(ATR) The site of the Boston 2024 Olympic stadium will be redeveloped with or without the Games, says Marty Walsh.
The mayor of Boston spoke with the Boston Globe to share his wishes for the Widett Circle site, saying it could generate over $100 million in taxes each year once developed.
"I think it’s something we absolutely move forward with, whether or not we get the Olympics," Walsh said to the Globe.
"We have very little land mass to actually grow our city."
Widett Circle would house the Olympic stadium for the Boston 2024 bid, which will be removed after the games to create a new neighborhood in South Boston. Boston 2024 plans to use a master developer for the site, which will encompass an 18-block area after the temporary stadium is removed.
According to a report from the Globe, the developer would have to access close to $1 billion in capital to finance the project, but could also receive tax breaks for up to 40 years to help ensure the project’s viability.
"I think it would have great international, global appeal," Virginia Greiman, a Boston University professor specializing in large infrastructure projects, said to the Globe.
"I don’t think you could limit yourself to just local developers because you need a very strong conglomerate to be able to carry this off and make sure the plans are viable."
Walsh added that the Hudson Yards project in New York City is an example of what Boston could do with the land that encompasses the New Boston Food Market, and a cold storage facility.
After failing to secure the 2012 Olympics, New York City continued its plans to redevelop over a rail yard on Manhattan’s west side, now known as Hudson Yards. The original Olympic stadium site now has two developers building retail and office buildings along with apartments in the space.
Boston 2024 released its revised bid plan on Jun. 29, with a $4.8 billion dollar budget and approval from the United States Olympic Committee.
Written by Aaron Bauer
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