Convention Center Grabs to Capture Future Increased Value
The quasi-public Boston Convention and Exhibition Center is attempting to buy land in order to avoid its obligation to pay fair market value at a later date. The land is likely ready for development at a far more intensive use than what the offers will show when the agency finally appraises the property.
The Boston-based real estate investment firm had approved plans to build a large residential complex with 585 units in this section of South Boston that is rapidly developing as the neighborhood connects with the growing Seaport District.
Convention center officials are in a race to grab undeveloped land around the exhibit hall for what they say are desperately needed hotel projects.
The convention center authority said in a statement that “it is no secret” that the quasi-public agency has been eyeing land acquisitions to support its potential expansion and hotel developments.
“We have spoken to several landowners, but no deal to acquire property is final at this time,” said spokesman Mac Daniel.
The convention center’s board met this morning and held a closed-door executive session during which “land acquisition” and other matters were discussed, according to its agenda.
