odurandina
Senior Member
- Joined
- Dec 1, 2015
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What does the HYM group have to do with this project?
pm sent....
What does the HYM group have to do with this project?
pm sent....
Great PICS:
The area has so much potential: Too bad the current developments look like they are post communist era. Depressing followed by oppression of society.
Come on! Its Boston's version of Baltimore's Inner Harbor!
The Harbor Towers community have been the benefactors of a financial windfall of biblical proportions since day 1. When does Chiofaro's parking obligation to the Harbor Tower community expire?
1. Reduce the number of parking spaces by 300~350 units.
2. Wait for the parking deal with the HGT residents to expire.
3. Go for permitting.
4. Offer limited parking to HGT residents at luxury prices.
5. Get a temporary $40,000 tax reduction per unit from the city for limiting the tower to 900,000 sq ft.
5. Build the tower.
6. City charges residents a $40,000 harbor tax to kick in after 3 years for all waterfront units higher than 150 feet. Make this law effective for all waterfront condominiums.
7. After the last unit/s are sold, Chiofaro pays back the tax on the remaining units (under 150 ft).
Yeah,
i figured a 'keepin' it to 900,000 sq ft' tax would run into legal trauma.
Maybe Chiofaro can charge $40,000 as a 'density reduction' fee? Of course, who wouldn't argue that it's just semantics, as all it would do is lower the base price of the units by the same $$$ figure.
Because Chiofaro pays for so little work on his project, the BRA actually hired a consulting firm to prepare a financial analysis of whether the numbers work for a 900,000 sq ft building(s). And they do.
Now, they might not work if you're in hock for $175 million or so for the garage, but that is not the city's problem.
Actually it is...you see the prime input to a financial analysis is Purchase price...
Pardon for thinking out loud. But, how do you do that? Doesn't the garage occupy something like +90% of the parcel? What is it, 60-62,000 sq ft? Where's the profitability of this thing. How could it ever become profitable if you're responsible for providing the physical parking infrastructure for the Aquarium, HGT, and then a new tower. How much does it cost to sink 1400 parking spaces and then build a slender ventilation tower that works with the residence tower.
This has got to be one of the most insane, long-shot propositions in the history of Boston. Whole damn thing looks like a non-profit. Build 1.0M sq ft and maybe you get your costs back. That's if the economy doesn't go into recession. And what is the next down cycle going to look like? How many years is realistic to recoup the massive costs of permitting, demo, sinking the garage, building the new tower and selling the units... Hard enough to do if there's low supply... but, when you've had 8, 10, or 12 other luxury towers that beat you to the finish line....
MT takes 5 years and nets a fantastic windfall. With all the opposition, the state, city, Waterfront Planning blah blah, Harbor Towers, Greenway, Aquarium advocates. It's a process i can scarcely imagine. How many years would it be before construction would commence? The market could sour, and crash. Once they start tearing down the garage, with everything having been started so late, God knows how long it could take to see the return on the investment. Could be as 7-8 years.... or 14 Years.
Pardon for thinking out loud. But, how do you do that? Doesn't the garage occupy something like +90% of the parcel? What is it, 60-62,000 sq ft? Where's the profitability of this thing? How could it ever become profitable if you're responsible for providing the physical parking infrastructure for the Aquarium, HT's, and then the new tower? How much does it cost to sink 1400 parking spaces and then build a slender ventilation tower that works with the residence tower.
This is a perfect example of not be connected to the political class in Mass.
If this was Fallon or Liberty Mutual they would have gave them 100Million in taxpayers money to knock the garage down like they did in the Fan Pier or Liberty Mutual project.
The garage is fucking disgrace on the Greenway.