The final barrier to jumpstarting those plans--ownership of the tract--has fallen by the wayside with Joseph Whitaker, acting deputy assistant secretary of the Army, signing the deed over to LRDA, with authority chairman Howard Fitch doing the honors on behalf of the city.
Sitework on the waterfront site had already begun earlier this year, with the federal government providing about $11 million to help with the environmental cleanup. The site will eventually be a mix of office and retail space, residences, parks and recreational areas and a port facility. But the estimated $32 billion cost won't be paid overnight; it's expected to take at least 20 years to fully develop the former MOT site.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
