Dock Square Parking Garage | 20 Clinton Street | Downtown

JeffDowntown said:
Glass half full, glass half empty.

Adding any number of units with no additional parking is a win. (That parking is all there today, supporting zero residential units).
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ah okay, that makes more sense given that context
 
Does anyone actually think that this thing will commence construction with in a yr?
 
"According to the project team, while previous plans were to potentially demolish the sixth floor and insert stackers on the fifth floor, the decision not to do so was based on both economic and environmental factors, specifically wanting to avoid excess debris in landfills."

Seriously??
 
Vivanna said:
"According to the project team, while previous plans were to potentially demolish the sixth floor and insert stackers on the fifth floor, the decision not to do so was based on both economic and environmental factors, specifically wanting to avoid excess debris in landfills."

Seriously??
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Sounds like a good excuse to avoid the cost of the demolition and waste handling. VE baby.
 
Is it clear what exactly is happening with the existing garage? Is it being demolished?
 
Great to see. It seems like the pipeline of U/C apartment projects has been drying up recently.
 
stoweker said:
Public notice was posted this morning on page 6 of CMBS alert that the mezzanine lender is setting a foreclose date on the owners interest in what I assume is the entire project (20 Clinton street) on March 15th. this deal might be on hold for a bit…
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I don't think I mind if this one fails, at least in this incarnation...
 
Apologies if this is nothing, but in case the following news suggests movement regarding the stalled Dock Sq project:

Dock Square Garage Financed for $104M [April 11, 2024]:​

Silverstein Capital Partners & Rialto Capital Management have secured $104,000,000 in financing for the Dock Square Garage through TPG Real Estate Credit. Newmark Boston's debt and structured finance Group represented the sponsors of the transaction. The property last traded in 2017 for $170,000,000. The 698-space parking garage stands on 1.2 acres of land overlooking the Rose Kennedy Greenway. Plans had been approved for a 10-story addition to the garage offering over 100 residential units.

https://www.bldup.com/posts/silvers...=email&utm_term=0_-f127bce4ef-[LIST_EMAIL_ID]
 
rjacobs said:
Apologies if this is nothing, but in case the following news suggests movement regarding the stalled Dock Sq project:

Dock Square Garage Financed for $104M [April 11, 2024]:​

Silverstein Capital Partners & Rialto Capital Management have secured $104,000,000 in financing for the Dock Square Garage through TPG Real Estate Credit. Newmark Boston's debt and structured finance Group represented the sponsors of the transaction. The property last traded in 2017 for $170,000,000. The 698-space parking garage stands on 1.2 acres of land overlooking the Rose Kennedy Greenway. Plans had been approved for a 10-story addition to the garage offering over 100 residential units.

https://www.bldup.com/posts/silverstein-capital-partners-rialto-capital-management-acquire-dock-square-garage?utm_source=BLDUP.com+Customer+List&utm_campaign=f127bce4ef-EMAIL_CAMPAIGN_2024_04_11_06_30&utm_medium=email&utm_term=0_-f127bce4ef-[LIST_EMAIL_ID]
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This appears to be a refinancing of the property by Silverstein and Rialto. This loan is not for construction financing.
https://commercialobserver.com/2024...-104m-acquisition-loan-boston-parking-garage/
 
Another article popped up which says this:

“The property has previously been eyed for redevelopment, with the Boston Planning & Development Agency in 2019 approving a plan from Fortis Property Group to build 200 condos above the garage. But that plan never moved forward, and it appears Fortis sold its stake in the property to an affiliate of Rialto, according to property records.”

-so not a good sign.

https://www.bisnow.com/boston/news/capital-markets/parking-garage-scores-104m-loan-in-boston-123745
 
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