BOSTON–David and James Stubblebine, principals of The Stubblebine Company/CORFAC International, sold the iconic 2.16 acre Boston Cab site to Cabot, Cabot & Forbes and CIM, CC&F’s development partner, recently for $51 million.
After being devastated by the ongoing onslaught of Uber and Lyft, Mr. Ed Tutunjian, the founder and principal of Boston Cab, decided to sell the 2.16 acres site for $51 million.
The subject property is comprised of approximately 92,882 square feet of land located at 60, 69 and 80 Kilmarnock Street and 59 Queensberry Street in Boston. Although their business has been significantly undermined by the aforementioned competitors, Boston Cab is still the largest cab operation in New England with 362 Medallion taxis.
The Fenway neighborhood is renowned for being a cultural hub, home to Fenway Park, Symphony Hall and many exquisitely curated museum exhibits. Few Boston neighborhoods have undergone as rapid growth as the Fenway with the addition of a diverse mix of new restaurants, apartments, condos, hotels and retail shops.
According to David Stubblebine, principal of The Stubblebine Company, “the site represents a phenomenal re-development opportunity in a white-hot area. We are very confident that the new ownership entity will be extremely successful with their development plans.”