stellarfun
Senior Member
- Joined
- Dec 28, 2006
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Re: The Boston Arch (Aquarium parking garage)
Did he not have a billboard size sign on the side of the garage last year, promoting the view that pedestrians would have once his project was built?
IIRC, he was allowed to keep that sign up. An issue in this instance is that his proposed signs are misleading, one could even say false advertising, because they are not based on the current reality. He does not have an approved project; it is not coming soon.
Second point, for those who think Chiofaro can outlast Menino. If one read a post I made a few days ago, quoting from the BBJ, the major part of his financing of the garage was an $85 million five year note. The lender I am sure has all manner of covenants in that note requiring Chiofaro to keep the building in good repair, etc., etc. Tearing down the garage in a fit of fury and spite as some here have called on him to do would result in his new residence being the Middlesex almshouse.
I would not be surprised if the five year note has a big balloon payment the fifth year, which is 2012. If Chiofaro does not get that note refinanced, if he does not get a project (that makes financial sense) approved and permitted, then there is a substantial risk the garage goes into foreclosure.
All his fulminations and public theater are not getting him any closer to approval, and the clock is running. Menino knows that, the BRA knows that, other big developers eying the possibility of picking up the garage at a much reduced price know that , and I suspect the abutting condo owners know that as well.
Did he not have a billboard size sign on the side of the garage last year, promoting the view that pedestrians would have once his project was built?
IIRC, he was allowed to keep that sign up. An issue in this instance is that his proposed signs are misleading, one could even say false advertising, because they are not based on the current reality. He does not have an approved project; it is not coming soon.
Second point, for those who think Chiofaro can outlast Menino. If one read a post I made a few days ago, quoting from the BBJ, the major part of his financing of the garage was an $85 million five year note. The lender I am sure has all manner of covenants in that note requiring Chiofaro to keep the building in good repair, etc., etc. Tearing down the garage in a fit of fury and spite as some here have called on him to do would result in his new residence being the Middlesex almshouse.
I would not be surprised if the five year note has a big balloon payment the fifth year, which is 2012. If Chiofaro does not get that note refinanced, if he does not get a project (that makes financial sense) approved and permitted, then there is a substantial risk the garage goes into foreclosure.
All his fulminations and public theater are not getting him any closer to approval, and the clock is running. Menino knows that, the BRA knows that, other big developers eying the possibility of picking up the garage at a much reduced price know that , and I suspect the abutting condo owners know that as well.