11-21 Bromfield Street | DTX | Downtown

Save the Payless. A mixed street front is a Boston tradition. Resist destructive nibbling.
 
Equilibria said:
BCDC:

bpda.app.box.com

20210511 11-21 Bromfield BCDC Presentation.pdf | Powered by Box

bpda.app.box.com bpda.app.box.com

They've got a whole set of slides in here that basically amount to "no really, we'll put in the trees". BS.
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Slide 46, BROMFIELD STREET LOOKING NORTHWEST/Updated Proposal With Curb

1.) This project is 11 Bromfield Street--and yet the graphic designer mislabeled the doorway with the number "12"--UR DOING IT FAIL, DESIGN TEAM!

2.) In what is either an act of breathtaking cynicism or grotesque indifference, the BPDA permitted the developer to propose an asymmetrical public-realm improvement: the sidewalk on 11 Bromfield would get the fancy new treatment, but the far sidewalk would stay ratty. UR DOING IT FAIL, BPDA!

1.) is an amusing mistake; 2.) is unforgivable and beclowns the whole notion of "public improvements" in the first place. Why bother if the end result is going to be asymmetrical? What revolting joke....
 
This looks lovely. More offices here will help the streetlife and retail in DTX, too.

We've been hearing "missed the cycle" for years now. May happen soon if we let it. I certainly hope so
 
https://www.bostonglobe.com/2021/07/16/business/top-bpda-official-leaving-city-hall-amazon/

this proposal--and all others that may be at the same juncture--was presumably already in a race vs. time in terms of what happens in November, especially if Michelle "Abolish The BPDA" Wu gets elected (and I state that wholly objectively, without malice towards her anti-BPDA absolutism).

This news may make things even more anxious/tense for the proponents--and any other similarly high-profile proposals in a similarly delicate position (others feel free to list such proposals, I imagine there are a few out there but I just happen to be ignorant of them...)
 
DPIR: https://bpda.app.box.com/s/0augzh2btuy1zkaljvcyycum0661ksxb

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I wonder how many tenants at 45 Province opposed the taller residential proposal, and if they are completely regretting it now! Not only does this one steal all the same views, but it's soooooo much fatter! Going to be a real oppressive piece of shit building and exhibit A for the 45 Province tenants why width is the real enemy here, not height! Yuck!

If this isn't the complete opposite of World Class, I don't know what is. Way to botch one of the city's last parcels that could eclipse 700'!

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DZH22 said:
If this isn't the complete opposite of World Class, I don't know what is. Way to botch one of the city's last parcels that could eclipse 700'!
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There was not a single chance in heck that this parcel, nor any other this close to the Common, would eclipse 700'.
 
Equilibria said:
There was not a single chance in heck that this parcel, nor any other this close to the Common, would eclipse 700'.
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Shadows missed the Common with the 709' prior proposal. It's bad enough we have to stifle all development based on missing 15 extra minutes of sun on an early January morning. Now we should have to stifle everything just based on being "close" even if it doesn't cast a shadow there at all? Let's not give Michelle any ideas.....
 
Yea its short but I think the design and materials are awesome. Nice street wall as well. I HATED the round cantilever tower proposed before, but I know a lot of people liked it. To me personally this is a million times better and I think the color pallette goes great with Boston.
 
I assume the facade is going to be VE’d into a two-dimensional terracotta take on the renders.
 
I liked the round cantilever tower personally, but the conversion from residential to office killed that. I much prefer the retail treatment on this project too.

Build it yesterday.
 
I don't get this - who needs new office construction? It seems every office building (and then some) in MA is doing or considering conversion to labs and they are proposing office here? wft?
Why not build residential? People are clearly returning to the city - if you follow rental rates, it's pretty obvious. In places like Seaport and Kendall it's getting completely ridiculous...
 
Smartiro said:
I don't get this - who needs new office construction? It seems every office building (and then some) in MA is doing or considering conversion to labs and they are proposing office here? wft?
Why not build residential? People are clearly returning to the city - if you follow rental rates, it's pretty obvious. In places like Seaport and Kendall it's getting completely ridiculous...
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My speculation--and this is only speculation: these guys could easily, and I stress easily, self-finance this if they wanted. Look at the size of their portfolio--132 properties nationwide as the website advertises. And the vast majority of the properties are all in the most lucrative markets of the urban Northeast.

Their revenues must be in the tens of millions a year. Plus, they've been around for 90 years, as the website points out here.

That means they started buying during the Great Depression. Think of what a fantastic appreciation they have enjoyed in the value of their assets, since 1930.

I would further speculate that they are burdened with very little leverage/debt, if any, given their asset base and superlong history.

Also, as far as I can tell they're privately-held. So they answer to no one other than themselves.

But because of what you're saying, I'm guessing they chose, for whatever reasons (I'm sure they're smart), to acquire a bank loan. So I bet the banks wouldn't finance them unless they chose office use. And my guess for that is because, if you think about it, the immediate DTX luxury residential market is pretty saturated. Remember Winthrop Center is adding 100s more units, 47 LaGrange coming online, and others on this forum have pointed out the significant slowdown in sales at One Dalton, etc., presumably due to loss of international buyers during pandemic.

And with everyone else leaping into the lab market, would they really want to be late to that party?

Again, all speculation.
 
Adrian Smith did Rowes Wharf. Inclined to let him do just about whatever he wants anywhere in the city because of that landmark. Just... can we keep the Payless building...? Do we have to "landscrape" another block?
 
stoweker said:
no one self finanances developments, you'd need a flipping ton of liquidity. You'd also need LPs to invest too and they aren't investing without a ton of preleasing. this deal is DOA until market conditions improve.
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I would guess they have several billions in liquidity, based on the information on their website. Assuming "LPs" translates to "limited partners," I would also guess they are very tightly-held in terms of only a few family members controlling all fractions of ownership. Why would pre-leasing necessarily matter in such circumstances, if their appetite is to be totally speculative?

That said, I'm not inclined to dispute your claim that it's DOA until Boston's office market strengthens.

Interestingly [confusingly?], there is abundant evidence that Boston's office market is the top nationwide currently.

[during the COVID era, is that like being the best player on the Baltimore Orioles?]

I really don't know how much the developers' analysis takes such reports into account though, obviously.

https://www.globest.com/2021/10/28/...nding-office-markets/?slreturn=20211004115331

https://bostonrealestatetimes.com/b...o-indicators-in-new-monthly-report-from-cbre/
 
Looks like a nice building for Alexandria VA.
 
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