Bulfinch Crossing | Congress Street Garage | West End
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pelhamhall
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Re: Congress Street Garage Development
I would relax on this... the article John posted was just from a newsletter from group of rich old North End malcontents who live in luxury ivory condos.
There is an election tomorrow.
Come the spring, all major construction in the City of Boston will have come to a halt. Think about that. We've all oo'ed and aw'ed over new buildings opening every few months for the past few years.
Well, it's all over. There is no more building in Boston. There are no construction jobs. When that crane comes off Atlantic Wharf, Boston will be crane-less. Not one single, major project will be under construction.
What will we all chat about here?
Getting back to the election... the construction unions and piles of developer cash will have successfully installed Menino to another term. It'll be time for payback.
Anyone else find it odd that there is this huge, transformative, history-making, legacy-making project and not a peep out of Menino?
He's keeping quiet. He's very smart for a dumb guy.
The city has been stalling and stalling on this project. They even made the developer hold a series of "unofficial" meeting before filing their plan. Anthing to slow the process down.
The election's tomorrow, Menino's huge, crushing win should buy him some capital. I wouldn't be surprised if all of a sudden you see Menino taking interest in this site.
I would relax on this... the article John posted was just from a newsletter from group of rich old North End malcontents who live in luxury ivory condos.
There is an election tomorrow.
Come the spring, all major construction in the City of Boston will have come to a halt. Think about that. We've all oo'ed and aw'ed over new buildings opening every few months for the past few years.
Well, it's all over. There is no more building in Boston. There are no construction jobs. When that crane comes off Atlantic Wharf, Boston will be crane-less. Not one single, major project will be under construction.
What will we all chat about here?
Getting back to the election... the construction unions and piles of developer cash will have successfully installed Menino to another term. It'll be time for payback.
Anyone else find it odd that there is this huge, transformative, history-making, legacy-making project and not a peep out of Menino?
He's keeping quiet. He's very smart for a dumb guy.
The city has been stalling and stalling on this project. They even made the developer hold a series of "unofficial" meeting before filing their plan. Anthing to slow the process down.
The election's tomorrow, Menino's huge, crushing win should buy him some capital. I wouldn't be surprised if all of a sudden you see Menino taking interest in this site.
Re: Congress Street Garage Development
Theres a lot of transportation projects. Not as exciting to those who follow towers, but still interesting.
Almost all the charles river bridges are set for major reconstruction, as is Mass ave of course.
And maybe they can get started on the green line extension finally.
Theres a lot of transportation projects. Not as exciting to those who follow towers, but still interesting.
Almost all the charles river bridges are set for major reconstruction, as is Mass ave of course.
And maybe they can get started on the green line extension finally.
stellarfun
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Re: Congress Street Garage Development
pelhamhall, I would not be so sure that after the election anything will get built. I just posted on another subforum an article from the SF Chronicle today in which construction of new buildings has basically stopped in San Francisco because nobody can get financing.
What makes you think this project is any different from Filene's, SST, that certain project over the Pike, etc, which are approved, which have either construction drawings in place, or on which construction had actually begun?
Menino and the BRA can approve 50 projects, but they can't finance a single one of them.
IMO, the bigger the project, the greater the difficulty in financing it in these times, because a developer needs for multiple lenders to paerticipate and dilute the risk.
pelhamhall, I would not be so sure that after the election anything will get built. I just posted on another subforum an article from the SF Chronicle today in which construction of new buildings has basically stopped in San Francisco because nobody can get financing.
What makes you think this project is any different from Filene's, SST, that certain project over the Pike, etc, which are approved, which have either construction drawings in place, or on which construction had actually begun?
Menino and the BRA can approve 50 projects, but they can't finance a single one of them.
IMO, the bigger the project, the greater the difficulty in financing it in these times, because a developer needs for multiple lenders to paerticipate and dilute the risk.
Ron Newman
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Re: Congress Street Garage Development
Isn't Liberty Wharf (Jimmy's Harborside) going to take a little longer than that? And what is the expected completion date for the Ames Hotel?
Isn't Liberty Wharf (Jimmy's Harborside) going to take a little longer than that? And what is the expected completion date for the Ames Hotel?
KentXie
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Re: Congress Street Garage Development
^^I think by major construction, he meant high-rises which unfortunately Boston will not see a new one for years. I hate this city sometimes and I won't be surprise if Boston will start stall or even leak population once the supply of housing fails to increase enough and the cost of office space reach sky high from the lack of new office space. Once I'm on my foot after college, I probably would leave as well. Why contribute to a city that is backwards in thinking?
^^I think by major construction, he meant high-rises which unfortunately Boston will not see a new one for years. I hate this city sometimes and I won't be surprise if Boston will start stall or even leak population once the supply of housing fails to increase enough and the cost of office space reach sky high from the lack of new office space. Once I'm on my foot after college, I probably would leave as well. Why contribute to a city that is backwards in thinking?
Ron Newman
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Re: Congress Street Garage Development
When there is sufficient market demand again, there will be new towers and there will be financing for them. Until then, what's the point?
When there is sufficient market demand again, there will be new towers and there will be financing for them. Until then, what's the point?
stellarfun
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Re: Congress Street Garage Development
Even in the good times, there was little lending for large-size, speculative buildings.
I don't know of a major city in the U.S. where construction of new towers continues to boom. As for commercial office vacancy rates, here is the data as of July 2009 from Cushman & Wakefield
Even in the good times, there was little lending for large-size, speculative buildings.
I don't know of a major city in the U.S. where construction of new towers continues to boom. As for commercial office vacancy rates, here is the data as of July 2009 from Cushman & Wakefield
pelhamhall
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Re: Congress Street Garage Development
Ron, you're absolutely correct regarding market conditions and the impossibility of financing. A difference in this project is that the financing is coming from construction unions, and may (or may not) be in place. It's a more secure source of funding than commercial banks.
So my point it that with all major construction grinding to a halt, and a large project sitting on the books that may (or may not be) actually able to secure funding - it's got a good chance.
The mayor has been spouting vitriol at the Aquarium garage site since day one... and yet extremely measured on his comments on this site. In this case, his silence is deafening. He needs the North End to come out strong today at the polls, but I'd guess he's a quiet supporter of this plan.
I'd bet he says "it's too tall, and needs more housing" - they lop off 3-4 stories, go from 250 to 275 units of housing and the mayor calls it a success, now that he's waited for the election to be over.
Ron, you're absolutely correct regarding market conditions and the impossibility of financing. A difference in this project is that the financing is coming from construction unions, and may (or may not) be in place. It's a more secure source of funding than commercial banks.
So my point it that with all major construction grinding to a halt, and a large project sitting on the books that may (or may not be) actually able to secure funding - it's got a good chance.
The mayor has been spouting vitriol at the Aquarium garage site since day one... and yet extremely measured on his comments on this site. In this case, his silence is deafening. He needs the North End to come out strong today at the polls, but I'd guess he's a quiet supporter of this plan.
I'd bet he says "it's too tall, and needs more housing" - they lop off 3-4 stories, go from 250 to 275 units of housing and the mayor calls it a success, now that he's waited for the election to be over.
tmac9wr
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Re: Congress Street Garage Development
I thought the financing for this project was supposed to already be in place?
I thought the financing for this project was supposed to already be in place?
pelhamhall
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Re: Congress Street Garage Development
Until papers are signed, nothing is ever "in place" but what I meant was that since some of this project's funding comes from the National Electricians Benefit Fund, it has a stronger chance of surviving in today's market.
Until papers are signed, nothing is ever "in place" but what I meant was that since some of this project's funding comes from the National Electricians Benefit Fund, it has a stronger chance of surviving in today's market.
palindrome
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Re: Congress Street Garage Development
What are the chances they could keep the EPA as a tenant in the new building? Perhaps having a tenant already on board would give them more leverage with lenders. This however, would require the EPA to find a temporary home for a couple of years. It wouldn't be hard in this market, but would they be on board for two moves in less than 8 years or so?
What are the chances they could keep the EPA as a tenant in the new building? Perhaps having a tenant already on board would give them more leverage with lenders. This however, would require the EPA to find a temporary home for a couple of years. It wouldn't be hard in this market, but would they be on board for two moves in less than 8 years or so?
Beton Brut
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Re: Congress Street Garage Development
Probably not a good idea if we want this to be a dense, mixed use, 6am-2am development. The Feds would put huge constraints on the owner, as they currently do, in the name of security. The Feds killed a hotel project opposite the JFK Building, and have blocked the realignment of Hanover Street between Congress and Cambridge Streets. Instead we get this nonsense.
Send 'em to Fan Pier.
Probably not a good idea if we want this to be a dense, mixed use, 6am-2am development. The Feds would put huge constraints on the owner, as they currently do, in the name of security. The Feds killed a hotel project opposite the JFK Building, and have blocked the realignment of Hanover Street between Congress and Cambridge Streets. Instead we get this nonsense.
Send 'em to Fan Pier.
Suffolk 83
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Re: Congress Street Garage Development
Wait what's up there? Just the EPA? Who would want do to anything to them? They don't need security. Its not like I'm gonna blow the place up if they took away my pesticide license.
Wait what's up there? Just the EPA? Who would want do to anything to them? They don't need security. Its not like I'm gonna blow the place up if they took away my pesticide license.
stellarfun
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Re: Congress Street Garage Development
Federal building leases are done by the General Services Administration, not by an individual agency, such as EPA. The exceptions would be special purpose buildings; e.g., an agency requiring lab space. In GSA leased space, an agency may be a short-term tenant, replaced by another agency.
Federal building leases are done by the General Services Administration, not by an individual agency, such as EPA. The exceptions would be special purpose buildings; e.g., an agency requiring lab space. In GSA leased space, an agency may be a short-term tenant, replaced by another agency.
atlantaden
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Re: Congress Street Garage Development
The Federal Reserve Bank here in midtown Atlanta is almost completely surrounded by high rises, most high rise condo's. How is it that in Atlanta the Feds have no problem with high rises (most built within the past 7 years or so) surrounding one of their buildings and yet in the Government Center area the Feds shoot stop similiar projects? Even in downtown Atlanta, the Federal office buildings are surrounded by neighboring high rises.
The Federal Reserve Bank here in midtown Atlanta is almost completely surrounded by high rises, most high rise condo's. How is it that in Atlanta the Feds have no problem with high rises (most built within the past 7 years or so) surrounding one of their buildings and yet in the Government Center area the Feds shoot stop similiar projects? Even in downtown Atlanta, the Federal office buildings are surrounded by neighboring high rises.
Re: Congress Street Garage Development
The EPA is wrapping up renovations to the Post Office at PO Square. I believe they're moving there in January and probably locked in there with a pretty long term lease commitment.
The EPA is wrapping up renovations to the Post Office at PO Square. I believe they're moving there in January and probably locked in there with a pretty long term lease commitment.
AmericanFolkLegend
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Re: Congress Street Garage Development
Today's email from the BRA:
Today's email from the BRA:
JohnAKeith
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Re: Congress Street Garage Development
Buried in the Garage drawings of the future Boston skyline are three 400+ foot towers at North Station, two in front and one behind. At least someone out there thinks they'll still be built. Some day.
Buried in the Garage drawings of the future Boston skyline are three 400+ foot towers at North Station, two in front and one behind. At least someone out there thinks they'll still be built. Some day.
Boston02124
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Re: Congress Street Garage Development
Try to get into that building it's one of the hardest ,everyone is treated like a terrorist!