Bulfinch Crossing | Congress Street Garage | West End

Re: Congress Street Garage Development

A fair point, Van; but recession is one thing, while it's another when you have a mayor/power establishment that seem to shoot down any decent development and simultaneously cobble together their own favored developments -- which turn out to be the type of disasters the BRA has been raining upon Boston for decades.

I think that the BRA and the city's political elite have been doing harm to the city for years from the point of view of quality of life, urban planning, preservation and architecture and aesthetics. Does it mean we're in the same position as a Detroit/Cleveland/Buffalo? No. But given that there's simply no need or demand for that at all, it's a shame and a waste, and until Boston gets less harmful leadership, it's tough to see such poor decisionmaking made "on behalf of the people" and not be frustrated.
 
Re: Congress Street Garage Development

vanshnookenraggen said:
The entire nation is in this recession and you are complaining that we only built 13 towers in the last decade. Give me a fucking break dude! You know how well off Boston is, how lucky it is, how much of a power house it still is? Boston is BLESSED it has as few stalled projects as it does. I can show you a single street in New York that has more stalled projects on it than Boston does. The amount of Boston self loathing on this board really pisses me off.
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The 13 towers were planned and done during the boom period. Get your facts straight. That's all Boston could show for it.

And to be honest, only the Millennium Towers, 33 Arch St., 111 Huntington, and 1 Lincoln should even be considered as true towers. The rest are high-rises and we didn't even get one skyscraper. That's bullshit and you know it. The 70s were more progressive even with population losses.
 
Re: Congress Street Garage Development

"Given the increase in vacancy rates and falling property values in Boston, Fitch has determined the property is heavily leveraged. The rating agency pegs the loan-to-value ratio at nearly 130 percent."

So what happens to the project now? In the end

Does Raymond build this?
Does Raymond Sell this ?
Or does Raymond Default?
 
Re: Congress Street Garage Development

itchy said:
I think that the BRA and the city's political elite have been doing harm to the city for years from the point of view of quality of life, urban planning, preservation and architecture and aesthetics. Does it mean we're in the same position as a Detroit/Cleveland/Buffalo? No. But given that there's simply no need or demand for that at all, it's a shame and a waste, and until Boston gets less harmful leadership, it's tough to see such poor decisionmaking made "on behalf of the people" and not be frustrated.
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"Ron and his architect also showed how they had basically made the building more boring to satisfy Boston Redevelopment Authority planners who did not want it becoming an "iconic" structure that would take attention away from the Greenway or other nearby buildings - including museums and similar structures that might one day be built along the Greenway"



source
 
Re: Congress Street Garage Development

vanshnookenraggen said:
You Debbie Downers piss me off so much.
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Why's that Van? Cause it's accurate? Look at the state of development over the last 20 months and all the projects that have been canceled. I know it's mostly due to economics, but it still sucks. There have been some great projects that may never come to fruition and we all have a right to be down about that.
 
Re: Congress Street Garage Development

Does Raymond build this?
Does Raymond Sell this ?
Or does Raymond Default?
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Raymond isn't involved anymore. But it's a good question regarding default by the owner. Why put more capital into a property that's way underwater and has fuzzy development prospects?
 
Re: Congress Street Garage Development

AmericanFolkLegend said:
Raymond isn't involved anymore. But it's a good question regarding default by the owner. Why put more capital into a property that's way underwater and has fuzzy development prospects?
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Didn't the BRA just approve 600Ft for this site? Boston Development is going down the tubes real fast. Is their any projects in the pipeline that actually use private money. I know Menino and the BRA have some projects with stimilus money for affordable housing projects.


33 Arch Sucks (not a big fan of that development)
 
Re: Congress Street Garage Development

palindrome said:
"Ron and his architect also showed how they had basically made the building more boring to satisfy Boston Redevelopment Authority planners who did not want it becoming an "iconic" structure that would take attention away from the Greenway or other nearby buildings


source
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Good article (though I can't say I think Ron's project will be better for the city than renovating and re-using the Dainty Dot building with a few new stories on top); I also enjoyed this cheeky line from the reporter:

"Member Kirk Sykes said he likes the project, because the Greenway will remain a barren expanse of grass without people living nearby to actually use it after the tourists leave."
 
Re: Congress Street Garage Development

"made the building more boring to satisfy Boston Redevelopment Authority planners "

That just about sums up why Menino and his buddies suck.
 
Re: Congress Street Garage Development

No tower is going to be built in Boston (or pretty much anywhere else in the U.S.) in the foreseeable future just on spec. If you don't have a major tenant(s) already signed on the dotted line, then you aren't going to get construction financing. And with respect to Boston, nobody has yet identified who these major tenants might be. Does anybody see a big bank moving its HQ to Boston? Is Fidelity looking for a signature building (last I read, Fidelity was moving jobs out of Boston). So all the fulminating over Menino and the BRA does not change the simple fact that nobody is lining up to work or live in these towers that are proposed but stalled.

EPA moves into the renovated digs at Post Offi9ce Sq., and the Congress St garage building goes under water. Can't find anyone to take space offered at less than the government was paying.

Chiofaro acknowledges that even if he has the approvals he seeks, he can't build without a tenant. So the idea that approving his project is going to solve Boston's current tax shortfall is ludicrous. And in his ENF, IIRC, Chiofaro indicates the project would be built in stages over a ten year period or so, so not much in the way of taxes until after 2020.
 
Re: Congress Street Garage Development

stellarfun said:
Chiofaro acknowledges that even if he has the approvals he seeks, he can't build without a tenant.
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Win-win

Sell off and knock down the Hurley building next door to Suffolk for a new campus (they can move out of and sell the expensive property on Beacon Hill) along the pre-urban-renewal street grid. Move the government offices into the new tower.
 
Re: Congress Street Garage Development

stellarfun said:
No tower is going to be built in Boston (or pretty much anywhere else in the U.S.) in the foreseeable future just on spec. If you don't have a major tenant(s) already signed on the dotted line, then you aren't going to get construction financing. And with respect to Boston, nobody has yet identified who these major tenants might be. Does anybody see a big bank moving its HQ to Boston? Is Fidelity looking for a signature building (last I read, Fidelity was moving jobs out of Boston). So all the fulminating over Menino and the BRA does not change the simple fact that nobody is lining up to work or live in these towers that are proposed but stalled.

EPA moves into the renovated digs at Post Offi9ce Sq., and the Congress St garage building goes under water. Can't find anyone to take space offered at less than the government was paying.

Chiofaro acknowledges that even if he has the approvals he seeks, he can't build without a tenant. So the idea that approving his project is going to solve Boston's current tax shortfall is ludicrous. And in his ENF, IIRC, Chiofaro indicates the project would be built in stages over a ten year period or so, so not much in the way of taxes until after 2020.
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not for nothing and because speculation is fun, but Soveirgn Bank could officially relocate there HQ here. There CEO and most senior management are already stationed here.

Also BOA's new CEO hails from Wellesley, but a BOA headquarters move from Charlotte is almost next to unimaginable.
 
Re: Congress Street Garage Development

stellarfun said:
No tower is going to be built in Boston (or pretty much anywhere else in the U.S.) in the foreseeable future just on spec. If you don't have a major tenant(s) already signed on the dotted line, then you aren't going to get construction financing. And with respect to Boston, nobody has yet identified who these major tenants might be. Does anybody see a big bank moving its HQ to Boston? Is Fidelity looking for a signature building (last I read, Fidelity was moving jobs out of Boston). So all the fulminating over Menino and the BRA does not change the simple fact that nobody is lining up to work or live in these towers that are proposed but stalled.

EPA moves into the renovated digs at Post Offi9ce Sq., and the Congress St garage building goes under water. Can't find anyone to take space offered at less than the government was paying.

Chiofaro acknowledges that even if he has the approvals he seeks, he can't build without a tenant. So the idea that approving his project is going to solve Boston's current tax shortfall is ludicrous. And in his ENF, IIRC, Chiofaro indicates the project would be built in stages over a ten year period or so, so not much in the way of taxes until after 2020.
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True but if you can get approval to build it now then when tenants do line up at better economic times, the project would not have to undergo a lengthy approval process that might end up delaying it to a less than desirable economic period.

Project should get an approval, but not allowed to be built until a tenant is found.
 
Re: Congress Street Garage Development

Lurker said:
Win-win

Sell off and knock down the Hurley building next door to Suffolk for a new campus (they can move out of and sell the expensive property on Beacon Hill) along the pre-urban-renewal street grid. Move the government offices into the new tower.
Click to expand...

That's a very good idea.
 
Re: Congress Street Garage Development

Lurker said:
Win-win

Sell off and knock down the Hurley building next door to Suffolk for a new campus (they can move out of and sell the expensive property on Beacon Hill) along the pre-urban-renewal street grid. Move the government offices into the new tower.
Click to expand...
The Commonwealth of Massachusetts is not going to pay the rents that Chiofaro will want to charge. He has a reputation, which he prides himself on, of owning some of the priciest commercial office space in Boston.
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The best that Boston might hope for from BOA is to move more of its wealth management operations to Boston.

At one time, I thought RBS might have its U.S. HQ in Boston, one of its main U.S. subsidiaries is Citizens Bank, in Providence. But RBS is now hanging on for dear financial life to a British government life preserver.
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And Chiofaro is desperate to get a building permitted and approved, because that is probably the only way that he gets the valuation of his garage property to approach what he paid for it. Without permits and approvals, he almost surely is in the same figurative boat as the Congress St. Garage, with water flowing over the gunwales and his projecrt soon to be financially submerged, and ultimately sunk.
 
Re: Congress Street Garage Development

stellarfun said:
No tower is going to be built in Boston (or pretty much anywhere else in the U.S.) in the foreseeable future just on spec. If you don't have a major tenant(s) already signed on the dotted line, then you aren't going to get construction financing. And with respect to Boston, nobody has yet identified who these major tenants might be. Does anybody see a big bank moving its HQ to Boston? Is Fidelity looking for a signature building (last I read, Fidelity was moving jobs out of Boston). So all the fulminating over Menino and the BRA does not change the simple fact that nobody is lining up to work or live in these towers that are proposed but stalled.

EPA moves into the renovated digs at Post Offi9ce Sq., and the Congress St garage building goes under water. Can't find anyone to take space offered at less than the government was paying.

Chiofaro acknowledges that even if he has the approvals he seeks, he can't build without a tenant. So the idea that approving his project is going to solve Boston's current tax shortfall is ludicrous. And in his ENF, IIRC, Chiofaro indicates the project would be built in stages over a ten year period or so, so not much in the way of taxes until after 2020.
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How do you attract business's from overseas or other parts of the country when the city won't move forward? If your city is not seen as being business friendly why in the world would you move a business to this area.
I know Congress St has a cash flow problems. I also been reading about....... "Fitch report raises concerns over 225 Franklin's turnover, cash flow" IN the Boston Business Journal.

Curious what other major buildings in the city are overleveraged?
Somebody just bought Hancock for 20 Million at an auction and took over 600Million plus Note. A far cry from the $1000 dollar a ft paid by Broadway Partners.
 
Re: Congress Street Garage Development

Start from the bottom.

Attract new businesses by proving that there is a very eligible and skilled workforce. Convince the college graduates to stay in the city, to either look for work or start their own companies. I'd say that a 60% retention rate over five years is a good goal (no idea what it is now).

Once you've got the basics, small startups will take up commercial space, and attract larger buyers. They'll also start to merge. Business attracts more business. We've got a few startups, but it's almost entirely limited to biotech, and a small bit of computer science. Take advantage of this, grow it.

Finally, change city policy to encourage business and development. Encourage affordable residential development, and continue investment in public services, like the T. Part of the goal is to draw businesses and employees in from the suburbs (imagine a Raytheon Tower, or a Bose Building, or a TJX Tower). That will be progress. This is (unfortunately) the most difficult task on the list, and likely won't happen while Menino's regime is in power.
 
Re: Congress Street Garage Development

Because they own a nice new tower there. ^`
 
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