Boston archdiocese, in real-estate deal, seeks income stream from unused property

February 18, 2015

The Boston archdiocese has signed an agreement with a real-estate developer who plans to build a high-rise apartment building on the site currently occupied by the parking lot of the archdiocesan cathedral.

The cathedral will retain its parking area, with 70 spaces to be set aside in the new building’s underground garage.

The unusual deal involves a 99-year lease with the commercial developer. Archdiocesan officials say that they are investigating ways to produce revenue from unused property without selling off the assets.

 

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Further information:

• Boston church taps land to ease finances (Boston Globe)