The Boston Business Journal reports the BRA last night approved a 16-story replacement for an old 9-story industrial building on New Street, next to LoPresti Park.
A Portland developer who recently bought the nearly 4-acre parcel will give the BRA $7.8 million to build affordable housing somewhere else; the BRA approved that after the developer said the project would be financially unviable if it had to incorporate affordable units into the project.
In its filings with the BRA, Gerding Edlen says it will add seven stories to the existing tower and fill it with 231 studio and one- and two-bedroonm units. A shorter addition to the building will add 19 studios and one-bedroom unit as well as a rooftop pool and fitness center.
A shorter building will be torn down to make way for a parking garage; the project will include 135 to 155 total parking spaces. The exact number of spaces will depend on whether the developer installs mechanical "stackers" to stow cars on top of other cars.
Plans also call for a 12-foot-wide extension to the East Boston harborwalk and a new ferry dock.
The project will cost roughly $124 million.
This is the proposal's second go-round with the BRA. Gerding Edlen purchased the property from a Belmont family who had won BRA approval for a very similar plan in 2010.