The Navy Yard was one of the oldest active naval facilities until its decommissioning by the federal government in 1974, according to the executive summary of the PNF. Four years later the BRA acquired the 135-acre waterfront property and began a comprehensive redevelopment program which the summary terms "one of the largest historic preservation efforts ever undertaken in the country." In the past few years, there have been a number of preservation and reuse projects in this area.

The proposal for this parcel involves the construction of 250 residential units, 275 structured parking spaces and 1.3 acres of open space. The ground floor of the building will be used for retail and restaurant space. The building will be 12 stories with a penthouse level and ranges in height from 55 feet to 135 feet. It is unclear whether a project that high will be approved on the waterfront. Meredith Baumann, a spokesperson for the BRA, tells GlobeSt.com that it is too early in the process to comment on the project.

As part of a Land Disposition Agreement between the BRA and the developer, Baumann says that the city has agreed to either sell or lease the property to LDA Acquisition. Calls to The Brennon Group, Oliner's local representative, were not returned by presstime.