stellarfun
Senior Member
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- Dec 28, 2006
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Re: The Boston Arch (Aquarium parking garage)
Yes, a building higher than 155 feet can be constructed at the Harbor Garage site; a building higher than 200 feet could be constructed.
But no building of any height is going to be constructed until Mr. Chiofaro presents the financial analysis that justifies why a building must have a certain height and size before his project becomes economically viable.
To this point, he hasn't even provided an estimate of: the cost of demolition, and excavation/construction of an underground garage for 900 cars, 1200 cars, or 1400 cars; the cost of his proposed floating garage for the 600 cars owned by Harbor Towers residents for their use during construction; the cost of moving the Harbor Tower utilities located in the garage. To which he can add the cost of his acquiring the garage in the first place, and the many fees, studies, permits, etc that he will need before he starts constructing.
So let's hypothesize that all the above costs are $350 million, just to get him to ground level. How much building does he then need to recoup those costs, and the costs of the actual above-ground building, along with some ROI for him?
Lets also posit that he can't go higher than 600 feet because of the FAA and Massport rules. Remember by his own numbers, the cost of this project is $1 billion for 1.2 million sq ft, ---which probably makes the Arch second to Harvard's moribund science complex as the most expensive building ever built in Boston on a sq ft basis.
Suppose the numbers come up that he actually needs the 1.2 million sq ft that he currently wants, but that sq ft has to rent for $90 a sq ft. But then the financing guys will say, 'Don, nobody will rent your space for $90 a sq ft'. He's then dead in the water before he even starts.
Yes, a building higher than 155 feet can be constructed at the Harbor Garage site; a building higher than 200 feet could be constructed.
But no building of any height is going to be constructed until Mr. Chiofaro presents the financial analysis that justifies why a building must have a certain height and size before his project becomes economically viable.
To this point, he hasn't even provided an estimate of: the cost of demolition, and excavation/construction of an underground garage for 900 cars, 1200 cars, or 1400 cars; the cost of his proposed floating garage for the 600 cars owned by Harbor Towers residents for their use during construction; the cost of moving the Harbor Tower utilities located in the garage. To which he can add the cost of his acquiring the garage in the first place, and the many fees, studies, permits, etc that he will need before he starts constructing.
So let's hypothesize that all the above costs are $350 million, just to get him to ground level. How much building does he then need to recoup those costs, and the costs of the actual above-ground building, along with some ROI for him?
Lets also posit that he can't go higher than 600 feet because of the FAA and Massport rules. Remember by his own numbers, the cost of this project is $1 billion for 1.2 million sq ft, ---which probably makes the Arch second to Harvard's moribund science complex as the most expensive building ever built in Boston on a sq ft basis.
Suppose the numbers come up that he actually needs the 1.2 million sq ft that he currently wants, but that sq ft has to rent for $90 a sq ft. But then the financing guys will say, 'Don, nobody will rent your space for $90 a sq ft'. He's then dead in the water before he even starts.
