Governor Deval Patrick’s administration has agreed to absorb up to $65 million in costs to expedite construction of a $500 million complex of residences, stores, and offices near Fenway Park. The arrangement announced yesterday will allow developer John Rosenthal to begin construction next summer on Fenway Center, which includes four buildings, a parking garage, and a revamped commuter rail station between Brookline Avenue and Beacon Street.
The Patrick administration has agreed to foot part of the bill for a particularly expensive component of the plan: building over the Massachusetts Turnpike. The state will give Rosenthal a rent credit of up to $65 million to compensate for the extra cost of building over the turnpike. That money will be deducted from lease payments Rosenthal will make over the course of a 99-year lease with the state. Overall, the state is expected to receive more than $300 million over the life of the lease, Rosenthal said. Turnpike officials said they are still reviewing those numbers.
The developer still must obtain approval from state environmental officials before starting construction. Rosenthal said he expects to proceed with improvements to Yawkey Station next summer and begin the first residential building and parking garage by 2011. When completed in 2015, the complex will include 330 residential units, 367,000 square feet of offices, 100,000 square feet of stores, and 1,290 parking spaces.
