Purchase and sale negotiations with Slate Asset Management LP for the redevelopment of city-owned waterfront land have been completed.
“Unfortunately, the city and Slate are unable to agree on the final purchase price for these lands and our negotiations are over,” said general manager George Vadeboncoeur. “We thank Slate for his interest in the project, the professionalism he demonstrated and the good faith with which he negotiated.”
“In addition to seeing development consistent with the principles of the Downtown Master Plan, negotiating a sale price that recognizes the taxpayers’ investment in acquiring these lands is important to council members,” said Mayor Nina Bifolchi.
Vadeboncoeur, the leader of the city’s negotiating team, said talks will now begin with Bayloc Developments Inc., the city’s second-favorite developer, identified during last year’s request for proposals process.
“We look forward to meeting with Bayloc and discussing how we can reach a mutually beneficial agreement,” Vadeboncoeur said.
The five parcels of land that make up the town’s beachfront properties are between Spruce and Third streets and north of Mosley Street. The redevelopment of the district is a priority for the town hall. Mixed-use buildings and outdoor community spaces will rejuvenate the neighborhood and make it a year-round destination.
Additional general information
For a detailed overview of the municipality’s efforts to redevelop city-owned land on the main waterfront, see our project page.
Slate Asset Management