There has been a lot of hype over the years about the potential redevelopment of Parcel 3, a large tract of vacant land off Tremont Street.

But so far there has been little action, though a recent announcement by City Hall does raise a small glimmer of hope.

For years, neighborhood activists and leaders have campaigned to transform the empty eight acre lot near Boston’s police headquarters into a commercial and arts hub for the Roxbury area.

After more than a decade of talk, it looked like the Boston Redevelopment Authority was poised to finally get rear in gear on this key project back in 2005/2006 when all things real estate were hot. Instead, the typical byzantine city/neighborhood selection process saw one group of local businessmen get the deal, only to have it revoked in favor of a local nonprofit, led by a prominent neighborhood artist, with plans for a museum and retail and commercial development clustered around.

The new group – Elma Lewis Partners – then struggled to line up financing for its $300 million-plus Ruggles Place. So it convinced City Hall to extend its deal for 18 months back in 2009. OK, well now that grace period is over. So city officials have given the would-be nonprofit developers another 18 months to work with. Sounds like the same old, same old of pushing a hard decision down the road, but maybe not. A local developer, Feldco Development Corp., has joined the mix. And, as we head into 2011, the economy is finally starting to brighten again. A groundbreaking would be sweet, but we are likely still a few years out.

Banker and Tradesman / by Scott Van Voorhis