Hook Wharf | 400 Atlantic Ave | Downtown

"To ensure the viability of the New England Aquarium’s operations during the
construction of the Harbor Garage property both parties have agreed to the
following $30 million indemnification framework to cover loss of revenue
based upon expected Aquarium visitation numbers of 1.37 million guests per
year for the estimated three year construction schedule. Under the terms of
the agreement the Harbor Garage developer will cover in whole the first $10
million in revenue loss outright. In addition, the Harbor Garage Developer
will cover another $20 million of revenue shortfall in the form of a mitigation
loan.

"The loan will be repaid to the developer of Harbor Garage based upon
future Aquarium revenue increases above preconstruction revenue. The
Aquarium will repay fifty-percent (50%) of the revenue increases for a period
of four years after the first certificate of occupancy for the Harbor Garage
project."
 
odurandina said:
"To ensure the viability of the New England Aquarium’s operations during the
construction of the Harbor Garage property both parties have agreed to the
following $30 million indemnification framework to cover loss of revenue
based upon expected Aquarium visitation numbers of 1.37 million guests per
year for the estimated three year construction schedule. Under the terms of
the agreement the Harbor Garage developer will cover in whole the first $10
million in revenue loss outright. In addition, the Harbor Garage Developer
will cover another $20 million of revenue shortfall in the form of a mitigation
loan.

"The loan will be repaid to the developer of Harbor Garage based upon
future Aquarium revenue increases above preconstruction revenue. The
Aquarium will repay fifty-percent (50%) of the revenue increases for a period
of four years after the first certificate of occupancy for the Harbor Garage
project."
Click to expand...

Verrrry interesting. That sounds like 'quasi-equity' dressed up as a loan (not that there's anything wrong with that, especially because we're talking about a not-for-profit...)
 
Seems to me that the BPDA under Mayor Walsh has really upped their negotiation game.

This is the second recent example of complex, multi-stakeholder negotiations that seem to create real win-win-win-win outcomes (the other example is parcel P-12 in the Theater District). Development that the city needs happens, more open space is created, abbutters are appeased...) Good stuff!
 
Based on past precedents (joking hyperboles aside), about how many months until these two projects (Hook & Harbor Garage Bldg) come up for actual approval?

Thanks in advance to any and all who can answer.
 
sorry for the lack of link here - I tweeted at Tim Logan, the Globe's real estate reporter and he responded.
 
I made these a while ago for the what if thread just to see what height would look like here. Now that more height is being thrown around for this parcel I figure its appropriate to add them in. If done right it adds to the step up affect very well. Some people were assuming it wouldn't look good or work, but I think looking at it it actually fits in pretty well. Its also "across the greenway" so if the harbor garage is ever developed it wouldn't be the only tower on "the other side of the tracks" per se besides that and the harbor towers. Idk I like it tbh and made sure to slanty roof it and all.



 
stick n move said:
Its also "across the greenway" so if the harbor garage is ever developed it wouldn't be the only tower on "the other side of the tracks" per se besides that and the harbor towers.
Click to expand...

Atlantic Wharf and the Fed are also across the greenway. SST would be too if it ever happens. Technically you could throw in 1 Financial although that's kind of the end of th greenway by that point.
 
In the end, Hook might go 300~348' but not an inch taller.

The tall tower you need to be drawing is 660' at 125 Lincoln Street.
 
So you once again bumped a thread with no news for no good reason? Really doing God's work.
 
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