According to SAMPAN:

The Asian Community Development Corporation has teamed with lead developer New Boston Development Partners to build more than 300 apartments and condominiums on property known in Chinatown as Parcel 24. They said recently that a 99-year lease agreement and development agreement with the Massachusetts Turnpike Authority could close as early as the end of August.

The land is being freed up now that major construction of the new Central Artery tunnel is completed.

Although the article says the group has been negotiating with the Mass Turnpike Authority for two years, in fact the process has been underway for at least twice as long.

The development project is scheduled to begin within two years, with an estimated cost of $127 million.

The mixed-income building, which would be about 20 stories at its highest point, would include 70 apartment units and up to 99 condo units priced according to the city’s affordable-housing limits or below and up to 189 market-rate condos.

Oh, and by the way, the Asian Community Development Corporation is getting the acre property for the princely sum of ... $1.

One dollar.

- location of Parcel 24

- Hudson Street demolition project, 1950s

Read on: After Two Years, Hudson St. Land Deal Nearing Finish Line - By Adam Smith, SAMPAN

Also, read more about Parcel 24: Righting past wrongs? Chinatown, split by highways decades ago, prepares to reconnect after the Big Dig - By Ric Kahn, The Boston Globe