Filene's Basement on track to move back to old digs in '09
Boston Business Journal - by Naomi R. Kooker Journal staff
Filene's Basement will move into One Franklin -- the redeveloped home of the original Filene's basement -- March 2009, confirmed John B. Hynes III, president and CEO of
Gale International LLC, one of the owners and the developer of the building.
The legendary mark-down retailer will occupy its original yet renovated three basement floors, said Hynes.
"It's that simple," he said.
The building, which is currently under demolition, is being redeveloped as a mixed-use complex comprised of 1.2 million total square feet, which includes 500,000 square feet of Class A office space, five floors of retail, 140 residences, a hotel, 299 below-grade parking spaces and a health club and spa. Demolition is slated to end June 1, said Hynes.
The Filene's building at 426 Washington St. is owned by
Vornado Realty Trust (NYSE: VNO) of New York and New Jersey-based Gale International LLC, who jointly acquired the Landmark building and surrounding property in the fall of 2006 for approximately $100 million to $150 million from
Federated Department Stores Inc.
Additional retailing space of between 2,000 square feet and 20,000 square feet will be leased. Target, long rumored to be one of the retailers to occupy space, is not an option given its need for a larger footprint, said Hynes. Other retailers will be able to move into the newly constructed building in 2011.