‘Parcel U’ sale to be finalized this month

March 29, 2013
By

FOREST HILLS—Developer Urbanica is expecting to sign a purchase and sale agreement with the MBTA by the end of this month, finalizing the sale of “Parcel U” and clearing the way for 120 new housing units and 10,000 square feet of commercial space.

Vacant “Parcel U,” encompassing about 2.8 acres, is one of a handful of parcels that the T has been trying to sell, with limited success, since 2007. It is bounded by Hyde Park Avenue on the east and Ukraine Way on the north. It extends just south of Walk Hill Street.

“We’re just reviewing it and going through the terms,” Urbanica President Kamran Zahedi told the Gazette.

The first community meetings about the parcel are expected to take place in June or July, Zahedi said, after a due diligence period.

Urbanica plans to create 64 new homes for sale and 56 for rent. Eight of the for-sale units and 23 of the rentals would be affordably-priced. Construction is planned to begin in the spring of next year.

Urbanica agreed to pay $1.05 million for the parcel in January.

Best of JP 2014