Another high-profile Dorchester commercial property has hit the market as a potential development site.
The owners of the former Philips Old Colony House restaurant are seeking joint venture partners or developers interested in ground-leasing the 1.8-acre site at 780 Morrissey Blvd.
The property could support approximately 156,000 square feet of development under the current zoning, said Christopher Sower, a senior vice president at Colliers International Boston which has been hired to market the property.
Recent developments such as Hub 25 near the MBTA’s JFK-UMass station have been leasing apartments in the $4 per square foot range, pointing toward the Philips property’s redevelopment potential as a multifamily development, Sower said.
Higher densities could be available if the developer pursues a planned development area approval through the Boston Planning and Development Agency.
“It seems like there’s support for higher density along this corridor, and this type of development is exactly what the city is looking for in its housing plan,” Sower said.
The seller, Bay Colony Assoc., is affiliated with the owners of the nearby Boston Bowl and Phillips Candy House properties. The restaurant which closed last year was most recently known as the Freeport Tavern.
Development has been marching south along the Red Line corridor as developers target the rental market for those unable to afford downtown rents. In North Quincy, a former MBTA parking lot may be redeveloped as housing, while the BPDA is rezoning the Dorchester Avenue corridor in South Boston between Broadway and Andrew stations for high-rise multifamily and mixed-use developments. A 362-unit multifamily development called Dot Block has been approved at 1205 Dorchester Ave.
The 780 Morrissey Blvd. site is over a mile from the nearest MBTA station at Fields Corner but is served by an MBTA bus stop and has high visibility from the Southeast Expressway.