Copley Place Expansion and Tower | Back Bay

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Re: Copley Place plan calls for condo tower

?Our major concerns have been about the impacts such a tall building would have in the neighborhood,? said Ann Gleason, the assocation?s chairwoman.
Um, that wasn't stupid at all. Nonetheless, it seems that they weren't going to have much say in the fate of the tower anyway, which is too bad. I was so sure that Simon would have had the cash and confidence to do this. Another good development gone. I guess I shouldn't be surprised.
 
Re: Copley Place plan calls for condo tower

Thank God! We had a little burst there of about 3-4 years where people wanted to spend money and actually invest in Boston, and since it takes 4-5 years to get anything done, the ladies-who-lunch crowd can declare victory!

There will be no progress, no economic development, they weathered the economic upswing and can delight in the development-stopping recession! They can issue a press release to all companies titled, "Boston - closed for business" and then retire to Aujourd?hui to clink champagne flutes.
 
Re: Copley Place plan calls for condo tower

Is this canceled or just put on hold?
 
Re: Copley Place plan calls for condo tower

Here we go. It doesn't say that it's completely finished, just on hold. Anyone know what's Menino's opinion on the project?

Copley tower on hold
Mall owner halts meetings on 47-story condo project
By Thomas Grillo


Simon Property Group has put on ice its Copley Place plan for the city?s tallest condo tower.

The mall operator was developing a 47-story tower with 280 luxury residential units, along with a 54,000-square-foot addition to Neiman Marcus and 60,000 square feet of new retail and restaurant space.

Les Morris, a Simon spokesman, confirmed that meetings of the Community Advisory Committee, a nine-member panel formed by Mayor Thomas M. Menino to advise City Hall on the project, have been postponed. But he declined to answer questions or provide specifics about the project?s timeline.

It?s unclear whether Simon has run into financing problems amid the global credit crisis.

John Palmieri, the Boston Redevelopment Authority?s director, said while Simon may have the cash for the project, the Indiana-based publicly traded company is worried about the economy.

?They certainly don?t want to build something they can?t lease,? he said. ?And anyone will tell you that the condo market has been hurting.?

Eugene F. Kelly, a CAC member, said he?s disappointed that the plan is on hold. ?It looked like an attractive development that would enhance the area,? he said.

But not everyone is sad to see the project stalled. The proposal troubled the Neighborhood Association of the Back Bay, which raised questions about the building?s height and shadows it would cast on historic properties in Copley Square.

?Our major concerns have been about the impacts such a tall building would have in the neighborhood,? said Ann Gleason, the assocation?s chairwoman.

Simon is not the only project in jeopardy. Developers John B. Hynes III and Vornado Realty Trust halted construction last year on the redevelopment of the Filene?s block. Despite downsizing the tower, the development team is still trying to secure financing.

http://www.bostonherald.com/busines...n_47-story_condo_project/srvc=home&position=5
 
Re: Copley Place plan calls for condo tower

^^^^

You know it's sad but truuueee (Metalica)
 
Re: Copley Place plan calls for condo tower

pelhamhall said:
Thank God! We had a little burst there of about 3-4 years where people wanted to spend money and actually invest in Boston, and since it takes 4-5 years to get anything done, the ladies-who-lunch crowd can declare victory!

There will be no progress, no economic development, they weathered the economic upswing and can delight in the development-stopping recession! They can issue a press release to all companies titled, "Boston - closed for business" and then retire to Aujourd?hui to clink champagne flutes.
Click to expand...

Yes, just imagine, we could have been pro-growth like Phoenix, Atlanta, Orlando, or Vegas. Boy did that ever turn out great for them.

See America's Emptiest Cities (http://www.forbes.com/2009/02/12/cities-ten-top-lifestyle-real-estate_0212_cities.html)

"Las Vegas edged Detroit for the title of America's most abandoned city. Atlanta came in third, followed by Greensboro, N.C.,

Las Vegas and Orlando, are mostly victims of the recent housing bust. Boston and New York are among the lone bright spots"
 
Re: Copley Place plan calls for condo tower

Battery Wharf, W Hotel, Russia Wharf, Two Financial and a bunch of other projects were all put on hold after 9/11.

Obviously there is a big difference.
 
Re: Copley Place plan calls for condo tower

There is no way in hell that Las Vegas is more abandoned than Detroit. No way.
 
Re: Copley Place plan calls for condo tower

Joe_Schmoe said:
Yes, just imagine, we could have been pro-growth like Phoenix, Atlanta, Orlando, or Vegas. Boy did that ever turn out great for them.

See America's Emptiest Cities (http://www.forbes.com/2009/02/12/cities-ten-top-lifestyle-real-estate_0212_cities.html)

"Las Vegas edged Detroit for the title of America's most abandoned city. Atlanta came in third, followed by Greensboro, N.C.,

Las Vegas and Orlando, are mostly victims of the recent housing bust. Boston and New York are among the lone bright spots"
Click to expand...

There's a huge difference between "build everything" and "build smart".

I'm actually pretty surprised that Denver wasn't on that list. My parents live out there for part of the year and there are gigantic developments that expect 20,000-30,000 new residents in each of them, and there are tons of empty houses there.

It's a shame this is on hold...I'd be able to monitor the construction every day when I get out of the BackBay T Station
 
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Re: Copley Place plan calls for condo tower

The article specifies that both New York and Boston are bright spots. NIMBYism is bad in New York, but not quite so bad (or so deletarious, at least) as here.

retire to Aujourd?hui to clink champagne flutes
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Ironic. Didn't they fight the Four Seasons too?
 
Re: Copley Place plan calls for condo tower

Just wait. With Wall Street decimated New York will be on the list soon enough.
 
Re: Copley Place plan calls for condo tower

Yes, I'll be sure to thank all the selfish NIMBYs very soon for keeping Boston off the overbuilt list.

Also, the difference between Boston and the other cities you have mentioned is that there is actually is some demand for office and housing whereas the other cities are adopting a "built it and they will come methodology" (well, I suppose not Detroit and Dayton).
 
Re: Copley Place plan calls for condo tower

Yea it seems like a number of cities adopted the Classical View of how the economy functions (Supply drives demand), versus the Keynesian View (Demand drives supply). They're paying for it big time now. Some of the developments out West are just ridiculously large...I remember thinking to myself "how the hell are they going to fill all these homes?", and now it seems like they're not going to.
 
Re: Copley Place plan calls for condo tower

*Cough* Amity Shales *Cough*
 
Re: Copley Place plan calls for condo tower

Mike said:
Battery Wharf, W Hotel, Russia Wharf, Two Financial and a bunch of other projects were all put on hold after 9/11.

Obviously there is a big difference.
Click to expand...

A.) I was being facetious.
B.) Different circumstances.
 
Re: Copley Place plan calls for condo tower

It's truly amazing just how many large projects Elkus/Manfredi had that are on hold or gone now. I seem to remember a business formula about just how fast a professional services firm can contract and still stay in business. Elkus/Manfredi must be nearing that threshold now that they have laid off all the One Franklin/Filene's and Westwood people (and will presumably lay off all their Copley Tower people now). Lots of unemployed Architects.
 
Re: Copley Place plan calls for condo tower

Architecture really isn't the kind of profession that rides out recessions well. It's way easier to cancel a building in the design stage than when its steel is custom-cut and ready for shipment.

My guess is the profession sees a post-recession shake-up, as well. Starchitecture was seen as an embodiment of the boom's excesses.
 
Re: Copley Place plan calls for condo tower

^ Yeah, and what did Boston get out of it? Stata Center and maybe that fugly dorm by Holl.
 
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