Re: The Boston Arch (Aquarium parking garage)
What makes you think Chiofaro and Prudential are turning a profit on the garage?
There are 1,380 spaces, but two floors of parking are reserved for Harbor Towers (basically leased out at very reasonable rates). So the number of spaces available to the public on a daily basis are probably about 1,000-1,100.
Chiofaro and Prudential paid $153 million for the garage.
Boston Common garage has about 1,360 spaces. The Common garage pays the state $2.5 million a year to pay off a $31 million bond that financed the garage. The net cash flow (profit) from the Common garage in 2005 was $5 million a year.
Would seem to me one reason there is only one side of the Arch that has been rendered, and that's because -- if I look at the numbers from the Boston Common garage -- Chiofaro and Prudential are probably losing their shirts on this garage, or soon will.
Maybe someone here can crank the likely numbers better than my attempt above, but Chiofaro and Prudential bought the site (and garage that they would demolish) for about $120 million an acre.
In the phrasing of the Boston Globe, Tom Wolfe portrayed Chiofaro in
A Man is Full, as a 'high-living, highly-extended, real estate mogul'.
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Interesting, there was to be a third Harbor Tower, but it was never built. (Presumably approved though.)
The BRA 60 page set of instructions to Chiofaro.
http://www.northendwaterfront.com/storage/post-documents/20090721HarborGarageBRAScoping.pdf