A group of Philadelphia insurance companies is interested in putting up a $50 million apartment house development on the MTA carbarn property, City Councillor Alfred E. Vellucci said yesterday.
Vellucci told the City Council that he had recently been approached by Rodney W. Long '22, a local realtor, who asked his help in getting co-operation from various city organizations. Long represented a group interested in putting five 20-story apartment houses on the site, according to Vellucci.
The disclosure came while members of the Cambridge Redevelopment Authority were appearing before the Council's Finance Committee seeking an appropriation of $107,436 as the city's share in the Riverview Urban Renewal project.
He indicated that the group wanted to buy or lease the property itself or the air rights over it, and said he understood that Long had returned to Philadelphia to consult with the prospective developers. At present Long is on a trip to New York and Philadelphia, it was reported last night.
Members of the authority told Vellucci they knew nothing about the reported $50 million development. The appropriation they seek would pay one third of the cost of clearing a two and a half acre site at the corner of Mt. Auburn and Sparks Sts., leaving it open for private housing development.
Councillor Joseph A. DeGuglielmo '29, prepared an order requesting that Long be invited to discuss the matter at the next council meeting. But in a state of parliamentary confusion, the council, over which vice-Mayor Vellucci presided, adjourned leaving much unfinished business, including the DeGuglielmo order.