"A long-debated plan to redevelop a 7.7-acre vacant parcel in Roxbury is once again in flux - and city leaders, developers, and community members are divided over what should happen next. The publicly-owned Tremont Street site, known as parcel P-3, has sat empty for decades. Several redevelopment efforts have fallen through, including a large retail and residential complex in 2019."
"In 2023, the Boston Planning & Development Agency designated HYM Investment Group and My City at Peace to lead a mixed-use project with housing, commercial, and a life-sciences lab space. But shifting market conditions - particularly a steep drop in demand for lab space - stalled the project. The tentative designation expired Jan. 31 and is no longer active, according to the Boston Planning Department."
"On " Boston Public Radio " last month, Mayor Wu said the original redevelopment struggled to move forward because of the economics, not the Madison Park proposal, calling the idea of subsidizing affordable housing with lab space as a "pipe dream" in today's market. "The economics do not work. Lab spaces are at 30% vacancy and this project for multiple years now was not able to advance or make meaningful progress towards a groundbreaking," she said."
A 7.7-acre publicly owned Tremont Street parcel in Roxbury (parcel P-3) has remained vacant for decades after multiple failed redevelopment attempts, including a 2019 retail and residential proposal. In 2023 the Boston Planning & Development Agency designated HYM Investment Group and My City at Peace to pursue a mixed-use project with housing, commercial space, and life-sciences lab facilities, but shifting market conditions and a steep drop in lab demand stalled progress and the tentative designation expired Jan. 31. City leaders are considering rebuilding Madison Park Technical Vocational High School on the site; the school serves about 1,000 students and was selected for the Massachusetts School Building Authority Core Program Eligibility Period. Developers are divided and at least one firm has begun stepping back from the original plan.
Read at Boston.com
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