Fenway Center (One Kenmore) | Turnpike Parcel 7, Beacon Street | Fenway

The pluses on your plan are definitely there, but I can' help but think it'll be a landmine politically. You'd run into the duel issues of "WHY DOES BOSTON GET ALL THE MONEY!!!?!?!" and "THE STATE IS ONLY DOING THIS TO BENEFIT WEALTHY DEVELOPERS!!!!111!!!!" It'd take a pretty strong political coalition to pull it off. As is, tax breaks are already politically touchy enough.
 
FenwayResident said:
I think a better option would be for the state to deck the pike from South Station to BU West using state funds and then auction off the parcels. That way they'd get an immediate cash flow to offset the construction costs, and they'd be able to attract some more risk averse developers who can't/won't do the decking themselves.

The new property taxes from the buildings built on the deck, along with increased property values from buildings adjacent to the pike, would more than pay for the cost of construction.
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I do think the state should share some part of the decking. Doing it through tax breaks is kind of a back door solution. Paying to deck the pike out right is better, but still has it's flaws, IMO. The state would have to make assumptions as to what would be built at each parcel, and then build accordingly. They could easily end up in a situation where they deck a parcel and it is under-designed for whatever a developer wants to build. The longer it take to develop a parcel, the more likely it is that this is happens. Although, it would be nice for the whole thing to be decked at once (and presumably sooner) even if the deck just remained as a park until a developer builds.

What I would suggest, is the state sets an allowance for how much they are willing to contribute to deck each parcel. It would be different for each depending on size/zoning. Build in a stipulation that the allowance is only guaranteed until such and such a date. Auction off each parcel, and the developer is entitled to the allowance. If they need to they can pay to design a more substantial deck to carry a larger load. This would be less of an upfront investment, and would give developers incentive to get a project out of the ground (air?) sooner.
 
FenwayResident said:
I think a better option would be for the state to deck the pike from South Station to BU West using state funds and then auction off the parcels. That way they'd get an immediate cash flow to offset the construction costs, and they'd be able to attract some more risk averse developers who can't/won't do the decking themselves.

The new property taxes from the buildings built on the deck, along with increased property values from buildings adjacent to the pike, would more than pay for the cost of construction.
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There isn't a one-size-fits-all deck though, is there? You don't build the same deck for a park as for a 20 story building or a 60 story building.

I think the city AND state chipping in money, proportional to the future revenue of the proposed project, would go a long way. That way the 60 story tower would get more money to support their more complicated deck. And if the economics only ever work out for 10-20 stories all along the pike, I'll still take it!
 
Look what was done in Providence. Don't tell me that was all city money...I agree with the total decking of the Pike wherever feasible and finally putting this pit to rest.
 
fattony said:
There isn't a one-size-fits-all deck though, is there? You don't build the same deck for a park as for a 20 story building or a 60 story building.

I think the city AND state chipping in money, proportional to the future revenue of the proposed project, would go a long way. That way the 60 story tower would get more money to support their more complicated deck. And if the economics only ever work out for 10-20 stories all along the pike, I'll still take it!
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The problem with getting the City and State to cooperate, is that they have profoundly different interests in air rights developments. The state wants to maximize revenue. The City wants local zoning and neighborhoods respected. So while you can only maximize lease payments by maximizing density (height), the City (Ned) shits their pants every time someone proposes anything remotely dense.
Columbus Center was less dense than both the Pru and Copley. Ultimately, that's what killed it.
 
I hope it's dead too.

Put this parcel out to bid to real developers and not just small time, politically connected developers. Beside he still has to finish the other turnpike parcels he won the rights to develop. And yes, I know no one else bid on this parcel but that probably was because they new the fix was in
 
PaulC said:
I hope it's dead too.

Put this parcel out to bid to real developers and not just small time, politically connected developers. Beside he still has to finish the other turnpike parcels he won the rights to develop. And yes, I know no one else bid on this parcel but that probably was because they new the fix was in
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I'm going to wait for a single other Pike air rights project to top off before I start hammering the guy too much. So far, no one has proven big time enough for this job.
 
You missed my point - based on his company previous level of development he would never have gotten this parcel or the other 3 if he wasn't connected. Real developers bid on the other parcels across the street bu he some how won these too.
 
Just checked the website, this was released Oct 7:

http://fenwaycenter.com/?p=473

The first phase is expected to begin construction in mid 2015 and will include Buildings 1,2, 4 (see Site Plan) and two parking facilities.

...

We look forward to breaking ground on Fenway Center Phase 1 next year and we’re very proud to have successfully developed Yawkey Station on time and on budget for the MBTA.
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The key paragraph in the 'press release'.

MK Parcel 7 Development LLC is the developer of the fully approved 1.3 million square foot Fenway Center mixed use project. MK is currently negotiating a joint venture agreement with a large national real estate development firm which will provide the balance of private equity and debt necessary to complete financing and commence construction.
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= 'ain't got the needed money in hand'. IIRC, previous statements when he was looking for aid from the city, were that he had the rest of the financing in place, and was just a few million short.

As the 'press release' notes, construction of Yawkey Station and the rebuilding of the Pike are state-funded.
 
The rendering in that article is confusing. Why is there still a large portion of the pike exposed?
 
stellarfun said:
Columbus Center redux?
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Can you post the text for those of us hitting the Globe paywall + to archive whatever information is in the article on the archboston site?

Many of us hitting the paywall have no idea what you're referring to.
 
itchy said:
Can you post the text for those of us hitting the Globe paywall + to archive whatever information is in the article on the archboston site?

Many of us hitting the paywall have no idea what you're referring to.
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if you are using mozilla, click to open it with private browsing. The article basically just says that Gerding Edlin (of 315 on A in Fort Point) is being recruited to help with the development. Not sure how this relates to what went on with Columbus Center (ie whether or similar partnerships were attempted).
 
Alternatively, and I know this is going to sound crazy, you could pay for the service you're using. It's all of $0.99 a month.
 
underground said:
Alternatively, and I know this is going to sound crazy, you could pay for the service you're using. It's all of $0.99 a month.
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I don't disagree with you, but it is actually $16/month. Well worth it if you read the globe everyday.
 
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