In October 1997, Riverside was identified as a possible site for a parking garage, but this was not pursued. On February 12, 2009, the MBTA authorized an 85-year lease of a portion of the Riverside parking lots for a mixed-use development. As originally planned, this development was to contain of office space, of retail space, and 190 residential units. In late 2019, the city rezoned the site to allow for a larger development. , plans call for of office space, of retail space, 582 residential units, a 150-room hotel, and a 1,990-space parking garage. The station will be modified with two elevators, new ramps, and a new canopy structure. A parcel at the southwest end of the yard, originally to be used for the development, will be retained by the MBTA for yard expansion beginning around 2024.