Aerial View of the Rose Fitzgerald Kennedy Greenway in Boston, Massachusetts
Source: Credit to the Rose Fitzgerald Kennedy Greenway Conservancy
Project Name | Rose Kennedy Greenway, Freeway Cap Park |
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Location | Boston, Massachusetts |
Project Sponsor / Borrower | Massachusetts Turnpike Authority [now the Massachusetts Department of Transportation (MassDOT)], the Commonwealth of Massachusetts, the City of Boston, and the Greenway Conservancy |
Program Areas |
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Value Capture Techniques | Asset Recycling, Joint Development/ Air Rights Development, & Special Assessment (Local Improvement Districts/Business Improvement District |
Mode | Tunnel, Freeway Cap Park (the elevated highway was relocated in underground Boston) |
Description | The Rose Fitzgerald Kennedy Greenway is a contemporary public park in the heart of Boston. An organically maintained commuting corridor and an outdoor activity and play space, this greenway stretches for 1 1/4miles and contains 11 acres of protected parkland. While owned by the Massachusetts Department of Transportation, which also owns and manages the “Tip” O’Neill Tunnel underneath, these parklands are managed and maintained by the Rose Fitzgerald Greenway Conservancy. The greenway attracts millions of visitors who want to gather, play, unwind, and explore in its landscaped gardens, promenades, plazas, fountains, art, and specialty lighting systems. After nearly a decade of planning, construction began in 1991 on the Central Artery/Tunnel Project or “Big Dig.” The project aimed to remove the elevated highway and create a tunnel system below the city. It also allowed community leaders to reconnect some of the city’s oldest neighborhoods to the waterfront. The 17-acre park now stretches between Chinatown through the Financial District, Waterfront, and North End neighborhoods. Within the park, visitors can enjoy various activities, art festivals, food truck competitions, concerts, and shopping at the park’s parcels:
In addition, visitors can enjoy a variety of free events, such as contemporary public art installations, outdoor fitness classes, a one-of-kind Greenway Carousel, organically cared for plants and landscapes, open-air beer and wine gardens, guided horticulture and public art tours, weekly farmers and artisans markets, signature fountains, and splash pads. The Greenway Conservancy is a non-profit organization that was established in 2004 to guide park development and raise funds for an endowment and park operations. The park opened to the public in 2008, and the Conservancy operates it with a lease from MassDOT. Many parcels of the park have been developed, but some remain in the planning stages. Seeing that abutting properties benefited greatly from The Greenway, the Greenway Conservancy, the State, the City, and adjacent property owners negotiated a Business Improvement District (BID) to support the Greenway Conservancy’s care of the park. BID contributions are financed by an elective tax on properties one block off the park on either side. |
Cost | $40 million from Federal and States |
Funding Sources | Capex
Operating Budget: The conservancy has an annual operating budget of $5 million
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Project Delivery / Contract Method | N/A |
Private Partner | The Greenway Conservancy & Business Improvement District (BID) |
Project Advisors / Consultants | N/A |
Lenders | N/A |
Duration / Status | Construction began on the park’s Central Artery/Tunnel Project in 1991. Since that time, the Greenway Conservancy has continued to develop the park’s parcels. The Business Improvement District went into effect in June 2017 and is to remain in effect until June 2023. |
Financial Status / Financial Performance | The Business Improvement District contributes $250,000 each quarter to the Greenway Services Contribution. It contributes $125,000 each quarter to the Greenway Enhancements Quarterly Contribution. This funding is used to make enhancements in accordance with the Greenway Parks Maintenance Standards and Practices. MassDOT will pay a total of $5,250,000 in quarterly payments for horticultural and maintenance support of the Greenway. MassDOT will also provide $1,742,685 in operating support, including continued use and occupancy of office space, and continued payment of water and electricity bills. The Conservancy is to develop a five-year capital improvement plan for the Greenway. |
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Contacts |
People walking in the Labyrinth, a feature in the Armenian Heritage Park in the Rose Kennedy Greenway
Source: Credit to the Rose Fitzgerald Kennedy Greenway Conservancy