Bay Village Apartment Tower | 212 Stuart St. | Bay Village

Re: 212 Stuart St

http://www.bostonherald.com/busines...rom__40M_Hub_fund/srvc=business&position=also
Two downtown projects want a piece of a $40 million loan fund offered by the city of Boston, but a trio of other high-profile developments have yet to apply.

In an effort to jump-start commercial real estate construction in Boston, City Hall is offering commercial financing at low interest rates. Under the Boston Invest in Growth Fund, a Department of Housing and Urban Development-funded loan pool will provide Section 108 money to jump-start construction projects and create jobs.
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A second applicant is expected to commence construction soon on a 10-story office building on Stuart Street.

Gary Hendren, the project manager for Hera Development Corp., said while they have financing for the $30 million project, they can?t pass up a better deal. The firm is seeking $3 million from the loan fund.

?Every developer is a businessman and, if he can get $3 million at 5 percent rather than 9 percent, why not explore the option?? he said.

But the city has not heard from developers of three projects that Mayor Thomas M. Menino identified in his announcement, including the stalled Filene?s redevelopment, Fan Pier and the 30-story Residences at Kensington Place, a 346-unit rental housing project proposed for the city?s Theatre District.

- tgrillo@bostonherald.com
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Re: 212 Stuart St

From today's Herald:
Boston Herald said:
Stuart Street builder says BRA ?responsible? for holdup
By Thomas Grillo | Friday, September 11, 2009 |

65046e6181_St_09112009.jpg

Photo by Patrick Whittemore


Construction of an office building in Boston?s Theatre District is on hold and the developer is blaming the city for the delay, but officials reject the claim.

Hera Development Corp. said it planned to break ground in April on a $30 million building at the shuttered Jae?s restaurant and an adjacent parking lot on Stuart Street.

But the company?s president said the Boston Redevelopment Authority asked him to reconfigure the project and took too much time to issue approvals while the capital markets collapsed, financing dried up and potential tenants for the 10-story building disappeared.

?I feel like I got sucker-punched,? said Nicholas Heras. ?Not only should the city finance it, they should be the tenant because they are responsible for this project being stalled.?

Heras bought 212 Stuart St. in November 2007 for $6.5 million. The deal included approvals for an 18-unit condominium development. He said the BRA encouraged him to build an office building instead and asked him to buy an adjacent parking lot to create a gateway to the Theatre District.

?I agreed, but told them I can?t wait more than six to eight months for approval because I was worried about the market,? he said. ?I did everything the BRA asked me to do, and it took a year and a half to get approved.?

Jessica Shumaker, a BRA spokeswoman, denied the city told Heras to buy the parking lot next door or change the use to office. She said approval for the 64,000-square-foot office mid-rise took 90 days.

Evelyn Friedman, director of the Department of Neighborhood Development, said Heras applied for $7 million in financing from Boston Invests in Growth - a federal loan pool designed to jump-start commercial construction projects - but he lacked equity, bank financing and tenants.

Article URL: http://www.bostonherald.com/business/real_estate/view.bg?articleid=1196761
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Re: 212 Stuart St

?I feel like I got sucker-punched,? said Nicholas Heras. ?Not only should the city finance it, they should be the tenant because they are responsible for this project being stalled.?
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He got hit like everyone else and has the balls to blame the city? He took a risk and got burned, we ended up with a building that still stands and isn't a giant hole in the ground.

He is an asshole.
 
Re: 212 Stuart St

I agree with Van. And if he's not an asshole he's at least an idiot. Pissing on the BRA in the press is not a great way to get things built in Boston.
 
Re: 212 Stuart St

^^^

Regarding the above article, basically it says that the city has condemned the existing 3-storey building and is is demanding the owner tear it down.

The building is no longer owned by Hera Development; the owner of the Revere (**sigh**) Hotel next door bought it last fall.

Future plans unknown.
 
Re: 212 Stuart St

17-25 Piedmont St.

Hearing Tuesday November 12 City Hall room 709 4pm

4 story, 8 unit residential building
 
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Re: 212 Stuart St

I have seen workers in this building sporadically over the last two weeks. This morning when I walked by there was one worker on the sidewalk and there was a compressor running just beyond the entrance inside the building.

Renovation?
 
Re: 212 Stuart St

Jae’s Building at 212 Stuart Street (aka Bay Village’s version of
Filene’s). After being exposed to the elements for more than
seven years due to financing issues, the Jae’s building was
purchased by the owners of the Revere Hotel at a bankruptcy
auction. It was then deemed structurally unsound. They are
trying to salvage the first floor of the Shawmut Street extension
above the arches.
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https://www.bayvillage.net/wp-content/uploads/2014/05/March2014_BVNews.pdf
 
Re: 212 Stuart St

212-Stuart-St.jpg
ShawmutStreetPerspective.jpg
StuartStreetPerspective.jpg
final3.jpg

Are these the current renderings or
 
Re: 212 Stuart St

Make this design 4x as many floors and I'll be content.
 
Re: 212 Stuart St

I'm not aware of any current alive proposal for this site. The previous owner went bankrupt. I'm expecting this to just end up an extension of Billys parking.
 
Re: 212 Stuart St

^^ They are the owners of the Revere Hotel.
 
Re: 212 Stuart St

This is what I like to call a snoozefest. Let's get something to block that hideoderous Radisson building.
 
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