Banker & Tradesman | By Steve Adams
December 2, 2016
Harvard University has paid $147.3 million to complete its acquisition of four parcels from CSX Transportation in Allston in the latest step of a 16-year campus expansion.
CSX Transportation had retained easements to operate its Beacon Park rail storage yard after Harvard acquired the 47-acre site known as Allston Landing South in 2003. The latest transactions completed Nov. 17 involve CSX yielding its easements to the parcels after having completed environmental remediation, said Kevin Casey, a Harvard spokesman.
The crescent-shaped site forms the southern-most section of the I-90 Allston study area, where Harvard has been working with state and local officials on development guidelines following the upcoming realignment of the Massachusetts Turnpike near the recently-demolished Allston-Brighton toll plaza.
Realignment of I-90 is expected to open up millions of square feet of potential development in the neighborhood.
The Massachusetts Department of Transportation is drawing up final plans for the turnpike realignment, including replacement of the 51-year-old Allston viaduct and construction of a new MBTA commuter rail station. MassDOT is expected to file a draft environmental impact report next year with its preferred version of the turnpike realignment.