Joseph T. Baerlein , co chairman of the Harbor Towers Condominium Trust , noted that Harbor Towers residents take up about 400 parking spaces in the garage that Chiofaro wants to redevelop under leases that won't expire until 2018 and 2019. The heating and cooling systems for Harbor Towers also are located in the garage, he said.
Thousands of employees of Enron, Polaroid, and numerous other companies that had iron-clad, life-time pension plans suddenly found themselves holding a worthless piece of paper. How many of us have signed contracts with health-clubs or whatever...only to see those contracts null and voided when new owners took over. If you think that 400 parking spaces leased in this very valuable piece of property till 2018 can't be voided by some legal maneuver or another then think again. Frankly, I don't know how the residents of Harbor Towers can afford to live there considering the legal costs billed to the Condo Association and the past special assessments...and future assessments which are coming down the pike. It'll be interesting to see the trade offs that are made between residents and Chiofaro. The Harbor Tower residents need to remember the saying "pigs get fat and hogs get slaughtered," during their negotiations.