While the company did not reveal specific project details concerning the project, such as the proposed height of the tower building for example, Cantalupa did specify the new development would be a mixed-use office, retail, restaurant, commercial and residential development. The project site is located nearby Boston Properties' 100 Clarendon St. (the former John Hancock) office tower. Last month, Boston Properties reported it was spending $667.4 million to retire debt early on the tower building and adjoining garage.

"Boston Properties will invest significant capital into the 1970s era garage and the station, resulting in a transit oriented development which will integrate the project, the garage and the station into the Back Bay and surrounding neighborhoods," Boston Properties states in its letter of intent to the BRA.

The company tells the BRA its vision for the parcels also includes significant functional and aesthetic improvements to the Concourse and a contribution towards the improvement of the track-level ventilation at the station. The company recently assumed property management responsibilities for the Back Bay Station Concourse and says it has started an effort to improve the concourse's appearance.

Cantalupa ended his letter to the BRA stating, "Our vision for the redevelopment and repurposing of the garage and station air and ground lease parcels will deliver significant social, economic and public realm improvements to the heart of the Back Bay, and represent further significant commitment by Boston Properties to the City of Boston."

Boston Properties develops, redevelops, acquires, manages, operates and owns a portfolio of Class A office space, one hotel, four residential properties and five retail properties. The company's holdings are concentrated in four markets—Boston, New York, San Francisco and Washington, DC.