Lovejoy Wharf - Hoffman Building | 160 North Washington Street | West End

Re: Lovejoy Wharf

choo said:
I think the headline makes it worse than it is. Hopefully they got get some large break, but just something to help with harbor access. That wharf is pretty beat up and they are mandated to provide access. As long as it sticks to that scope, I am fine with it, as it seems reasonable and is a definite big win for the city all around.
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Yes, it is a mandate: Chapter 91, but it applies to everyone who does a project on the waterfront unless in a designated port area. It is not specific to this development. Access to the waterfront is a requirement for the developer (and your right as a citizen) and the cost is presumably easily recouped by higher rents. They should not get assistance for access work. That cost is the price of selecting a waterfront site.
 
Re: Lovejoy Wharf

FWIW...I walked past this site this weekend, and it is surrounded by construction fencing, with Suffolk signage at several corners.
 
Re: Lovejoy Wharf

I look forward to seeing this part of the Harborwalk reopened. The state should never have allowed the previous owner to fence it off.

Once this project is finished, the city and state need to do something about the area between it, the Charles River Dam, and the Zakim Bridge. I don't mind the State Police having a parking lot here, but I do mind the condition that it's in, with parts of it unpaved and Jersey barriers left over from the Big Dig. This needs to become an attractive gateway to the dam walkway.
 
Re: Lovejoy Wharf

Converse will be part of the new development, making Lovejoy their world HQ.
 
Re: Lovejoy Wharf

For the heck of it, I pulled the rate card on Lovejoy Wharf. Right now, the dillapidated, vacant building is assessed at $4,451,500. Based on the city's tax rate, this building generates about $143,000 in yearly tax revenue.

The tax breaks amount to about $400,000 a year. I've eyeballed some other residential/office developments in the city. Archstone Boston common is assessed at $180,000,000 and one Beacon is assessed at about $275,000,000. Based on this being a hybrid office/residential and the roughly $220 million in investment...I will conservatively assess the completed building at $100 million.

If the current tax rate remains static, the completed building would generate - without tax breaks - $3,196,000 in taxes. With tax breaks - that amount is $2,796,000.

A net plus to the city of $2,653,000.
 
Re: Lovejoy Wharf

The state should never have allowed the previous owner to fence it off.
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I'm pretty sure it was fenced off for safety.

This needs to become an attractive gateway to the dam walkway.
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Absolutely. That is such a cool walkway that a lot of people don't know about or don't use because walking down there is kind of dodgy.
 
Re: Lovejoy Wharf

So much for the crackdown on aggressive panhandling.

Can I reduce my property taxes by $1,000 per year if I promise to demonstrate a higher net plus per capita than Converse?

Didn't think so.

Give me a shout out if a developer builds a private project on private property with private dollars.
 
Re: Lovejoy Wharf

Sicilian said:
So much for the crackdown on aggressive panhandling.

Can I reduce my property taxes by $1,000 per year if I promise to demonstrate a higher net plus per capita than Converse?

Didn't think so.

QUOTE]

On the contrary...yes, you should.

And if you are willing to bring a couple of hundred new jobs to the city - all the better.

Of course, if you are paying more than $3 million in taxes to the city, I would hope that you would at least hold out for $1500.
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Re: Lovejoy Wharf

Like I said, per capita -- and per square foot of space, I believe I'm doing better than Converse.

Tax breaks are terrific for drawing investment to blighted areas.

The waterfront isn't blighted, and certainly the North End isn't a blight.

To ensure we're operating in a competitive environment, I suppose we'll be looking for breaks at at New Balance and Puma HQ next.
 
Re: Lovejoy Wharf

Sicilian said:
The waterfront isn't blighted, and certainly the North End isn't a blight.

QUOTE]

But Lovejoy Wharf is....key difference. Even in the boom times of the late 90s and early 2000s, this building never got off the ground. There is a reason for that.
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Re: Lovejoy Wharf

FYI...the permits for interior demolition and utility work were issued yesterday.
 
Re: Lovejoy Wharf

Site very busy today. Suffolk sign up and demolishion prep has begun on the Beverly Str building. A large crew is working on the rehab of the N. Washington Str. building.


Lovejoy Wharf 1/17
 
Re: Lovejoy Wharf

Thanks for all the updates, excited to see so much going on
 
Re: Lovejoy Wharf

One of my friends is the super on the site. The other day she reported that she went home with a rash and itching after being left alone in the building all day. I'm wondering (seriously, no jokes) what could be in the building that would cause this.
 
Re: Lovejoy Wharf

datadyne007 said:
One of my friends is the super on the site. The other day she reported that she went home with a rash and itching after being left alone in the building all day. I'm wondering (seriously, no jokes) what could be in the building that would cause this.
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Her boyfriend?
 
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