Lafayette Garage Redevelopment?

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I'm pretty sure they wouldn't be able to go particularly tall here, even if they had permission to develop the air rights. I think the shadow-on-the-parks rules would dictate something stumpy.
 
I am really confused by this concept. Isn't the space above the garage already occupied by the Lafayette City Center and the Hyatt Regency Hotel?
 
Stumpy would be better than nothing but without the air rights they can’t build anything. If this is indeed the case then they’re out of their minds on the $400m valuation.
 
JeffDowntown said:
I am really confused by this concept. Isn't the space above the garage already occupied by the Lafayette City Center and the Hyatt Regency Hotel?
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It appears that those entities (or their lessor) own the air rights, meaning the sale is of just the garage, which would presumably continue to operate as a garage.
 
JeffDowntown said:
I am really confused by this concept. Isn't the space above the garage already occupied by the Lafayette City Center and the Hyatt Regency Hotel?
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stellarfun said:
It appears that those entities (or their lessor) own the air rights, meaning the sale is of just the garage, which would presumably continue to operate as a garage.
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These are correct. This thread is pointless. It's not developable. The sale is just of the underground garage.

That Curbed piece is especially dumb.
 
datadyne007 said:
These are correct. This thread is pointless. It's not developable. The sale is just of the underground garage.

That Curbed piece is especially dumb.
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Yes, I think Curbed is confused. What I heard is that the City will sell the garage as a going concern and hope to realize approx. $120M from the sale, sounds about market for 1,000 space garage.
 
datadyne007 said:
These are correct. This thread is pointless. It's not developable. The sale is just of the underground garage.
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Yes. NOO! There’s one obvious buyer: HYATT. They can fit like, 22~25 stories/crunched floor to floor height methods, go to ~250~265’ish height (max shadow law), w/ abutting rooms merged to make large suites, and meeting rooms. Or (even) all possibly combined into extended stay executive suites up to the top of the pre-existing (16 floors/above 5 garage?)....
reasons to sell.
1. cash.
2. perfect partner 1 party wall away (them or no one).
3. they can cantilever a few floors above the existing bldg
4. *(maybe) they can stipulate a re-clad of the existing bldg w/ the addition. Shareholders can push for a bit of levity to make that monstrosity less offensive to the neighborhood.

We're seeing creative add-on's everywhere in the Northeast. Don’t rule anything out if they can make the numbers work, and it's deemed a sound business move.
 
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To rain on the "creative" parade, The Abbey Group owns Lafayette Center. The hotel is owned by Chesapeake Lodging Trust, a subsidiary of Park.

"Park was established as an independent company on January 3, 2017, following its spin-off from Hilton. On September 18, 2019, Park acquired Chesapeake Lodging Trust, adding 18 premium-branded hotels and resorts located in prime markets such as San Francisco, Boston, Miami and Los Angeles. Our headquarters are located in Tysons, Virginia."

Hyatt is managing and branding the hotel for Park, having sold the hotel in 2010.

CHESAPEAKE LODGING TRUST ACQUIRES HYATT REGENCY BOSTON

<p>Chesapeake Lodging Trust (NYSE: CHSP), a lodging real estate investment trust (REIT), and Hyatt Hotels Corporation (NYSE: H) announced that Chesapeake Lodging Trust has acquired the 498-room Hyatt Regency Boston for a purchase price of $112 million, or approximately $225,000 per key, and will...
newsroom.hyatt.com newsroom.hyatt.com

I think this is a separate Lafayette Garage; financial filings are from eight years ago. Its income couldn't cover the debt service.
 
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It's 7:13pm. This thread should have been locked down 5 hours ago.
 
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