Tower money to BRA?By Scott Van Voorhis
Tuesday, June 20, 2006
A rundown garage site Mayor Thomas M. Menino has targeted for a landmark Hub skyscraper could bring in more than $100 million in a sale or lease to a would-be builder, real estate executives said.
But who would control that windfall is far from clear. Critics also question whether any of it might go to critical efforts such as battling crime on Boston?s streets.
A longtime critic of City Hall?s development arm contends the politically powerful Boston Redevelopment Authority is poised to cash in - at the expense of taxpayers across the city.
With bids not due until November, city development officials say it?s too early to answer such questions. Still, the BRA, a semi-independent authority and a central player on the city?s development scene, is
overseeing the sale of the city-owned garage. And the BRA will eventually
take title to the city property, before conveying it to the winning
developer, a spokeswoman acknowledged.
?I don?t want the BRA to be deciding where our money goes,? said Kressel, head of the Alliance of Boston Neighborhoods.
Seth Gitell, a spokesman for Menino, insisted that when the money is disbursed, the mayor will see that it goes to worthy civic causes. ?The revenues available will be unencumbered.?
However, the BRA?s track record when it comes to generating cash for city coffers is questionable, Kressel contends. Kressel points to Hayward Place, a key downtown parking lot that the BRA signed over to a developer three years ago for $23 million, with not a dime spent to date.
The Winthrop Square garage could be worth anywhere from $100 million to as much as $300 million, depending on the ultimate size of the project, according to informal estimates by city real estate executives. That value, in turn, has been created in part by Menino?s vocal and public support for a massive skyrise complex there, executives said.