The Boston Redevelopment Authority, doing business as the Boston Planning & Development Agency (the “BPDA”) and the City of Boston (the “City”) are issuing a joint Request for Proposals (“RFP”) for: (1) the redevelopment of 555 Columbia Road and 559 Columbia Road (collectively, the “Premises”); and (2) an operator for the City-owned Strand Theater. This RFP seeks qualified proponents to: 1) deliver affordable housing; 2) deliver affordable commercial space; 3) deliver core and shell for a community space anticipated to be used for a branch library; and 4) operate the Strand Theatre.
The Premises consists of approximately 18,800 square feet of developable land area. The Premises are currently occupied by a vacant three-story masonry building and a 17-space parking lot. The Strand Theatre is a 3-story masonry and wood frame structure that is approximately 56,000 square feet with approximately 1,400 seats.
The BPDA expects a ground lease price proposal for the Premises of at least $3 per gross square foot of floor area per year upon project stabilization. However, the BPDA may consider an offer price below the asking price if the proponent can demonstrate clear and quantifiable public value in a proposal that includes an offer for less than the appraised value.
The Premises is intended for disposition through a long-term ground lease by the BPDA pursuant to the RFP. The Premises is being offered as is, without warranty of any kind, express or implied. If concerned about the Premises’ condition, legal or physical access and the maintenance thereof, property lines or boundaries or any other matter affecting the Premises, prospective developers should investigate and conduct whatever due diligence and inspection deemed necessary.
The City intends to enter into a separate lease and operator agreement for the Theatre for a ten-year term with options to renew, although the City will consider proposals for a longer initial term or a different lease term structure commensurate with the proposed investment by the Operator.