tobyjug
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Millennium Tower (Filene's) | 426 Washington Street | Downtown
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JimboJones
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Re: Filene's
Filene's construction stopped?
Don't worry, our Mayor's on it!
http://johnakeith.com/wp-content/uploads/2008/11/vn00001-20081112-1930.amr
INTRO from Emily Rooney: " ... it's a sign of the times."
Mayor Menino: " (unintelligible beginning) ... sign of indicative of what's happenin' in maja cities frou-out America, the- the banks aren't len- lending money like they were in the past cuz' there's really a question of how they fun ... finance these projects ... it's ah ... so we have to be ... ah ... very careful ... I wan' cranes out there, I wan' people workin' and ah ... that's my ah ... mandate to the ah ... Boston Redevelopment Authority."
Filene's construction stopped?
Don't worry, our Mayor's on it!
http://johnakeith.com/wp-content/uploads/2008/11/vn00001-20081112-1930.amr
INTRO from Emily Rooney: " ... it's a sign of the times."
Mayor Menino: " (unintelligible beginning) ... sign of indicative of what's happenin' in maja cities frou-out America, the- the banks aren't len- lending money like they were in the past cuz' there's really a question of how they fun ... finance these projects ... it's ah ... so we have to be ... ah ... very careful ... I wan' cranes out there, I wan' people workin' and ah ... that's my ah ... mandate to the ah ... Boston Redevelopment Authority."
Ron Newman
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Re: Filene's
What - he said the BRA was taking over the project?
What - he said the BRA was taking over the project?
Boston Needs A ShakeShack
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Re: Filene's
Breaking News: Mayor to Affix Extra Large Mappin To Filene's Site
Breaking News: Mayor to Affix Extra Large Mappin To Filene's Site
JimboJones
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Re: Filene's
No, Ron, just that he was mumbling.
There was a story on Greater Boston tonight. Em Rooney ran a piece about the hole in the ground. Three women passersby were interviewed; two said they didn't shop in DTX any longer since Filene's Basement was gone; the third gets points for accurately pronouncing "Fi -leenes", not "Feye - leenes".
Then she interviewed John Rosenthal who seemed pretty damn happy that he's not breaking ground for another year. He compared his project to the Filene's project and said no lender would want to give Hynes money right now, since it includes a hotel and condos, whereas his is retail, office space, parking, and apartments.
He also said that Filene's was difficult to do because it was "$700 million, not $500 million".
He loses points for using the term, "perfect storm."
No, Ron, just that he was mumbling.
There was a story on Greater Boston tonight. Em Rooney ran a piece about the hole in the ground. Three women passersby were interviewed; two said they didn't shop in DTX any longer since Filene's Basement was gone; the third gets points for accurately pronouncing "Fi -leenes", not "Feye - leenes".
Then she interviewed John Rosenthal who seemed pretty damn happy that he's not breaking ground for another year. He compared his project to the Filene's project and said no lender would want to give Hynes money right now, since it includes a hotel and condos, whereas his is retail, office space, parking, and apartments.
He also said that Filene's was difficult to do because it was "$700 million, not $500 million".
He loses points for using the term, "perfect storm."
Boston02124
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Re: Filene's
today!
today!
Boston02124
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Re: Filene's
lol! we now have book end dirt piles in DTC!
lol! we now have book end dirt piles in DTC!
underground
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Re: Filene's
SOAR!!!
SOAR!!!
Beton Brut
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B
BostonSkyGuy
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Re: Filene's
Let's make lemonade out of lemons.
They could use this as the site for the 2009 World Sandcastle Building Championships. I'm sure that would draw tens of people to help boost the local economy.
Let's make lemonade out of lemons.
They could use this as the site for the 2009 World Sandcastle Building Championships. I'm sure that would draw tens of people to help boost the local economy.
Suffolk 83
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Re: Filene's
I still feel positive about this: it won't be Kennsington place part deux. I'll put money on it.
I still feel positive about this: it won't be Kennsington place part deux. I'll put money on it.
czsz
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Re: Filene's
At least Boston isn't the only city the financial crisis is leaving with incompetently-conceived holes in the ground.
This is the entire square block of central London that was once slated for a chichi development called NoHo Square. Financing fell through, and ownership reverted to a none-too-solvent Icelandic bank. Result: hole, for god knows how long:
They tore down a 1930s hospital for it (you can see some of the surviving remnants being propped up for facadectomy purposes).
At least Boston isn't the only city the financial crisis is leaving with incompetently-conceived holes in the ground.
This is the entire square block of central London that was once slated for a chichi development called NoHo Square. Financing fell through, and ownership reverted to a none-too-solvent Icelandic bank. Result: hole, for god knows how long:
They tore down a 1930s hospital for it (you can see some of the surviving remnants being propped up for facadectomy purposes).
Suffolk 83
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Re: Filene's
I was poking around other sites and saw that in Chicago, the Chicago Spire and the Watergate Tower were both on hold with financing problems. The Spire is a circular hole in the ground and the Watergate has about 15 stories out of the 95 some stories built. The trump tower, though nearly done at least on the outside, is also having some difficulties. Those are three huge projects on prominant pieces of land that are suffering much like Filene's....
My previous hopes of this circling patern ending soon might be a little too optimstic. Its really sad to see a partially torn down building sitting in such a prominent area... and who knows when its going to end.
I was poking around other sites and saw that in Chicago, the Chicago Spire and the Watergate Tower were both on hold with financing problems. The Spire is a circular hole in the ground and the Watergate has about 15 stories out of the 95 some stories built. The trump tower, though nearly done at least on the outside, is also having some difficulties. Those are three huge projects on prominant pieces of land that are suffering much like Filene's....
My previous hopes of this circling patern ending soon might be a little too optimstic. Its really sad to see a partially torn down building sitting in such a prominent area... and who knows when its going to end.
Jane Jetson
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Re: Filene's
Tuesday, December 9, 2008 - 9:32 AM EST
Boston putting up $40M for developmentBoston Business Journal
The city of Boston is creating a $40 million pool to fund bridge loans for developers whose projects have been stalled by the credit crunch ? including the tower at the former Filene?s site in Downtown Crossing, Mayor Thomas M. Menino said Tuesday morning.
The $40 million is coming from the federal Housing and Urban Development.
Menino stressed that the funds, which will be available in about four months, is only for projects that are ready for ground-breaking.
?It can?t be somebody?s vision fo doing something great,? he said.
?What we?re doing is speculating. Just like with the hotel issue, where we were able to get four hotels,? he told a Chamber of Commerce forum, referring to a loan pool the city created to advance stalled hotel projects after the Sept. 11 terrorist attacks.
In addition to the proposal for 1 Franklin St., in Downtown Crossing, other projects that could use the money to leverage bridge loans include stalled university buildings, Menino said.
The plan is called ?Boston Invests.?
Tuesday, December 9, 2008 - 9:32 AM EST
Boston putting up $40M for developmentBoston Business Journal
The city of Boston is creating a $40 million pool to fund bridge loans for developers whose projects have been stalled by the credit crunch ? including the tower at the former Filene?s site in Downtown Crossing, Mayor Thomas M. Menino said Tuesday morning.
The $40 million is coming from the federal Housing and Urban Development.
Menino stressed that the funds, which will be available in about four months, is only for projects that are ready for ground-breaking.
?It can?t be somebody?s vision fo doing something great,? he said.
?What we?re doing is speculating. Just like with the hotel issue, where we were able to get four hotels,? he told a Chamber of Commerce forum, referring to a loan pool the city created to advance stalled hotel projects after the Sept. 11 terrorist attacks.
In addition to the proposal for 1 Franklin St., in Downtown Crossing, other projects that could use the money to leverage bridge loans include stalled university buildings, Menino said.
The plan is called ?Boston Invests.?
pelhamhall
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Re: Filene's
There was no doubt the developers of Filene's would come with hat in hand for our tax money.
My guess is this was done behind the scenes and the PR team spun out a story that the city was "creating" this pool of funds and "offering" it to developers.
If the headline was "wealthy developers ask for taxpayer hand-out" it never would have worked. This is a much smarter way of approaching the use of my tax money to line the pockets of inept real estate developers.
There was no doubt the developers of Filene's would come with hat in hand for our tax money.
My guess is this was done behind the scenes and the PR team spun out a story that the city was "creating" this pool of funds and "offering" it to developers.
If the headline was "wealthy developers ask for taxpayer hand-out" it never would have worked. This is a much smarter way of approaching the use of my tax money to line the pockets of inept real estate developers.
pelhamhall
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Re: Filene's
Think of the financing as a stone archway - every little piece of financing is crucial to hold together the rest of the financing. Even if they only get $10M from the city, they can get another $10M elsewhere, and piece by piece, bit by bit, they are constructing the financing 'arch' - they already have several pieces of large debt put together for the property - they are searching around for the missing chunks, not the entirety of the $700M. Every little bit of money they can find makes other lenders view the property more favorably.
Think of the financing as a stone archway - every little piece of financing is crucial to hold together the rest of the financing. Even if they only get $10M from the city, they can get another $10M elsewhere, and piece by piece, bit by bit, they are constructing the financing 'arch' - they already have several pieces of large debt put together for the property - they are searching around for the missing chunks, not the entirety of the $700M. Every little bit of money they can find makes other lenders view the property more favorably.
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