🔹 What's Happening With Project X?

When does the lease agreement for the residents parking spaces expire?
 
eswwaa said:
Thread is closed so I posted this here but seems like some movement on the Harbor Garage project...

http://www.bostonglobe.com/business...ajor-hurdle/i0IpklcvRnewgpXxJS9ZcL/story.html
Click to expand...


As noted in the article, the design is up in the air.
The design of the building itself still is undetermined.
Click to expand...

From the article, the design is still constrained by parameters set out by the city with respect to total height and massing. The requirement of new shadows on Long Wharf in late October constrains the design; as the city noted back when, Chiofaro can get to 600 feet on the SW corner of the site, but that results in a thin building that has less square feet than a lower building.
 
Correct. The long list of requirements leaves no room for error, and forms the shape of the tower.

i see; 12-20 floors of offices; w/ a terrace over the Greenway, then, narrow condo tower rising above w/ the Mechanicals at the south edge of the tower's roof.


 
Last edited:
stellarfun said:
As noted in the article, the design is up in the air.


From the article, the design is still constrained by parameters set out by the city with respect to total height and massing. The requirement of new shadows on Long Wharf in late October constrains the design; as the city noted back when, Chiofaro can get to 600 feet on the SW corner of the site, but that results in a thin building that has less square feet than a lower building.
Click to expand...

Since the developer seems to be giving to the area instead of taking. Why not just issue him a 100million in tax breaks to build within the parameters to get rid of the garage that blocks 95%of the waterfront from the public.

Like every other corporation and developer in the city

Unless you believe the garage is a better option for the public than chiofaro plan.
 
The garage doesn't t block the waterfront from the public. There is a passage to the east of the garage, between East India and Milk, even has trees and benches.
______________________________

Before getting too excited about progress, Mr. Chiofaro has a $90 million balloon note due this summer. He either has to pay it off, or re-finance. Five years ago, he re-financed the previous balloon note. If the note's not paid, and there's no re-financing, he could wind up like the Kushners with their white elephant of a building in New York, where Vornado greedily awaits.

THe current note.
https://www.boston.com/uncategorize...90m-in-financing-for-the-boston-harbor-garage

The previous note.
https://www.businesswire.com/news/h...-Million-Financing-Arranged-HFF-Boston-Harbor
 
stellarfun said:
The garage doesn't t block the waterfront from the public. There is a passage to the east of the garage, between East India and Milk, even has trees and benches.
______________________________

Before getting too excited about progress, Mr. Chiofaro has a $90 million balloon note due this summer. He either has to pay it off, or re-finance. Five years ago, he re-financed the previous balloon note. If the note's not paid, and there's no re-financing, he could wind up like the Kushners with their white elephant of a building in New York, where Vornado greedily awaits.

THe current note.
https://www.boston.com/uncategorize...90m-in-financing-for-the-boston-harbor-garage

The previous note.
https://www.businesswire.com/news/h...-Million-Financing-Arranged-HFF-Boston-Harbor
Click to expand...

Not sure if you understand finances. I don’t know the developers financial situation or the overall details of the deal
But according to bostons market for parking garages.
Winthrop garage just sold for 155million just for the development rights.
Harbor garage including its parking revenues and priceless location is worth much more in my opinion

That garage location has some serious value. It wouldn’t surprise me if celebrities and athletes buy Chiofaro condos. These condos will break records prices in my opinion as long as the market hangs in there.
 
When I would sit down with Госпла́н, they too would ask if I knew anything about finances.

MP gets 1.6 million sq ft; Chiofaro gets 900,000. Chiofaro paid $153 million for the property way back when, MP will be paying a bit north of $160 million, when all is said and done, for the Winthrop garage property.

Chiofaro's last estimate (2014) of the cost of demolishing the garage and rebuilding it was $185 million. Basically, his sunk cost before he starts building above grade is >$335 million ($185 + $153).

Permanent financing for a new garage: $185 million for 20 years at 4.25% would be $13,750,000 a year, about $37,500 a day. A thousand cars a day, every day, paying an average of $37.50 for parking would cover the financing costs.

So I would answer, 'немного'.
 
So you’re saying after all is said and done this may not be financially feasible...


Anything going on with Sullivan courthouse ? I thought that was good to go now.
 
Even as a simpleton dog, I can still sniff a govno zabarchi process. (Apologies for Romanization, my 70's era Russian is fading.)
 
this is on the city, state, and the entire BRA processs at this point for not promoting smart developments. If I was developer I wouldnt even bother risking to build this.
I would issue 99 year leases on the parking spots unless the city gave me 100 million dollar tax breaks.

How many parking spots in harbor garage 1500? figure out the math.


Dock square parking just sold for 160million
 
Last edited:
You must log in or register to reply here.

Back
Top