More on the MTA’s decision to lease, not sell, Rail Yards site

Following up on Crains’ reporting last week,  the Times reports this morning on bidding developers’ (anonymous) initial responses to the MTA’s request for new information (the Times reporter says “new bids,” although that’s not how the MTA framed it)  reflecting the transit authority’s desire to lease, rather than sell, the land. The article hints that the developers are chafing under the new specifications, suggesting that the ongoing and deepening credit crunch and the related real estate bust are market factors that will limit developers’ response options. Time will tell whether or not this development will alter the dynamics of the MTA’s decision-making process – though the article indicates that the MTA still plans to pick a winner by the end of next month.

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