another project that seems to be on perma-hold ...
Partnering may give plan life
By Scott Van Voorhis
Boston Herald Business Reporter
Wednesday, September 20, 2006 - Updated: 09:54 AM EST
Bruins and TD Banknorth Garden owner Delaware North has begun the search for a development partner to help it build a marquee residential tower on valuable real estate holdings around its North Station arena.
Chris Maher, a top executive with the Delaware North subsidiary charged with developing the site, said he hopes to have an agreement with a partner by year?s end.
Logical candidates include companies with major residential development experience - and the capacity to team up on what is likely to be a $200 million-plus undertaking.
Maher said the hope now is that the joint venture could break ground next year on a 37-story condo and apartment tower, slated to take shape next to the Garden.
?The building is 95 percent designed,? Maher said. ?It is very close to being teed up to start.?
The move comes as the Garden?s owners, the Jacobses, are spending more to revive their flagging fortunes in Boston.
The family, which owns the Delaware North concessions empire, is laying out tens of millions to make the Bruins a contender again and jazz up the lackluster Garden.
Viewed one way, the decision to take on a development partner would appear to be another disappointing retreat by the Jacobs.
More than 10 years after the new Garden opened, little has been built on the extensive tract around it.
A residential tower is envisioned as just the first step in a grand redevelopment plan next to the arena that someday might rival the Back Bay?s Prudential Center.
Moreover, the decision to seek a partner - and try to build next year - comes after previous talk by Delaware North of starting work earlier this year.
Yet, the move to seek a real estate partner may actually be good news. It comes as the Jacobses are doing some serious thinking about how to improve their Boston holdings.
Suddenly more serious about the long-neglected Bruins, it?s possible the Jacobses are getting religion about their local real estate holdings as well.
Instead of talking up plans that go nowhere, the Jacobses are now looking at what it will take to get things done. That, anyway, is the impression one could get from talking with Maher, who oversees Delaware North?s local development operations.
While Delaware North runs a nationwide business empire, it does not have extensive experience with big residential development projects, he said.
?We were thinking we could do this on our own and ramp up and pull it off,? Maher said. ?It?s quite possible we could have. It was a strong decision to say, ?Let?s know where are strengths are.? ?
Or to put it another away, family scion Charlie Jacobs has his hands full overseeing the resurrection of the Bruins and an ambitious revamp of the Garden.
He doesn?t need to play developer, too.
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