Fort Point Infill and Small Developments

Here's a map of the district's boundaries, taken from the study:

fort_point_channel_landmark_distric.jpg


For those interested, the full study can be downloaded from the BRA's site at the following link:
http://www.cityofboston.gov/environment/fpc/pdfs/FINAL_with12-9-08amendments.pdf
 
was walking across the congress st bridge and noticed a banner announcing the new "boston tea party" with renderings for a restaurant built on piers within the channel. they also had a rendering a redone channel. anyone have info about this project?

3409454637_1da13294e8_o.jpg
 
are you sure it's a restaurant and not the reopening of the tea party ship museum?
 
It is the reopening of the tea party ship museum but it will include a new cafe/restaurant as well as the museum. It will replace the old structure that was recently removed after a fire a few years ago. However, I believe it is on hold for financial reasons.
 
So, will the old bridge be in open or closed position?
 
From what I read on the Tea Party Website a few days ago, all they're doing is updating the ship and it's set to be finished in Summer 2010. The cafe you speak of would probably be the "Tea Room Cafe and Gift Shop," which will be inside the ship/museum.
 
Tiny ship. If you put a cafe in it, what else will there be room for?
 
Maybe in the museum building then. All they had pictures of was the ship renovation on the website. Is there a museum building?
 
On my search for something else I came across this piece of information. Not sure where it is in the legislative process (they're too busy outlawing four-story buildings) but for what it's worth, could be interesting.

SD 1876 An Act Authorizing Certain Development in the Fort Point Channel (Hart)

This bill ensures that Fort Point Channel will continue to develop into a public and open water park. Maritime Rules require that the lane be navigable for shipping, however, the Channel is not used for that purpose anymore. This will ensure that the Channel remain open to the public while still being available for development in the area.
 
JohnAKeith said:
On my search for something else I came across this piece of information. Not sure where it is in the legislative process (they're too busy outlawing four-story buildings) but for what it's worth, could be interesting.

SD 1876 An Act Authorizing Certain Development in the Fort Point Channel (Hart)

This bill ensures that Fort Point Channel will continue to develop into a public and open water park. Maritime Rules require that the lane be navigable for shipping, however, the Channel is not used for that purpose anymore. This will ensure that the Channel remain open to the public while still being available for development in the area.
Click to expand...

I'm guessing this may be legislation to clear the way for the 3000 sf Boston Tea Party Ship development in the navigable area of the Fort Point Channel abutting the Congress Street bridge.

As for "outlawing four-story buildings," I'm sure you wrote that just as a hyperbolic joke, but just for the record...

All buildings approved in the Fort Point Channel 100 Acre plan range from 100-250 feet (10-25 stories), with a few sites available for the FAA limit of 300 feet. The average building height in the district is 100' (6 stories). The 100' buildings in 100 Acre Plan are those that may sit on top of the tunnel section, which was the limiting factor.

No legislation, proposed, discussed or enacted over the past decade limits building heights below 100' (roughly 6 stories). You might be referring to the landmark designation, which presents "guidelines," not laws or prohibitions, which propose that visibillity of rooftop additions on existing historic structures be limited according to a set of principles (Summer Street has the most stringent guidelines).
 
I think he's referring to the thread about the house bill on shadows.
 
Fort Pointless
Foreclosures a setback for neighborhood
By Donna Goodison
Tuesday, March 23, 2010


Berkeley Investments is staring down a foreclosure auction for nine of its Fort Point Channel properties in Boston?s Seaport District, including office buildings at 368 and 381 Congress St.

Wells Fargo Bank set a May 5 sale of the parcels after Berkeley defaulted on a mortgage, according to a legal notice announcing the auction. The sale is yet another potential setback for Seaport development that?s been stalled by financing constraints.

The properties constitute a large portion of the 700,000 square feet portfolio of a dozen buildings, parking garages and lots that Berkeley bought for $97 million from Boston Wharf Co. in 2004.

Its goal was to turn Fort Point Channel into a more active neighborhood.

Berkeley president Young Park said his company is in negotiations to avoid the foreclosure sale.

?We?re working through it,? he said yesterday. ?The note reached its maturity date . . . and the bank doesn?t want to renew the loan.?

The real estate investment and development company previously sold five of its former Boston Wharf properties, totaling 335,000 square feet, to Newton?s National Development.

Parcels headed for the auction block also include 22 Boston Wharf Road, an eight-story building with six levels of parking and 58,000 square feet of office space; and 12 Farnsworth, a six-story building with ground-floor retail.

Park is a ?visionary? who understood Fort Point Channel?s potential to be a unique neighborhood by converting its warehouses for 21st-century uses, said Vivien Li, executive director of the Boston Harbor Association. He lured two of the city?s top chefs: Barbara Lynch, who opened Sportello, Drink and Menton on Congress Street; and Joanne Chang, whose Flour Bakery is at 12 Farnsworth.

?It would be a major setback for this district if for some reason he was not able to hold onto these properties,? Li said. ?But the real estate market is very tough right now, and financial institutions are really scrutinizing every loan. They are not lending money, which is what put a halt to all the development on the waterfront.?

Berkeley?s Fort Point Channel parcels might not be its only properties in trouble.

The Worcester Telegram & Gazette this month reported that a March 31 foreclosure auction had been set for three downtown Worcester properties that are part of Berkeley?s stalled $563 million, 20-acre CitySquare development plans. The newspaper said it erroneously printed a legal notice for the auction that the mortgage holder had pulled. Last week, however, Hanover Insurance Group?s Opus Investment Management signed a purchase and sale agreement with Berkeley to become the project?s new developer. Berkeley, meanwhile, will retain ownership of the three buildings in question, the newspaper said.


Link
 
From Banker & Tradesman:

Berkeley Investments principal Young Park is denying reports that he is close to losing much of his Fort Point office portfolio, saying talk of a foreclosure at the former Boston Wharf Co. warehouses is a negotiating tactic by lender Wells Fargo.

"We are in negotiations with them," Park said. "The story is, it's a maturity default, we're cooperating with the lender to find a solution, and a solution will be found one way or another. These properties are cash-flowing. We've never missed a payment. There's no distress of any kind."

Berkeley will negotiate a loan extension, find replacement debt for the maturing loan or buy back its own note from Wells Fargo, Park said.

"We certainly have the financial capacity to do one of those three things," he said. "This is not great publicity, but it is what it is, and we need to deal with it. There's no way we're going to walk away."
 
Ha, I love how Park tries to spin this that somehow a "maturity default" is different from any other default. And "we've never missed a payment", yeah except the last one where you had to pay the principal back on your loan!
 
Park's developments in Fort Point have been exceptional, including FP3, Flour, Sportello, Drink, Menton, terrific historic rehabs, etc. To his credit are also numerous civic accomplishments in the area, including a gallery in FP3, a retail store on Farnsworth, and participation on the landmark committee. I don't know much about how one resolves a "default" but I hope Berkeley pulls through.

By contrast there's Archon/Goldman, whose portfolio of warehouses was purchased around the same time as Berkeley Investments. Nearly half of their buildings were flipped (some immediately after securing variances from zoning -- including two that remain vacant today at 216-222 Summer Street), and the other half of their buildings remain virtually unimproved and mostly vacant along Melcher, Summer and A Street. Colorful maps and plans, no follow-through whatsoever.
 
I saw something somewhere (too lazy to look now) that they want to transform that chanelside parking lot into a full blown park. now that would be sweeeet. Right on the water.

I have always envisioned a nightclub inside those old necco warehouses problem is parking. They would have to purchase a portion of that chanelside or just lease a portion of it or something to that effect. But I gotta say that speaking of bars.
That Barlow's looks promising. Haven't been in yet but it looks cool from the outside.

Also some "Learning Center" is going into Chanel Center.
 
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