BOSTON — The Roman Catholic Archdiocese of Boston is looking to boost its income by signing a 99-year lease with a developer on a parking lot owned by the Cathedral of the Holy Cross in the South End.
The developer is transforming the parcel into a 160-unit apartment building with retail space.
Both parties say the lease will produce steady income for the cathedral, though it is unclear how much because the details are confidential.
The cathedral will also essentially keep its parking lot because 70 spaces in the new building's underground garage will be assigned to the church.
Deborah Dillon, director of property services for the archdiocese, tells The Boston Globe the deal could serve as a model for the church, whose parishes tend to be property rich but cash poor.
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