Hynes? real deal: Bid on for Murdoch land

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Hynes? real deal: Bid on for Murdoch land
By Scott Van Voorhis
Boston Herald Business Reporter
Saturday, July 29, 2006


The buildout of Boston?s waterfront is poised to take a major step forward as veteran city builder John B. Hynes III closes in on a blockbuster deal for one of the Hub?s top development sites, observers say.

Hynes, who built State Street?s new downtown high-rise headquarters, yesterday confirmed he is in serious discussions for a 20-acre-plus development site near Fan Pier on South Boston?s waterfront.

Hynes said he is negotiating with media giant News Corp., which recently acquired the site from longtime Boston parking and land czar Frank McCourt.

A top executive with the Gale Co., Hynes said the talks could lead to a deal for the entire site. Wall Street financial giant Morgan Stanley is backing the bid, for which Hynes is acting as the local developer.

The pending deal would provide a major boost to Hub waterfront development by putting a top local builder in control of what may be the city?s key future development tract, executives said. Hynes is the grandson of well-respected 1950s Boston Mayor John Hynes.

The purchase price could be more than $100 million, one local real estate executive said.

?I am happy that someone with a deep connection to the city of Boston is working to develop that land,? City Council President Michael Flaherty said.

The budding deal comes after decades of inaction on the tract of parking lots near Fan Pier and Anthony?s Pier 4.

The site had been owned for decades by McCourt, who frustrated City Hall with years of development promises that went nowhere.

McCourt went on to buy the Los Angeles Dodgers, pledging his valuable land on South Boston?s waterfront as collateral in exchange for more than $150 million in loans to buy the team.

The lender was also the Dodgers owner, global media baron Rupert Murdoch?s News Corp., which stepped in earlier this year to take title to the Hub land.

Now the uncertainty surrounding the property appears poised to end.

Hynes and his financial partner may have already reached a tentative agreement, with a closing expected in 30 days, a source familiar with the talks said.
 
Now I'm even happier that he didn't get hit by the falling debris
 

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