looped water systems
exist in immediate proximity to the site. These
specific building site needs and firefighting

capability, anticipated to include system
modeling to confirm system performance and
delivered capacity.
systems are cross-connected to the north and

south of the site, increasing system redundancy
and reliability in the case of a break on any of
the subject segments.
COMBINED
SEWER
FIBER OPTIC
D E D I C AT E D
D R AINAG E
D E D I C AT E D
SEWER
STREAM
61
SANITARY SEWER
DRAINAGE
Sanitary sewer capacity in the Midtown/Widett
The storm water management system
Circle area is also robust. The site is bordered by
proposed for the Midtown site will incorporate
two sanitary collectors that are directed to the
innovative storm water management systems
main sanitary tunnel between the city and the
and techniques to limit off-site flows and
Deer Island Regional Treatment Facility. Over
reduce pollutants prior to discharge to the
the last decade, the BWSC has undertaken a
municipal infrastructure. The end result will
program of separating sewerage and drainage
be a positive impact on water quality and
in the areas to the south of the city center. In
collection system performance.
parallel, the Massachusetts Water Resources

Authority (MWRA) has upgraded the regional
collection system. These improvements have
resulted in increased system capacity. Currently
the Deer Island Treatment plant has a capacity of
1.2 billion gallons per day with an average flow of
348 million gallons per day. The BWSC indicates
that capacity exists for the proposed project.
A portion of the Dorchester Brook Conduit,

a major local drain collector, is within the site
limits. Construction of the Stadium may require
relocation of a portion of this line that will include
provision of direct connections to the facility
storm water systems. The proposed rainfall
management and treatment system for the
Stadium will include facilities to treat runoff from
The Stadium facility has a projected sanitary
roof, plaza, and paved areas and infiltration
generation of 220,000 gallons per day. The
features that will recharge the underlying
Legacy development projections at the Midtown
groundwater table. Spill prevention functionality
site are projected to be approximately 1,100,000
will be included at loading and service areas to
gallons per day and are generally comparable to
protect the aquifer.
water demand minus about 10%.

TELECOM/DATA
Given the configuration of the Midtown site as

a raised development area, we anticipate the
use of localized bioretention areas to manage
Frontage Road and Dorchester Avenue
storm water volumes, improving hydrologic
immediately adjacent to the site include regional
performance over the existing condition. These
data loops that connect to long haul fiber via
areas will also provide storm water treatment to
local network switches in Boston.
improve water quality over the existing condition.

Other measures that are being explored include
storm water capture and reuse strategies to
decrease site potable water demands, vegetated
roof areas, and the use of blue roofs (roof
retention areas).
62
7. F I N A N C I A L P L A N
7. Financial Plan
7. FINANCIAL PLAN
The Midtown site has unique

characteristics that make
it compelling for mixed-use
development as well as for a
temporary Olympic Stadium.
63
REZONING
R E ZO N E F O R P L A N
TA X S T R U C T U R E
MASTER PLAN
VISION
LEGACY VI S I O N
GAMES VISION
TECHNIC AL SOLUTIONS
L AND A S SEMBLY
O P TI O N AG REEM ENT S
R E L O C AT I O N P L A N S
SELEC T DE VELOPER
OFFER L AND FOR SALE
S ELEC T D E VELO PER
TR ANSFER L AND
First, by using the Games as

a catalyst for development
of this site into the next great
neighborhood of Boston, the City
will achieve an important citybuilding ambition.
Boston and Boston 2024 will create real estate

value that does not exist today, which, when
monetized, would be adequate to fund the
preparation and temporary provision of the site
for the stadium.
The benefits to the City of Boston are substantial:

500750 construction jobs annually at

Midtown over 18 years
+/- 1000 permanent jobs for hotel workers,

building maintenance, and retail employees
Increased tax revenues to the City of Boston

from approximately $857,000 annual
revenue today to $7.3 million annual in 2030,
$26.9 million annual in 2040, $64.0 million
annual in 2050 and $362.0 million annual in
2080 when all tax phase-ins have expired**
4,000 new units of mixed-income housing

in the heart of the city, including 520
affordable units
15 acres of permanent new open space (8

times Post Office Square) and a vital link in
the open space network of the city
Second, as described in earlier chapters, a

temporary Olympic Stadium in this location
creates a highly functional, attractive centerpiece
for the Games. Third, and the focus of this section,
the potential financial value that can be created
by the long-term development of the underutilized
site will attract private investment to prepare and
temporarily provide the site for the Stadium.
While development of the site involves multiple
parties and steps, the proposed financial
structure is not complicated. By creating a
comprehensive master plan for the district and
assembling and re-zoning the land, the City of
** The specific tax phase-in in the proposal is for illustrative purposes. It has not been agreed to by the City of Boston and would be
subject to negotiation between the city and the successful developer after a competitive process. Future tax revenues are based on
assumed property values and current estimated tax rates
64
GAMES PREPAR ATION

T E M P O R A R Y S TA D I U M
WA R M - U P A R E A
S U P P O R T S PA C E
PRE- GAMES DE VELOPMENT
GAMES
P OST- GAMES
DEVELOPMENT
ONE YEAR OF
P R E PA R AT I O N
AND USE
FUTURE PHASES OF
D E VELO PMENT
D E S I G N + A P P R O VA L S
R E L O C AT E T E N A N T S
B U I L D PA R K I N G + D E C K
PHAS E 1 D E VELO PMENT
Accommodation for 9,000 office/science

and technology workers
of Boston and the successful developer. We fully
New resilient and sustainable MBTA bus

maintenance facilities on site and City of
Boston facilities.
financial plan.
New community and cultural spaces
by the initial developer that is selected to build
A catalytic effect on the development of

the Dorchester Avenue corridor
and finance the proposed infrastructure, land
Improved connectivity from South Boston

to the South End to the Back Bay.
the 83-acre site. To be selected via a competitive
OVERVIEW
expect that there will be multiple iterations of this
We have estimated a $1.2 billion investment
assemblage and relocation needs, and deck on

process guided by the City of Boston, the developer
will be requested to guarantee cost and completion
of the proposed infrastructure, Plaza, and related
The proposed financial plan described here
improvements and provide 100% of the $1.2
represents an illustrative example of a viable
billion capital, to be secured by a credit-worthy
mix of uses, of appropriate height and density, of
guarantee. In return for this financial commitment,
well-considered costs and reasonable projected
the developer will benefit from a project that will be
revenues, as well as reasonably phased schedule
fully zoned and entitled with a master development
based on historic absorption data. We recognize
plan, yet with a flexibility of uses to allow for the
that there are opportunities to refine cost and
future development of approximately eight million
optimize revenues and also opportunities to
square feet of mixed-use including, residential,
align with evolving public policy for mixed income
retail, office, hotel, and other related uses; and a tax
housing in the city, and as mentioned, any final
agreement in place to allow for a gradual increase
tax structure needs to be agreed to by the City
of real estate tax levels.
65
M IDTOWN PRO P OS ED INFR AS TRUC T U RE D E VELO PM ENT
DESCRIPTION
(1) L A N D A C Q U I S I T I O N W I D E T T
KEY ASSUMPTIONS
E S T I M AT E D
COST
S Q UA R E
F O O TA G E
A L L O WA N C E
$125,0 0 0,0 0 0
AMTRAK AIR RIGHTS
A L L O WA N C E
$10,0 0 0,0 0 0
C O B M A I N T E N A N C E R E L O C AT I O N
T O B E R E L O C AT E D B E L O W P L A Z A
$50,5 40,0 0 0
145,0 0 0
$ 3 4 8 . 5 5/ S F
$25,202,534
72,0 0 0
$ 3 5 0 . 0 4/ S F
150,0 0 0
$ 6 1 . 6 8/ S F
COB OFFICE
ALLOW NE W O FFICE/ TI
L O C AT I O N T B D
C O B PA R K I N G R E L O C AT I O N
A L L O WA N C E
$9,251,460
C O B T E M P S PA C E : T O W L O T, S A LT S H E D
A L L O WA N C E
$5,0 0 0,0 0 0
A M T R A K T R A I N WA S H FA C I L I T Y
A L L O WA N C E
$10,0 0 0,0 0 0
M B TA C A B O T YA R D S B U S M A I N T E N A N C E / O F F I C E
T O B E R E L O C AT E D B E L O W P L A Z A
$60, 231,392
173,500
$ 3 4 7. 1 5/ S F
OVERB U ILD PL A Z A
A D J US T ED TO 30 0,0 0 0 S F
$161 ,186,76 0
30 0,0 0 0
$ 5 3 7. 2 9/ S F
PL A Z A CONSTRUCTION
$ 1 5 2 , 7 3 7, 2 8 7
1 , 1 6 7, 4 8 6
$ 1 3 0 . 8 3/ S F
M B TA B U S FAC I L I T Y 2 N D D E C K U N D E R T H E P L A Z A
$36,05 4,049
361 ,070
$ 9 9 . 8 5/ S F
STRUCTUR AL PL A ZA INFILL
P L A Z A I N F I L L A F T E R S TA D I U M
$ 4 7, 2 3 3 , 1 2 2
380,0 0 0
$ 1 24 . 3 0/ S F
S TRUC T U R AL PL A Z A OVER TERR A FIRMA
PHAS E I DE VELO PMENT ARE A
$ 5 6 , 6 4 7, 5 2 8
490,0 0 0
$1 15.61 /S F
$50,184, 286
5,0 0 0,0 0 0
$ 1 0 . 0 4/ S F
1 , 4 6 7, 4 8 6
$ 3 8 . 24/ S F
$ 4,0 51 ,73 5
594,512
$6.82/S F
$11,392,521
14,0 0 0
$ 8 1 3 . 7 5/ S F
O N G R A D E P R O M E N A D E T O S O U T H S TAT I O N
$8,915,305
260,0 0 0
$ 3 4 . 2 9/ S F
D E M O R E M E D I AT I O N C O B
$ 1 1 , 5 0 7, 1 5 7
850,0 0 0
$ 1 3 . 5 4/ S F
D E M O R E M E D I AT I O N M B TA
$9,638,622
8 7 7, 5 0 0
$ 1 0 . 9 8/ S F
D E M O R E M E D I AT I O N W I D E T T
$15,7 79, 225
1 , 20 0,0 0 0
$ 1 3 . 1 5/ S F
F O U N D AT I O N / C O L U M N U P G R A D E F U T U R E
VERTIC AL DE VELO PMENT
RETROFIT COMMUTER R AIL STRUCTURES
AT R O O F I N T E R S E C T I O N
A L L O WA N C E
P L A Z A F I N I S H E S - W/O P H A S E I D E V E L O P M E N T /
W/O I N F I L L
NA
P L A Z A F I N I S H E S - S TA D I U M I N F I L L
TERR A FIRMA PREP NE CORNER
AT H L E T E B R I D G E T O N O R T H E A S T WA R M - U P A R E A
$3,30 0,0 0 0
$ 5 6 , 1 1 1 , 41 6
PL A Z A FINIS HES - PHAS E I DE VELO PMENT
NA
I N A D D I T I O N T O D E M O/
R E M E D I AT I O N B E L O W
N OT A COVERED B RID G E
S U B T O TA L
CO NTIN G EN CY 10%
$919,964,441
$91,996,4 4 4
2016 COST
$1 ,011 ,960,885
2022 COST
$1 , 200,000,000
3 % I N F L AT I O N
Note 1: assumes only land purchased is Widett property, MBTA and COB properties are swapped for equivalent value
Note 2: cost to build 1,500 spaces below deck is $24,825 per space
Note 3: cost to build temporary Stadium carried separately in OCOG budget
66
COST PER
S Q UA R E
FOOT
invested over a 20-year project investment is in
OVERVI E W
2 0 2 22 0 4 0
18 YRS
D E VELO PM ENT PERI O D

T O TA L D E V E L O P M E N T
7, 8 9 0,0 0 0 S F
A N N UA L A B S O R P T I O N
4 3 8 ,0 0 0 S F
the 2.3 range. These return projections do not

include returns from the investment in building
developments, which are separately capitalized
on a project-by-project basis.
L A N D + PA R K I N G FA R VA L U E S
$ 1 , 3 6 1 , 6 0 0 ,0 0 0
A number of representatives in the real

estate community were consulted to review
a combination of demand, mix of uses, and
current real estate land values, as well as
E Q U I T Y S P O N S O R A N A LY S I S
T O TA L P R O J E C T C O S T S
real estate tax values for planned building

developments. The basis of the assumptions
$ 1 , 2 0 0 ,0 0 0 ,0 0 0
included herein utilize current real estate and

WITH POTENTIAL
BASE
CASE
LEGACY TR ANSIT
IRR
12.2%
1 7. 8 %
M U LT I P L E
2.29X
3 . 10 X
R E C O V E R Y O F C A P I TA L
2028
2028
IMPROVEMENTS
tax values escalated by 3% a year starting in

(A)
(A) Track 61 (Optimistic) Scenario assumes +25% Tax Rates
& Land Values (12.5% higher on Residential Tax Rates &

Land Value)
The financial model for the proposed

development build-out period anticipates
an approximate 20-year development, with
2016. All of the assumptions are based on the

project infrastructure and assemblage activities
described in this plan. A reasonable phasing
plan was developed including a Phase I project
of approximately 1,700,000 SF that may be built
simultaneously with the Olympic Games. The
Phase I development creates an opportunity
for immediate payback of invested capital and
provides returns from land values, parking,
and phase-in of real estate taxes through a tax
agreement negotiated with the City of Boston.
an initial phase of 1.7 million square feet
This financial plan was developed in
constructed simultaneously with the Olympic
conjunction with Thomas M. Alperin, President,
Stadium (opening in 2024). Investment returns
National Development; Mahmood Malihi,
are achieved by the master developer through
Co-President, Leggat McCall Properties;
the realization of land value, the benefit of the
James Tierney, Managing Director - New
plaza infrastructure minimizing foundation cost
England Market, JLL; and Christopher Gordon,
(platform savings), cost-effective parking, and
President, Dirigo Group. In addition, a variety
the phase-in of real estate taxes through an
of other local and international development
agreement that would be negotiated with the
and financial firms were consulted regarding
City of Boston. The master developers returns
the plan. The financing of legacy value
are projected to provide an unlevered +/-12%
methodologies from past Summer and Winter
Internal Rate of Return (IRR). The return of
Olympic venues were also reviewed to help
capital invested is estimated within an eight-
formulate the financial plan proposed.
year time frame, and the multiple on capital
67
DEVELOPMENT PROCESS
F U T U R E L A N D VA L U E A S S U M P T I O N S ($/ FA R )
WITH P OTENTIAL
The steps in the development process are

described below, with an emphasis on the
financial strategy and structure.
Master Planning
2 016 L A N D VA L U E S
BASE
CASE
I M P R O V E M E N T S (A)
R E TA I L
$ 150
$ 188
$ 83
$ 10 4
$ 65
$ 73
$ 65
$ 81
$ 50K/
HOTEL
As described in Chapter 2, the master plan for

the site has been developed to minimize capital
costs and optimize revenue from long-term
development. The development concept provides
for relocated MBTA and City of Boston facilities,
new development-related parking, and existing
LEGACY TR ANS IT
ROOM
$ 62K/
RESIDENTIAL
OFFICE
INSTITUTIONAL /
NON-PROFIT
PA R K I N G
UNIT
$ 65
$ 81
$ 4 9 , 2 0 0/
S PA C E
$ 6 1 , 5 0 0/
S PA C E
rail tracks to be housed on the site. The privately

funded deck will be the platform for the Stadium,
and for eight million square feet of development
(A)
Legacy transit improvements refers to potential future

connections made by DMU service and the addition of a
commuter rail station.
over several decades. A very similar concept is

being successfully implemented at Hudson Yards
in New York City, adjacent to Madison Square
Garden, where construction is ongoing and the
resulting new real estate created on top of the
deck is rapidly being leased and developed,
demonstrating the feasibility of the concept.
Re-zoning
The site will be part of a cohesive master
plan vision under the guidance of the Boston
Redevelopment Authority (BRA) and City of
Boston. The master plan will establish the vision
for a vibrant and sustainable new mixed-use,
Land Assembly
transit-oriented community. As part of the re-
As described in Chapter 5, agreements will be put
envisioning, the site will be rezoned to allow for
in place on the required parcels of land that make
the planned uses and density. The increased
up the 83-acre site, including the Boston Food
density is a contributing factor in the value
Market and ART Mortgage Borrower (Americold)
creation, taking the site from an FAR of 2 to
parcels. These agreements will hold the parcels
approximately 3.6, and allowing for approximately
until the IOC site designation decision in 2017 and
eight million square feet of total development.
then be transferred to a master developer either in
This can be compared to recent developments
an Olympic scenario or a no-Olympic scenario.
in the City of Boston in the Seaport and Fenway

areas with an approximate FAR of 4 and a
base of 5, respectively. As part of the rezoning,
it is contemplated that a tax agreement would
be negotiated with the City, as has been done
elsewhere in Boston and other cities, to allow for
a gradual increase in tax revenue to the City from
the site, allowing the project to establish itself
68
D E VELO PM ENT SCHED U LE

T YPE
T O TA L
DEVELOPMENT
PHASE 3
PHASE 4
PHASE 5
PHASE 6
PHASE 7
2025
2028
2031
2034
2037
2040
-
750,000 SF
300,000 SF
300,000 SF
50,000 SF
50,000 SF
50,000 SF
HOTEL
440,000 SF
240,000 SF
200,000 SF
RESIDENTIAL
3,900,000 SF
900,000 SF
500,000 SF
500,000 SF
500,000 SF
500,000 SF
500,000 SF
500,000 SF
OFFICE
2,250,000 SF
250,000 SF
500,000 SF
500,000 SF
500,000 SF
500,000 SF
500,000 SF
250,000 SF
250,000 SF
50,000 SF
50,000 SF
7,890,000 SF
1,740,000 SF
1,550,000 SF
1,500,000 SF
1,050,000 SF
1,050,000 SF
500,000 SF
500,000 SF
5,000 SPACES
1,500 SPACES
1,500 SPACES
1,000 SPACES
500 SPACES
500 SPACES
OFFICE (STATE)
TOTAL
PARKING
LAND + RELATED VALUE
(B)
PHASE 2
2022
RETAIL
INST. / NON-PROFIT
(A)
PHASE 1
$1,632,300,000
$318,400,000
$320,300,000
$304,300,000
$234,400,000
$256,100,000
$95,000,000
$103,800,000
PARKING VALUE
$334,700,000
$88,100,000
$96,300,000
$70,100,000
$38,300,000
$41,900,000
$0
$0
PLATFORM VALUE
$182,000,000
$57,100,000
$46,600,000
$47,600,000
$30,700,000
$0
$0
$0
(A) No tax/land value attributed to 50k SF of City offices to be constructed in Phase 1 or infrastructure/foundations constructed as
part of overbuild/plaza construction
(B) $30/SF construction cost reduction assumed for in-place plaza/foundation on first five million SF
financially as it ramps up to full tax payment. We
Pre-Games Development
have proposed, for illustrative purposes, a tax
The selected developer would relocate the
structure in the financial analysis with the caveat
tenants, reconfigure the MBTA and City of
that the City of Boston has not agreed to the
Boston facilities, build the parking and platform,
specific structure but would need to negotiate an
and develop the first phase of commercial
agreement with the successful developer.
development on top of the platform in advance
Developer Partnership
The assembled land and the new zoning and
tax agreement, will be packaged for sale and/or
lease by the City of Boston to qualified investors/
developers who will purchase and/or lease the
of the Games (approximately 1.7 M SF). The

remainder of the site, including the completed
but undeveloped portion of the platform, would
be turned over temporarily to the Games if the
Olympics go forward on the site.
land, build the platform and facilities below the
Games Preparation
platform, and deliver the future development.
Approximately 12 months prior to the Games,
This procurement will be conducted in an open,
Boston 2024 would take control of the site and
transparent competitive process to seek a strong
construct the temporary Stadium, warm-up
partner for the project.
area, and support facilities.
69
Games
Costs
During the Games, the site would be under
See the chart on page 66 for the estimated costs
control of Boston 2024, with the exception of
for all developer infrastructure obligations.
certain areas of the first phase development and

MBTA and City of Boston facilities.
A development program has been projected
Post-Games Development
in order to forecast revenue based on total
Soon after the Games, the Stadium and support
development capacity, successful mixed-use
facilities would be removed and the site would
strategies, and perceived needs. The program
be returned to the master developer. Future
includes residential, office, retail, hotel, and
development would continue over several
parking components.
decades, based on market absorption.

FINANCIAL MODEL
Development Phasing
A phasing plan has been developed to maximize
early development while allowing room and
The financial modeling of the proposed
time for the Games. Future phases have been
development reflects significant research and
estimated based on historic absorption rates. See
analysis of land values, development costs, tax
page 69 for the program summary by phase.
structures, financing costs, rent expectations,

absorption rates, and risks. The result of the
modeling demonstrates that the temporary
Stadium site could be provided for the Games with
no public funds. The actual temporary Stadium
facility and surrounding support elements to be
built on the site for the Games would be funded
with Olympic (OCOG) funds, but still no public
Tax Structure
It is contemplated that a tax agreement would
be negotiated with the City of Boston as part of
the rezoning that allows for a gradual phasein of real estate taxes. This allows the City to
realize some tax revenue, while ensuring the
financial strength of the development as it is
funds. Key factors in the model include:
built out and established.
Cost Allocation
The chart on page 71 is an example of the type
Temporary facilities for the Games such as the

Stadium structure, track and field, support space,
of tax structure that could be proposed between

the City of Boston and the successful developer.
warm-up facilities, and open space (entrance plaza,
Any tax agreement is subject to negotiation.
ticketing, etc.) would be funded with Olympic
Rent Assumptions
funds (OCOG). Permanent assets such as land

and the platform would be funded by the master
developer. Proposed funding for permanent public
transportation infrastructure would be funded
with normal Commonwealth or City infrastructure
funds. The new Widett commuter rail stop would
be funded by the developer.
70
Development Program
Rent forecasts were based on market

benchmark data.
E S T I M AT E D M I D T O W N A N N UA L TA X R E V E N U E S
YEAR
TA X W I T H O U T N E W
D E VELO PM ENT
TA X W I T H N E W
D E VELO PM ENT *
2030
$ 1 , 3 2 9 ,0 0 0
$ 7, 2 8 3 ,0 0 0
+ $ 5 , 9 5 4 ,0 0 0
2040
$ 1 ,7 8 6 ,0 0 0
$ 2 6 , 8 5 1 ,0 0 0
+ $ 2 5 ,0 6 5 ,0 0 0
2050
$ 2 , 4 0 0 ,0 0 0
$ 6 4 ,0 3 6 ,0 0 0
+ $ 6 1 ,6 3 6 ,0 0 0
2060
$ 3 , 2 2 6 ,0 0 0
$ 1 3 2 , 6 2 2 ,0 0 0
+ $ 1 2 9 , 3 9 6 ,0 0 0
NET INCREASE/ YEAR
* reflects example tax agreement below
R E A L E S TAT E TA X A S S U M P T I O N S
I L L U S T R AT I V E TA X A G R E E M E N T W I T H T H E C I T Y
T O TA L % O F
ASSESSED
TA X
WITH P OTENTIAL
2 016 A S S E S S E D TA X
VA L U E S
R E TA I L
BASE
CASE
( P E R S F ) (A)
LEGACY TR ANS IT
IM PROVEM ENT S
$ 1 1 .0 0
$ 1 3 .7 5
$ 10 .0 0
$12.5
$ 3 .7 0
$ 4 . 16
$ 10 .0 0
$12.50
$6,000/
HOTEL
ROOM
$3,515/
RESIDENTIAL
OFFICE
UNIT
PHASE IN
( P E R S F ) (B)
INSTITUTIONAL /
NON-PROFIT
$ 2.50
$3.13
PA R K I N G
$ 7 5 0/
S PA C E
$ 9 3 8/
S PA C E
(A)
3% Annual inflation on rates and values assumed
(B)
Legacy transit improvements refers to potential future

connections made by DMU service and the addition of a
commuter rail station.
Y E A R 1 - 10
15.0%
YE AR 11 - 20
30.0%
YEAR 21 - 30
50.0%
YE AR 31 - 40
75.0%
These numbers are for projection purposes only, and it is

anticipated that an RFP process will help the City to optimize the
structure and arrangements of the proposed tax agreement(s).
The City of Boston has not agreed to a specific tax structure.
71
1 0.14
4%
3,000,000
3.0
1 0.12
2%
(IN M ILLI O N S O F S Q UA RE FE E T )
1 0.1
0%
2,000,000
2.0
80.08
%
1,500,000
1.5
60.06
%
1,000,000
1 .0
40.04
%
0.5
500,000
20.02
%
2030
2030
2020
2020
-0.5
-500,000
2010
2010
1990
1990
2000
2000
00
CBD Only, Change of supply as a percentage of total supply
0%
Change
6% in Supply (SF)
Under Construction
Planned and Proposed

114%
4%
Midtown
1990-2014 Annual Average
Vacancy
6%
112%
2%
88%%
33%
%
66%%
22%
%
44%
%
11%
%
22%%
22030
030
22020
020
22010
010
Residential,
Residential,
Change Change
of supplyofas
supply
a percentage
as a percentage
of total of
supply
total supply
Residen
Change in supply as a number of units
Midtown as % Total Supply
6,000
6%
5,000
5%
4,000
4%
3,000
3%
2,000
2%
1,000
1%
0%
Planned/Proposed
72
Midtown
Vacancy %
Midtown
Midtown
as % Total
as %Supply
Total Supply
2030
on
VA
C A N C YRate
R AT %
E
Vacancy
2030
2020
2010
2000
1990
( % O F T O TA L S T O C K )
N E New
W R ESupply
S I D E N Tas
I A L% Total
4%
4.0%
7% 7%
Construction
Construction
Forecast
Forecast
Estimate
Estimate
as % Total
as %Supply
Total Supply
3.5%
66%
%
6%
Under Construction
Under Construction
as % Total
as %Supply
Total Supply
3%
3.0%
5% 5%
Construction
Construction
as a % of
as Total
a % ofSupply
Total Supply
2.5%
44%
%
4%
2.0%
2%
1990-2014
1990-2014
Long Run
Long
Annual
Run Annual
AverageAverage
(LRA) (LRA)
3% 3%
1.5%
VacancyVacancy
%
%
22%
%
2%
1%
1.0%
1%
1%
0.5%
AV E R A G E
0
%
0.0%
0% 0%
0%
1990
1990
2010
2020
2020
2040 to2040
Return on
Return
investment
on investment
The2000
nancial
The2000
nancial
model2010
used
model
the
used
assumptions
the
assumptions
listed in2030
listed
this section
in2030
this to
section
New Supply as % Total
C H A N G E I N S U P P LY
UNDER CONSTRUC TION
PL ANNED + PROPOSED
MIDTOWN
VA C A N C Y
1 9 9 0 2 0 1 4 L O N G R U N A N N U A L
(LR A)
2020
Under Constru
2030
2010
ons
2020
Net Comple
2010
2000
2000
1990
1990
Annual Average (1990-2014)
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
%R AT %
VA
C AVacancy
N CRate
YRate
E
Vacancy
7%
( T H O U S A N D S O F U N I T S)
Unitsas
New
Total
N E WSupply
RNumber
E S ofI D
E N%
TIA
L
New Supply as % Total
4.0%
7% 7%
Constru on Forecast Es mate as % Total Supply
Under Constru on as % Total Supply
3.5%
6
66%
%
6%
3.0%
5
5% 5%
2.5%
44%
%
4
4%
2.0%
3
3% 3%
1.5%
2
22%
%
2%
1.0%
1
1% 1%
0.5%
0
%
0
0.0%
0%
0%
1990
1990
2000
2000
2010
2010
2020
2020
2030
2030
2040
2040
Residential,
Residential,
Change Change
of supplyofas
supply
a percentage
as a percentage
of total of
supply
total supply
7,000
Vacancy Rate %
22000
000
00%%
11990
990
00%
%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
Vacancy Rate %
( % O F T O TA L S T O C K )
110%
0%
44%
%
% Total Stock
NEW OFFICE
55%
%
determine
determine
a rate ofareturn
rate ofon
return
cost on
for cost
the project,
for the project,
from thefrom
perspective
the perspective
of the of the
Midtown
Midtown
as % Total
as %Supply
Total Supply
investor/developer.
investor/developer.
See Figure
SeeXX
Figure
for the
XX full
for nancial
the full nancial
model results.
model results.
After consultation
After consultation
with with
Construction
Construction
Forecast
Forecast
Estimate
Estimate
as 12%
% Total
as 12%
%Supply
Total
Supply
potentialpotential
investors,
investors,
it was determined
it was
determined
that
a return
that
aofreturn
approximately
of approximately
would
be
would
desired
be desired
to
to
Under
Construction
as
Total
as
Supply
Total
Supply
ensure adequate
ensure adequate
interestinterest
in theUnder
project.
in theConstruction
project.
The model
Theofmodel
the%assumptions
of
the%assumptions
results
inresults
a return
in aofreturn of
Vacancy Rate %
NEW OFFICE
Office Square Feet
2,500,000
2.5
VA C A N C Y R AT E
ABSORPTION
RATES
3,500,000
3.5
VA
C A Rate
NCY
Vacancy
% R AT E
CBD Only, Change in supply, square feet
Absorption Assumptions
identifies the number of new square feet
The development program proposed for the
added to the development pipeline and when
Midtown Legacy site includes office, residential,
the pipeline becomes too remote the chart
hotel and retail uses to be built in phases. The mix
reverts to the long run average (the gold bars).
of uses proposed for this site has been created
On top of this forecast, the chart layers on
with an awareness of historic and projected
the additional supply that will be created in
absorption rates to ensure that the development
each phase of the Midtown project. This is a
program remains attractive to both commercial
very conservative approach considering that
and residential tenants as well as investors.
it assumes that Midtown will not displace any
Notably, the development proposed at the

Midtown site for each product type does not
require any anomalous market conditions for the
newly created square footage to be absorbed
fully over the course of the development
program. Indeed, even when overlaying the total
new development of the Midtown site on the
forecasted pipeline, historic absorption in strong
market conditions exceeds what the market plus
Midtown could be expected to produce. This is
other development in the pipeline. What this

projection demonstrates is that on a gross
supply basis, the Midtown project does not
require exceptionally strong market conditions
to achieve the absorption rates needed
to support the project financing. Instead,
continued average absorption is sufficient while
also understanding that there will be ebbs and
flows in the market that at times will slow and at
other times accelerate absorption.
true whether the analysis is of total change in
Another way to examine absorption is on a
supply or annual change in percentage of supply
percentage increase basis (the second set of
(see charts on page 72).
graphics for each product type). This shows
At a more granular level, recent newly developed

areas such as the South Boston Waterfront
have absorbed new residential and office square
footage at a rate that is consistent with what
could be expected to occur at the Midtown site on
a percentage increase basis.
Absorption Rates
in even more compelling fashion that the new

square footage developed at Midtown does not
require extraordinary conditions in the market to
achieve the required absorption. The gray bars
of historic absorption percentages lead to a long
run average that is sustainable even considering
the added deliveries at Midtown. In fact, on a
percentage basis, the market can often absorb in
Absorption data may be shown in a variety
excess of 3% existing office or residential stock in
of ways. The first set of graphics on page
a given year. The plan for Midtown does not rely
72 for each product type reflects the total
on those peaks for its absorption assumptions,
change in supply on a square foot basis. As
but rather the more reasonable long run average
the charts show, historic absorption of new

office and residential development (the grey
for absorption.
bars) has fluctuated as is always the case in

real estate cycles. Looking ahead, the chart
73
Return on Investment
RISK ANALYSIS
The financial model used the assumptions
While the analysis described in this section is
listed in this section to determine an internal
intentionally conservative, there is inherent risk
rate of return on cost for the project, from the
when such a large potential investment is modeled
perspective of the investor/master developer.
based on numerous assumptions and over many
See pages 76-77 for the full financial model
years. The risks for this development plan are:
results. After consultation with potential
investors, it was determined that an internal rate
-- higher cost predictions for the

platform, land, and/or relocations
of return of approximately 12% would be desired

to ensure adequate interest in the project. The
model of the assumptions results in an internal
-- failure to deliver the rezoning

and/or a tax agreement
rate of return in this range.
-- lower revenue predictions
Parking
Because of the Plaza infrastructure development

with foundations and structure, the parking on
effective basis ($30,000 per space construction
Reduction of cost uncertainty

through finalization of land
agreements and relocation costs
A near-term procurement of the developer

for the site to both validate the market
assumptions and shift construction
costs risks to a qualified developer
Comprehensive planning, peer review, and

highly professional construction management
Surety bonds and insurance
cost). Based on the multiple demand generators

on this site (hotel, retail, office, and residential), it
is anticipated that net project parking values in
the $50,000 per space range may be achieved.
Parking as a use integrated with the mixed-use
development is a major value generator for the
proposed asset.
Significant change in market conditions
Methods envisioned to mitigate these risks include:
this project can be developed on a very cost-
74
Proposals for the site from investors/master

developers fall short of expectations due to:
The Boston 2024 team believes

the proposed Midtown Legacy
site represents one of the most
interesting real estate investment
opportunities in the United
States. It is a unique opportunity
to develop a large master plan
environment with a quality sense
of place that would be fully zoned
with supporting infrastructure in
one of the most dynamic urban
environments in the country. It
is anticipated that some of the
largest national and international
development and infrastructure
firms, in association with financial
institutions and investors with
ample financial resources, will be
highly interested in the Midtown
Legacy project.
The financial projections included herein serve

as a baseline for what we believe are reasonable
return projections to evaluate the feasibility of
this investment.
It is very possible that with market competition
and the aggressive nature of capital looking to
invest in this area that the investment return
projected are conservative and, therefore,
will enable the City of Boston to accrue
additional benefits such as higher real estate
taxes or devoted income streams to support
infrastructure and/or workforce housing
opportunities. A well-structured Request for
Qualifications followed by a Request for Proposal
process is envisioned to optimize interest and
facilitate substantive input in finalizing the master
plan opportunities associated with the site.
75
PRELIMINARY FINANCIAL PRO FORMA
P R O J E C T E D P R O J E C T R E V E N U E S ($)
VA L U E
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
T O TA L
L A N D + R E L AT E D
1 ,632,30 0,0 0 0
318,400,000
320,300,000
304,300,000
PA R K I N G VA L U E
33 4,70 0,0 0 0
88,100,000
96,300,000
70,100,000
P L AT F O R M VA L U E
182,0 0 0,0 0 0
57,100,000
46,600,000
47,600,000
2 , 1 4 9,0 0 0,0 0 0
463,600,000
463,200,000
422,000,000
(240,000,000)(240,000,000) 223,600,000(240,000,000)(240,000,000)463,200,000
422,000,000
PRO JEC T RE VENUES

PROJEC T COSTS
240,000,000 240,000,000 240,000,000 240,000,000 240,000,000
PROJEC T C ASH FLOWS
SPONSOR EQUITY
MA X EQUIT Y**
RETURN ON INVEST.
736,400,000 *
MA X EQUIT Y (YR)
2024
R E C O V E R C A P I TA L
2028
PROJECTED PROJECT PHASING
2020
2021
2022
2023
2024
2025
IRR
12.2%
MULTIPLE
2.29X
2026
2027
2028
2029
T O TA L
R E TA I L
750,0 0 0
300,000
HOTEL
4 40,0 0 0
240,000
RESIDENTIAL
3,90 0,0 0 0
900,000
OFFICE
2, 250,0 0 0
250,000
50 0,0 0 0
50,0 0 0
7, 8 9 0 , 0 0 0
5,0 0 0
INS T. / N O N-PRO FIT

T O TA L S F
PA R K I N G
300,000
50,000
200,000
500,000
500,000
500,000
500,000
250,000
250,000
50,000
1,740,000
1,550,000
1,500,000
1,500
1,500
1,000
P R O J E C T E D L A N D & P L AT F O R M
VA L U E S ($ / S F )
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
R E TA I L
169
174
179
184
190
196
202
208
214
220
HOTEL
94
97
100
102
106
109
112
115
119
122
RESIDENTIAL
73
75
78
80
82
85
87
90
93
95
OFFICE
73
75
78
80
82
85
87
90
93
95
INSTITUTIONAL / NON-PROFIT
73
75
78
80
82
85
87
90
93
95
55,375
57,036
58,747
60,510
62,325
64,195
66,121
68,104
70,147
72,252
P L AT F O R M VA L U E
33.77
34.78
35.82
36.90
38.00
39.14
40.32
41.53
42.77
44.06
P R O J E C T E D TA X VA L U E S ($ / S F )
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
R E TA I L
12.38
12.75
13.13
13.53
13.93
14.35
14.78
15.23
15.68
16.15
HOTEL
11.26
11.59
11.94
12.30
12.67
13.05
13.44
13.84
14.26
14.69
PA R K I N G ($ / S PA C E )
RESIDENTIAL
4.16
4.29
4.42
4.55
4.69
4.83
4.97
5.12
5.28
5.43
11.26
11.59
11.94
12.30
12.67
13.05
13.44
13.84
14.26
14.69
INSTITUTIONAL / NON-PROFIT
2.81
2.90
2.99
3.07
3.17
3.26
3.36
3.46
3.56
3.67
PA R K I N G ($ / S PA C E )
844
869
896
922
950
979
1,008
1,038
1,069
1,101
OFFICE
* Values reflect an illustrative tax agreement

** Land and related values from Phase 1 are utilized to reduce total project equity investment.
76
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
234,400,000
256,100,000
95,000,000
103,800,000
38,300,000
41,900,000
30,700,000
303,400,000
298,000,000
95,000,000
103,800,000
303,400,000
298,000,000
95,000,000
103,800,000
2038
2039
2040
2042
2043
EQUITY MULTIPLE
CALCULATION
2020-2024
(736,400,000)
2025-2040
1,685,400,000
EQUITY MULTIPLE
2030
2031
50,000
(NET)
2.29X
2032
2033
2034
50,000
-
2035
2036
2037
500,000
500,000
2041
500,000
500,000
500,000
500,000
1,050,000
1,050,000
500,000
500
500
500,000
-
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
227
234
241
248
255
263
271
279
287
296
305
314
323
333
126
130
134
138
142
146
151
155
160
164
169
174
180
185
98
101
104
107
111
114
117
121
125
128
132
136
140
144
98
101
104
107
111
114
117
121
125
128
132
136
140
144
98
101
104
107
111
114
117
121
125
128
132
136
140
144
74,419
76,652
78,952
81,320
83,760
86,272
88,861
91,526
94,272
97,100
100,013
103,014
106,104
109,287
45.38
46.74
48.14
49.59
51.07
52.61
54.18
55.81
57.48
59.21
60.98
62.81
64.70
66.64
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
16.64
17.14
17.65
18.18
18.73
19.29
19.87
20.46
21.08
21.71
22.36
23.03
23.72
24.43
15.13
15.58
16.05
16.53
17.02
17.54
18.06
18.60
19.16
19.74
20.33
20.94
21.57
22.21
5.60
5.76
5.94
6.12
6.30
6.49
6.68
6.88
7.09
7.30
7.52
7.75
7.98
8.22
15.13
15.58
16.05
16.53
17.02
17.54
18.06
18.60
19.16
19.74
20.33
20.94
21.57
22.21
3.78
3.89
4.01
4.13
4.26
4.38
4.52
4.65
4.79
4.93
5.08
5.23
5.39
5.55
1,134
1,168
1,204
1,240
1,277
1,315
1,355
1,395
1,437
1,480
1,525
1,570
1,617
1,666
77
78
8 . R E G U L AT O RY I S S U E S
8. Regulatory Issues
8. REGULATORY ISSUES
Any environmental review and

permitting process for Midtown
and other venues would have
goals to address:
1. Sustainability that will set standards and be
consistent with Commonwealth and local
sustainability and resiliency initiatives.
2. Legacy value and benefits to areas of the
existing venues with minor modifications, existing

venues with major modifications, temporary
venues, and permanent venues all have the
potential to be treated to different but consistent
levels of environmental review. They could have
temporary or permanent impacts, and therefore
should be subjected to different levels of review.
Operational impacts which are similar to
those of the Tall Ships, the Boston Marathon,
and the Democratic National Convention can
proposed Olympic activities in the City and
and should be addressed in the Olympic Games
the Commonwealth where venues and
Operations and Management Plans.
improvements would be located.

3. Efficiency to ensure maximum coordination
Top line entitlement reviews, approvals

and permits, and other actions would be
among federal, local, and Commonwealth
consolidated and coordinated, including
jurisdictions, with ample public processes and
Massachusetts Environmental Policy Act (MEPA)
community input.
review, MEPA Special Review Procedures,
4. Certainty and consistency, in that the

comprehensive approach would be performed
with a consistent team of professional
personnel, and with the resources and
Article 80 review, zoning, special permits, and

Institutional Master Plans.
MEPA
technical support to provide assurance that
MEPA requires that all feasible measures be
the reviews and approvals can be secured
taken to avoid, minimize, and mitigate damage
with all appropriate community engagement.
to the environment. MEPA review for Midtown
The environmental review and permitting

approach would address and be consistent with
will likely focus on the following areas of

environmental analysis:

Transportation and Traffic
Infrastructure (storm water, waste water,

water quality)
Greenhouse gas analysis
to ensure adequate and ample public process,
Sustainability and Resiliency
with a timely and comprehensive environmental
Construction period impacts (to surrounding

neighborhoods, roadways, and pedestrians).
the requirements under Commonwealth and

local permitting regulations in an integrated
and coordinated manner. This integrated
decision-making process would be organized
permitting process.
The review could be tiered to deal with the range
of venue conditions, given the variety of activities
and potential impact thresholds. Existing venues,
79
ZONING
In order to proceed with the RFQ/RFP process,
entitlement for use, density, and height will be
required. This process will require intensive
community engagement in a process directed by
the BRA and in alignment with the Citys overall
planning strategies for the area.
ARTICLE 80
Article 80 focuses on urban design and
environmental impacts and is anticipated to be a
combined filing with the MEPA documents. Main
areas of focus will include:
80
Urban design
Transportation impacts
Public realm and publicly accessible outdoor

spaces
Sustainable and resilient design strategies
Environmental impacts including shadows,

noise, and air quality
9. R E Q U I R E D S TA K E H O L D E R E N G AG E M E N T
9. Required Stakeholder
Engagement
9. REQUIRED STAKEHOLDER ENGAGEMENT

(Additional interested parties will be engaged as the planning process continues.)
L AND OWNER ENGAGEMENT
Senator Elizabeth Warren
City of Boston
Senator Edward Markey
Meetings have been held with representatives
State Senator Linda Dorcena Forry
of the City administration regarding current and

future needs and relocation strategies potential.
Commonwealth Of Massachusetts- MBTA
Meetings have been held with the Governors
Representative Nick Collins

City Council President Bill Linehan
Representative Byron Rushing
Cabinet, Department of Transportation, and
City Councillor at-Large Michael Flaherty
other agencies to discuss current operations and
City Councillor at-Large Michelle Wu
potential future operations strategies.

New Boston Food Market Cooperative
Meetings have been held with representatives of
ownership to discuss current operations, future
needs, potential land acquisition,
City Councillor at-Large Ayanna Pressley

City Councillor at-Large Steve Murphy
City Councillor Frank Baker
City Councillor Tito Jackson
and relocation.
Amtrak
PUBLIC AGENCIES CONSULTED
Meetings have been held with senior Amtrak
officials regarding relocation of train wash and
Massachusetts Port Authority
control of air rights, as applicable.
Massachusetts Department of Transportation
Boston Redevelopment Authority
Meetings have been held with ownership to

discuss current operations, future needs, and
potential land acquisition.
Stakeholder engagement will continue as the
process unfolds.
COMMUNIT Y OUT REACH MEETINGS

West Broadway Civic Association
Andrew Square Civic Association
South End Forum
ELECTED OFFICIAL CONSULTATIONS
Old Dover Neighborhood Association
Mayor Martin Walsh and administration
Newmarket Business Association
Governor Charles Baker and administration

Speaker of the House Robert DeLeo
Senate President Stanley Rosenberg
Congressman Stephen Lynch
Congressman Michael Capuano
81
82
10. S C H E D U L E
10. Schedule
10. SCHEDULE
The following pages illustrate

the proposed development
schedule for development
of an Olympic Stadium
venue at the Midtown site.
83
AC T IVIT Y NAM E
D U R AT I O N
( D AY S)
S TA R T
FINISH
3/3 0/2 0 1 5
4/ 1 /2 0 1 5
4/ 1 /2 0 1 5
4/ 1 /2 0 1 5
1 0/3/2 0 1 6
1 0/3/2 0 1 6
7/ 1 /2 0 1 5
9/3 0/2 0 1 5
9/3 0/2 0 1 6
9/ 1 /2 0 1 6
9/2 9/2 0 1 7
9/2 9/2 0 1 7
127
127
189
61
186
125
250
4/ 1 /2 0 1 5
4/ 1 /2 0 1 5
4/ 1 /2 0 1 5
1 0/2 /2 0 1 7
1 0/2 /2 0 1 7
7/2 /2 0 1 8
1 /2 /2 0 1 9
9/3 0/2 0 1 5
9/3 0/2 0 1 5
1 2 /3 1 /2 0 1 5
1 2 /2 9/2 0 1 7
6/2 9/2 0 1 8
1 2 /3 1 /2 0 1 8
1 2 /3 1 /2 0 1 9
127
127
188
219
250
4/ 1 /2 0 1 5
4/ 1 /2 0 1 5
4/ 1 /2 0 1 5
8/ 1 7/2 0 1 7
1 /2 /2 0 1 9
9/2 /2 0 1 6
9/3 0/2 0 1 6
1 2 /3 0/2 0 1 5
7/3/2 0 1 8
1 2 /3 1 / 1 9
127
127
254
500
125
4/ 1 /2 0 1 5
4/ 1 /2 0 1 5
1 /2 /2 0 2 0
1 /4/2 0 2 1
1 /2 /2 0 2 3
9/3 0/2 0 1 6
9/3 0/2 0 1 6
1 /6/2 0 2 1
1 2 /2 9/2 0 2 2
6/2 9/2 0 2 3
127
499
126
127
751
4/ 1 /2 0 1 5
1 /3/2 0 1 8
1 2 /3 0/2 0 1 9
6/2 9/2 0 2 0
1 /4/2 0 2 1
9/3 0/2 0 1 6
1 2 /3 1 /2 0 1 9
6/2 9/2 0 2 0
1 2 /3 0/2 0 2 0
1 2 /2 9/2 0 2 3
251
750
289
2 07
132
219
150
125
252
254
87 7
166
1 /2 /2 0 2 0
1 /4/2 0 2 1
7/3/2 0 2 3
8/2 9/2 0 24
3/ 1 /2 0 1 6
8/ 1 7/2 0 1 7
2 /4/2 0 1 8
7/ 5/2 0 1 8
1 /3/2 0 1 9
1 /2 /2 0 2 0
3/3/2 0 2 0
1 /2 /2 0 24
1 2 /3 1 /2 0 2 0
1 2 /2 8/2 0 2 3
8/2 6/2 0 24
6/3 0/2 0 2 5
9/ 1 /2 0 1 6
2 /3/2 0 1 8
7/3/2 0 1 8
1 /3/2 0 1 9
1 /3/2 0 2 0
3/3/2 0 2 0
9/3/2 0 2 2
8/2 7/2 0 24
2 01 5
2 016
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
M I D T O W N D E V E L O P M E N T S T R AT E G Y
P R E C O N S T R U C T I O N R E G U L AT O R Y E F F O R T S
C i t y o f B o s t o n / St a t e C o s t / C o n c e p t R e v i e w
E nv i r o n m e n t a l R e v i e w
BR A Master Plan Process
Community Process
Ar ticle 80 / ZBA Process
St a t e P e r m i t t i n g
5
127
378
315
24 8
24 8
W I D E T T C I R C L E L A N D O W N E R R E L O C AT I O N S
C o n c e p t P l a n A p p r ove d
F i n a n c i n g St r a t e g y i n P l a c e
Identif y Relocation Sites
Land Arrangement s
Design
Permit
New Location Build-Out / Relocate
C I T Y O F B O S T O N R E L O C AT I O N
Land Arrangement s
Identif y Future Site
Design
Relocate
M B TA R E L O C AT I O N
Land Arrangement
Design / Permit
New Location Build
Relocate
AMTRAK AIR RIGHTS

Negotiate Air Right s
D e s i g n A p p r ova l
Permit
O ve r b u i l d
MIDTOWN DE VELOPMENT
Site Remediation / Demo
P l a z a O ve r b u i l d
Te m p o r a r y St a d i u m
I n f i l l P l a z a a t St a d i u m
R F Q M a s t e r D e ve l o p e r S e l e c t i o n P r o c e s s
R F P M a s t e r D e ve l o p e r S e l e c t i o n P r o c e s s
Ground Lease / Legal Negotiation
Permit
Relocate Maintenance and Of f ices
Site Demo + Remediation
Construc t Plaza / Car G arage / Phase 1
Olympic Build-Out
9 -1 5 -1 5
APPLICANT CITY
SUBMISSION TO IOC
84
1- 8 -1 6
C A N D I D AT E C I T Y
IOC SUBMISSION
2 01 7
2 01 8
2 01 9
2020
2021
2022
2023
2 0 24
2025
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
SUMME R 2017
IOC DECISION ON HOST
CIT Y FOR 2024 GAMES
J U LY 2 0 2 4
O LY M P I C O P E N I N G
CEREMONIES
85

Boston2024 Midtown Development Plan

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Boston2024 Midtown Development Plan

Uploaded by

Copyright:

Available Formats

M I DTOW N D E V E LO P M E N T P L A N

S ITE FO R TE MP O R A RY O LYMPIC S TA D IU M 2024

THE OLYMPIC STADIUM

Boston 2024 has proposed

of facilities used for, among other things,

Olympic Boulevard that would run to South

A development vision that we are calling the

Station. Just as important, siting the Stadium

Midtown Legacy development plan has

in Midtown would serve as a catalyst to

been crafted for the site that includes an

create a vibrant new neighborhood that

assemblage of the land, a competitive solicitation

will benefit the city and residents of Boston

for developers to buy or lease the property,

long after the Games have ended.

construction of the platform and infrastructure

Today, Midtown is an underdeveloped and

by a designated master developer, and several

can provide an excellent home for the temporary

Increased tax revenues to the City of

4,000 new units of mixed-income housing

15 acres of permanent new open space (8

Accommodation for 9,000 office/science

New resilient and sustainable MBTA bus

New community and cultural spaces

A catalytic effect on the development of

Improved connectivity from South Boston

Stadium during the Games.

This study is organized as follows:

The Midtown Legacy vision for this new

Following the vision are descriptions of

Lastly, are sections on regulatory issues

which will span 18 years, represents the engine for

500750 construction jobs annually at

+/- 1000 permanent jobs for hotel workers,

The Boston 2024 team

2. VISION FOR A NEIGHBORHOOD

2. Vision for a Neighborhood

2. VISION FOR A NEIGHBORHOOD

The Midtown neighborhood

Midtown will be the site for a

In addition, there are 15 acres of permanent

The Midtown neighborhood will be a vibrant

with ground-floor shops and restaurants as

Games can be the catalyst for enhanced transit

highway on I-93 and I-90; arterial roadway on

LOWER LEVEL - EL 8-0

The Midtown Legacy plan, with or without the

MIDDLE LEVEL - EL 18-9

Below the new grade will be a new MBTA bus

renderings: Related | Oxford

Hudson Yards on New York Citys

The Midtown Legacy plan

Site that connects South Boston

Excellent access to transit on

Location at the heart of the city one mile

Proximity to the waterfront

Immediate access to I-93, the

In addition, the site has the size to achieve

and the Fenway with a base zoning of 5.0. This

3. Vision for an Olympic Stadium

3. VISION FOR AN OLYMPIC STADIUM