- Dec 1, 2015
- Reaction score
I don't know. This might be the diciest call in Boston. i suspect Millennium is out. What do revenues support? (ok that's determinate). Are revenues stable over the next 20~25 years? Maybe. The property's true condition is murkier. Add the complex (no make that) nightmare process for Air Rights: fiasco's (now up to) 1 proposed (1999) + 3 approved towers (2014~2018) for the Boylston Square/Copley area. Developers may find themselves neck deep in quicksand. When i saw that iag packing the table for 1000 Boylston, i could hear a giant sucking sound. Not much surprise when the project ultimately was shelved.If they get $650 million I think it is worth it. If they get $500 million I wouldn't object strenuously, but I wouldn't say it is a good deal at all. If they get $300 million I think that is a steal... as in someone should go to jail.
Time is of the essence. The economy is softening. Is the City already planning in the next cycle? The City/State must partner up to create a job site (soon), including possibly a tower designed for height and revenue. Golden should hire an MIT math/economics whiz tomorrow to write a formula for Air Rights. If the correct formula can be attained, it'll be a pain saving measure serving the public good.