Millennium Tower (Filene's) | 426 Washington Street | Downtown

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Re: Filene's

Say your good-byes:
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The scaffolding is up, they must be taking this side down brick by brick:
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Re: Filene's

I was snapping a few shots of the same stuff at about the same time, so I won't post them. I did notice that the Franklin St. T entrance is still open. The floor structure on the ground floor in the 1905 building has been jackhammered out. Contactors have been pouring alot of cement into this area and into the upper floors for at least two weeks. I thought this part was going to be a facadectomy, so the use of all of the cement is lost on me! (But I'm no engineer, either.)
 
Re: Filene's

Hynes says demand high for Filene?s retail space
By Scott Van Voorhis | Thursday, January 31, 2008 | http://www.bostonherald.com | Business & Markets

The $650 million redevelopment of the Filene?s block in Downtown Crossing is drawing a flurry of interest from retailers, with demand for space far outstripping the available storefronts, top project executive John Hynes said yesterday. But plans for a large anchor store have been shelved in favor of a mix of small and mid-sized retailers, he added.

So far, the Downtown Crossing project has fielded proposals from retailers totaling 500,000 square feet, according to Hynes.

That far exceeds the 150,000 square feet of store and shop space planned for the new One Franklin, which will feature a 39-story office, hotel, retail and condo complex next door to a renovated Filene?s building.

Spanish retailer Zara?s, Club Monaco and Best Buy have all expressed varying degrees of interest, industry executives said.

Hynes said it?s a vote of confidence for City Hall?s drive to revive the beleaguered retail district. The redevelopment of the Filene?s block, a partnership between Hynes and New York retail developer Vornado, is considered the centerpiece of the city?s efforts to pump new life into the shopping district.

?They are buying into the rebirth of Downtown Crossing,? said Hynes, a downtown tower builder whose father is newscaster Jack Hynes and whose grandfather was a Boston mayor.

But the new complex will not feature a big-box anchor store to replace Filene?s, which closed last year. While Target was seen as a candidate, the configuration of the loading docks didn?t work, Hynes said.

Instead, the project will feature several mid-size stores and small shops. A revamped and expanded Filene?s Basement, occupying 250,000 square feet in the lower levels, will serve as the anchor.

In the next big step, work crews are preparing to tear down some of the modern additions to the 1912 Filene?s building. By June, the block will be largely cleared, with construction of the tower set to follow.

While equity financing is lined up, Hynes said he is still firming up the construction loan. The banks he has been negotiating with have insisted on increasing the pool of lenders involved from three to as many as five. Given the turmoil in the capital markets, the larger group is seen as a way to spread the risk.

Article URL: http://www.bostonherald.com/business/general/view.bg?articleid=1070185
 
Re: Filene's

Could they acccommodate additional retail by reducing the number of floors devoted to office or condos?
 
Re: Filene's

^^ Depends on what generates more revenue I suppose.

Plus, in the short term, they may be legally bound to the terms of their financing packages that stipulates x amount of retail, x amount of condos..etc... unless they can renegotiate.
 
Re: Filene's

I personally don't see the appeal of condos in that location; I think it was a small part of the overall project. Something like 50-100 units? I don't think that's enough mass to excite your high-end buyer.

I think it should be just retail, restaurant, office space, along with health club or other type of shop.

Eh, but what do I know?
 
Re: Filene's

This is great news...I hope that some of these prospective buyers look to other vacant store fronts near buy...The Corner Mall could use a face lift..
 
Re: Filene's

I think the condos are just to excite prospective hotel operators. By selling condos that pay service fees to the hotel managers, the hotel has a built-in revenue source. Most 4 and 5-star hotels are jumping on the condo bandwagon to diversify their revenue. I heard JW Marriot is the rumored hotel going in there, but no official announcements yet. I certainly wouldn't want to live there, but an out-of-town executive might buy something there - the Devonshire is full of tenants like that. They pay their bills and are rarely there - a property manager's dream!
 
Re: Filene's

Does anyone care about demo shots?

I can keep posting a few a week if you guys like 'em, or do you think they clutter the thread?

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Re: Filene's

I also agree. Demo shots are great.

I was just there today. For anyone who has grown up in the area, it is surreal to see this get demolished right in front of your eyes.
 
Re: Filene's

photos never clutter a thread.... stupid people droning on and on do... I do that sometimes I can't lie
 
Re: Filene's

Ok, one last question. What size?

A:
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or

B:
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Re: Filene's

if b is bigger.... go with that one....oops there it is
 
Re: Filene's

Looks like the T entrance is still open. Can't tell whether the elevator is too.
 
Re: Filene's

^The demos are usually more interesting than the finished product, so keep'em coming.
 
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