RFP 27-02 Sale of the Pearl St Parking Garage

The Commonwealth of Massachusetts is soliciting proposals for the sale of the Pearl Street Parking Garage, with proposals due September 14, 2026 under RFP 27-02.

The procurement seeks qualified buyers or development entities to acquire the municipally-owned parking garage property. The RFP process is designed to identify the most advantageous buyer or redevelopment partner. Proposals will be evaluated on qualifications, proposed use of the property, financial capacity, and project vision. The municipality may impose specific requirements regarding future use, development timelines, or community benefits as evaluation factors.

Site visits and pre-proposal conferences are available to allow bidders to inspect the property and obtain clarification on project requirements. The successful proposer will be awarded the right to purchase or develop the property under terms negotiated as part of the RFP process. Pricing, payment terms, minimum bid requirements, earnest money deposits, and any financial guarantees will be established within the RFP specifications. The selected proposer bears responsibility for funding the acquisition, with the municipality seeking fair market value or equivalent consideration for the asset. Current operational status of the parking garage, including revenue history and maintenance condition, informs bidder assessments.