An empty Marine Industrial Park parcel, the site of Cirque du Soleil's big top tents this summer, could be one step closer to being developed as a possible biotech center if the long-stalled project gets the BRA board's approval tonight.
The Kavanagh Advisory Group is seeking a 70-year lease with the city's Economic Development Industrial Corp., the arm of the Boston Redevelopment Authority that manages the park. The lease, according to BRA documents, would require the developer to pay an initial rent of $314,667 in March 2017 and annual payments of $539,430 thereafter.
The EDIC in 2011 gave the Danvers-based group a one-year contract to redevelop the 179,810-square-foot site at 6 Tide St. That contract, which has been renewed five times, requires Kavanagh to pay $75,000 a year to lease the site. It got a pass on rent this year, however, because Cirque du Soleil paid $175,000 to use the site from May 5 until July 1.
Eric Gervais of the Kavanagh Advisory Group said its proposed 360,000-square-foot, four-story building — its permitted uses include biomedical and life-science offices and labs — "will set the standard for innovation within that district."
Gervais cited negotiations with prospective tenants for delaying development. "These projects simply take time," he said.
City Councilor Michael Flaherty said yesterday he wants the BRA to make the developer pay its six-figure rent sooner to ensure the site is developed quickly.
"We need to protect against land banking," he said.
The BRA in a statement called it an "extremely competitive lease structure" that will lead to the development of an underused parcel and the creation of new jobs.
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