11-21 Bromfield Street | DTX | Downtown

[dwash59]

The photos at the beginning of this thread show this building about seven years ago. It appears that little to no upkeep has been maintained since then and its aesthetic has deteriorated rather markedly.

Well, the developer has owned all these parcels for 7 years+. If I'm reading the deeds correctly, the developer has owned (using letters from map above in thread):

B - 3/29/2007
C - 6/20/1979
D - 11/6/2005
E - 1/27/2004

Any deterioration in the last 7 years is squarely on the developer.

 

[George_Apley]

Well, the developer has owned all these parcels for 7 years+. If I'm reading the deeds correctly, the developer has owned (using letters from map above in thread):

B - 3/29/2007
C - 6/20/1979
D - 11/6/2005
E - 1/27/2004

Any deterioration in the last 7 years is squarely on the developer.

I mean it makes sense for them. Buy the property; let it deteriorate; claim it's too far gone to bother incorporating into a redev; end up with an easy demo/new build without any preservation aspects; profit!

 

[ivyhedge]

I mean it makes sense for them. Buy the property; let it deteriorate; claim it's too far gone to bother incorporating into a redev; end up with an easy demo/new build without any preservation aspects; profit!

Reminds me of something a certain S Jobs did on a post war mansion in CA (that was on an historic property, if memory serves)...

 

[dirtywater]

From Banker & Tradesman:

The latest mega development proposal would bring a fifth tower topping 60 stories to the city skyline, in a neighborhood that’s been on an extended hot streak.

While Midwood executives aren’t commenting yet, the company is expected to formally begin permitting for a high-rise at least as tall as the 685-foot Millennium Tower Boston early next year.

 

[dirtywater]

Re: One Bromfield (28-story DTX tower) | 1 Bromfield Street | Downtown

In May, according to a deed filed in Suffolk County, Midwood spent $18.25 million to buy One Milk Street, a retail building and garage across Washington Street from the condo tower site. Its plans there are unclear

I suspect Midwood purchased this property so that it could include it in a PDA, which requires a site of at least one acre. The aggregate size of its properties on the other side of Washington Street do not appear to satisfy the acre requirement. Obviously the proposed project requires significant zoning relief. Obtaining variances from the Board of Appeal would create significant risk of a successful legal challenge. While PDAs can of course be challenged, they are much less susceptible to a successful legal attack.

 

[Suffolk 83]

If they do want something this tall they better get it approved before the millennium is filled or those people will surely sue to keep their views

 

[393b40]

If they do want something this tall they better get it approved before the millennium is filled or those people will surely sue to keep their views

Sounds like that's the plan, is it common for developer to be working with the BRA on something for a year in silence?

 

[DBM]

Sounds like that's the plan, is it common for developer to be working with the BRA on something for a year in silence?

Remember, the traffic management for this project (should it be approved and should the developer go ahead with it) will probably be the most difficult/complicated of any in recent memory in Boston. I wouldn't assign any nefarious/sinister element to any closed-door meetings w/ BRA; it really could be there's just so many complexities to the traffic management.

 

[Galactic]

Semi-insider info, but there is a lot of talk that this proposal is just a pump and dump scheme to offload this property. Hopefully that's incorrect as I'd love to see this tower materialize, but I'm not super optimistic.

 

[393b40]

What would pump and dump even look like here? It's already an enormously valuable property but the only quick way to make it more valuable is to get the tower approved and then flip it.

That's not terribly uncommon in Boston and has been employed on several sites where a developer doesn't want to deal with the construction process in Boston but knows how to navigate the zoning and approval process. Design the tower. Get it through the approval process then sell the parcel. This strategy has been used in the Seaport before.

Which seems like the only likely conclusion besides actually building the tower if the developer is to believed and has been working with BRA since early 2015.

I just don't see any other way to "pump and dump" a property. I don't see large scale real estate developers being easily solid on pure hype as a reason to buy a property for significantly more than the original purchase value.

 

[whighlander]

Remember, the traffic management for this project (should it be approved and should the developer go ahead with it) will probably be the most difficult/complicated of any in recent memory in Boston. I wouldn't assign any nefarious/sinister element to any closed-door meetings w/ BRA; it really could be there's just so many complexities to the traffic management.

Simple answer -- Yes

This project offers the best possible motivation to make the Orange DTX to Orange State pedestrian connection as a mitigation

By far the easiest means of improving overall system robustness and redundancy as well as enhancing overall throughput without a lot of expense

Although done right it be the start of a mini-version of underground Montreal

 

[Galactic]

What would pump and dump even look like here? It's already an enormously valuable property but the only quick way to make it more valuable is to get the tower approved and then flip it.

That's not terribly uncommon in Boston and has been employed on several sites where a developer doesn't want to deal with the construction process in Boston but knows how to navigate the zoning and approval process. Design the tower. Get it through the approval process then sell the parcel. This strategy has been used in the Seaport before.

Which seems like the only likely conclusion besides actually building the tower if the developer is to believed and has been working with BRA since early 2015.

I just don't see any other way to "pump and dump" a property. I don't see large scale real estate developers being easily solid on pure hype as a reason to buy a property for significantly more than the original purchase value.

Perhaps the term pump and dump is a bit extreme, but essentially the developers do not have the resources or connections to actually build a proposed tower this big. I think that you may be correct in assuming that they are trying to get the tower approved, and then see if they can sell the package to someone else.

 

[DBM]

Perhaps the term pump and dump is a bit extreme, but essentially the developers do not have the resources or connections to actually build a proposed tower this big.

"Do not have the resources"--what utter nonsense. These guys are bigshot Manhattan developers who just bought up $50 million-plus of the abutting Bromfield St. block to consolidate their foothold.

No one was whispering they didn't have the resources in 2007 when they first proposed this. Obviously they survived the '07-'09 recession just fine, and of course accrued another dozens (if not hundreds) of millions of dollars in rent on whatever massive Manhattan real estate portfolio they have, further solidifying their preexisting collateral to whatever debt load they may take on for this project. Ridiculous...

"Or connections"--now, that's a much more interesting hypothesis/speculation. Because, after all, they're Manhattanites. So even though they've owned the core Washington/Bromfield properties for years, they could face some stiff opposition/pushback for not being a "known commodity" in Boston development/real estate circles.... we'll see how the public process plays out, once they submit their LOI and the first renderings hit the real estate press.

 

[dirtywater]

Let the games begin:

59-Story Downtown Crossing Residential Tower Plans Revealed

By Steve Adams | Banker & Tradesman Staff | Mar 18, 2016
Midwood A New York City developer has unveiled plans for a 59-story, 607,000-square-foot skyscraper in Boston’s Downtown Crossing that would contain 473 condominiums and apartments. Midwood Investment & Development has been briefing neighborhood and business organizations on the project as it prepares to submit a formal filing with the Boston Redevelopment Authority (BRA) within two weeks.

Edited by mod. Reason.

 

[stick n move]

Must.See.The.Renders. Also did I read that correctly that they are incorporating the payless building into the ground floor, or are they just going to let payless move into a new podium. Either way the shadows on the common part may not be good news.

I just emailed Midwood Investments asking if they are able to release the renders. Probably not....but might as well try.

 

[393b40]

Unveiled... without rendering.

 

[odurandina]

Shadows on the Common and Cemetary has always been the 800 pound elephant in the room.

Very little hope of ever reaching the ~710' they wanted.

$380,000 fine per unit to live in the neighborhood that was declared dead less than 5 years ago.

and the Globe readers endlessly badmouthing the Mayor, BRA, evil developers and would be tenants themselves.

Damn shame.

 

[stick n move]

Looking at google maps it doesn't look like this would cast worse shadows than Millennium. It could I guess because there are less buildings between it and the common, but Its right next to MT and farther north.

 

[Kinopio]

How do they expect to have garage with 200+ spots when Washington Street and Bromfield are both pedestrian zones on that corner? They shouldn't be able to put a garage there. Pedestrians get screwed enough around here.

 

[mdd]

I feel like some people fail to realize that shadows do in fact move. 15-30 minutes in the lifetime of a shadow is huge. Sowing a shadow study at the most extreme times of the year seem to terrify people.