City of Boston, Northeastern U. Forge Agreement on 10-Year Master Plan
The City of Boston and Northeastern University have reached agreements on an Institutional Master Plan (IMP) and Payment-in-Lieu-of-Taxes (PILOT), which include housing commitments and community benefits for the city and neighborhoods around Northeastern. The IMP enables eight new projects that the university plans to pursue over the next decade, including on-campus student housing, a long-planned redevelopment of the century-old Matthews Arena and academic spaces.
Northeastern’s new five-year PILOT agreement with the city includes cash and community benefits commitments of more than $49 million. As part of the first written PILOT agreement between the city and Northeastern in decades, the university will increase its annual PILOT cash payments from $1,900,000 in FY25 to $2,600,000 in FY30.
“Northeastern’s Institutional Master Plan represents a balanced approach that allows the university to invest in its institutional growth with a renewed commitment to housing stabilization for the surrounding communities,” said Boston Chief of Planning Kairos Shen.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Recckio Real Estate & Development
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Northgate Real Estate Group
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Essex Property Trust, Inc.
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