Tower plan filed: $200M downtown complex eyed
By Thomas Grillo |Tuesday, November 4, 2008
Despite a credit crunch that has crippled development nationwide, a New York-based developer is bullish on plans for a $200 million residential and retail project in Downtown Crossing.
?If there ever was a time to launch a new development, it?s at the down point,? said David Begelfer, chief executive of the Massachusetts chapter of the National Association of Industrial and Office Properties. ?If you come in at the bottom, the chance that you?ll still be at the bottom by construction time is very unlikely.?
Midwood Management Corp. filed plans yesterday with the Boston Redevelopment Authority to demolish four stores at Washington and Bromfield streets and replace them with a 28-story tower. If approved, the development will include six floors of retail totaling 49,200 square feet and 276 residential units on the upper levels. Construction is expected to start in 2010.
?It?s very exciting bringing new residential and retail development to the Downtown Crossing,? said Rosemarie Sansone, president of the Downtown Crossing Association.
The project would be across the street from One Franklin - the $700 million redevelopment of the former Filene?s building, where the developers are still searching for the final $50 million in financing. The 39-story, mixed-use One Franklin project is expected to bring 300,000 square feet of retail, 166 condominiums, a 280-room hotel and 475,000 square feet of office space.