Re: A st Highrise
I'm not sure why the architectural bar isn't set higher for this project, for Boston, and particularly for a Waterfront that has the potential to be one of the most incredibly dynamic areas in the entire USA.
For the "market-driven" folks, it's worth mentioning that private landholders in the Seaport and immediate vicinity have already benefitted from upwards of $8 billion of public dollars (MBTA, CAT/Tunnel, Harbor Cleanup, Seaport Planning, etc.). I would also suggest that public dollars spent in planning have a role in maximizing the value of the land.
This particular property owner, like many others who have already developed in the Seaport (Fan Pier and on Massport's property) have received variances that increased value far from the purchase price of their property. Yet mediocrity continues to be the name of the game across the entire Waterfront, with an invisible army of NIMBY's to blame.
First off, just to make sure I'm not called a liar again, the following should be taken with a grain of salt -- let's say it's my opinion.
My understanding -- assume I'm lying -- is that this property owner came into Fort Point and purchased upwards of 17 properties, most of which have already been flipped for office space, and all the others still in the portfolio have already been approved for office space. I don't begrudge them at all for doing well, or flipping as-of-right, and selling what they bought for the highest number possible. NO PROBLEM.
But the BRA added upwards of 300,000 to 500,000 sf of new density to the developers portfolio in exchange for the promise of producing a mix of uses through their portfolio (residential, commercial, possibly some civic space here or there) plus contributions to the greenspace swath in the 100 Acre Plan, plus the possibility of some future "affordable" units. Maybe there are some other benefits that the BRA expected of them, I don't know.
The only reason this tower is not office space is because it is the last place in the entire portfolio left that was not already sold as office space or approved as office space.
All said, if this property owner is now holding a development rights for a new tower valued at $250 million (conservative), why shouldn't there be an expectation of stunning architecture, top notch materials, etc.? THIS IS BOSTON, NOT AUSTIN.
Why are people suggesting a woeful state of the development economics in the area?
And (IMO, to make sure I am not called a liar again) the same goes for almost every other project that has risen over the past decade in the Seaport.
The Seaport is an amazing example because there are no NIMBYs to blame. It's an absolute joke how much power people attribute to one non-profit (TBHA) and 5 residents who regularly show up at Seaport planning meetings. Vivien Li, widely despised on this board, has pretty much been consistent in calling for a dense urban mixed-use district with some measure of respect for scaled-down heights as buildings approach the water's edge.
The widespread mediocrity in planning and development is not due to a so-called "bureaucratic wringer" or to NIMBY's or to the Vivien Li's out there. That's the cookie-cutter excuse for every bland project. The problem is the milking of every cent of value from every Seaport project, exaggerating the cost of the so-called benefits (i.e. usually some landscaping) and no one put to task for the mediocre projects that get built.
Again, just as an observation, much of it has to do with the ability of property owners to secure lucrative approvals from the BRA, resell the project and approvals for a hefty profit without developing a single foot, leaving a new owner to let everyone know they overpaid and can't afford the original benefits promised under the original approval.
As for anyone who says let the towers go up and let the market dictate the outcome, it's my belief we'd be looking at Kendall-on-the-Harbor -- not much different than what we see today around Fish Pier. That is not the highest valuation of the land, nor do I believe that would serve the City well. Look at unplanned, unzoned cities elsewhere and provide some examples if you think I'm mistaken.
We should be looking at the incredible Waterfronts in the USA and around the world that have arisen and ask "why not Boston?" Call me a liar, fine, but the mediocrity is not because of Vivien Li or armchair critics like myself.
Why not Boston? Because we are not holding the developers to a higher standard.
Unless you have seen Archon's proforma and the agreements they made with the BRA in order to secure a portfolio of variances for new construction, I would suggest the standards for the Seaport architecture and land use should be set pretty damn high.