In the deal, the Y assumed ownership of the north block, while Tarragon took control of the south block. Both parcels were valued at about $1.4 million.
Tarragon intends to construct a 20-story building that includes retail, residential and 270,000 sf of office space. For its part, the Y wants to build a seven-story, 105,000-sf, 145-unit, low-income housing project, Angeline's day refuge for homeless women and the 15,000-sf YWCA's employment services program. The project also calls for 3,700 sf of retail space, the nature of which Sue Sherbrooke, the Y's deputy director, says is being discussed now.
Tarragon intends to wait until the office market rebounds before it begins construction and might scale back plans for an underground parking garage that is to be built beneath the Y facility.
"Because of the economy being what it is, that's still up in the air," Sherbrooke tells GlobeSt.Com. "But it's not a question of whether or not we have it (the garage) it's a matter of when."
Sherbrooke says the Y's construction will begin within the calendar year, but how soon will depend on when the garage issue is resolved.
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