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

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I forgot I had created massing models of new buildings a little while back and so I took a screenshot of that view that gives a general idea of what it will look like.
JlBoICr.jpg
 
Some developer has go to have his eyes all over that Ipswich street garage... what a huge waste of primo real estate.
 
Actually it's been close to 10 years! (Spring of '06 I believe.)

I used to work there, and was told B&N left because the landlord jacked the rent up to something preposterous. B&N offered more than they were paying but the landlord thought he'd get even more elsewhere.

It's horrible that it's been empty all these years, but I take some satisfaction in knowing he's still not getting paid.
 
GW said:
Actually it's been close to 10 years! (Spring of '06 I believe.)

I used to work there, and was told B&N left because the landlord jacked the rent up to something preposterous. B&N offered more than they were paying but the landlord thought he'd get even more elsewhere.

It's horrible that it's been empty all these years, but I take some satisfaction in knowing he's still not getting paid.
Click to expand...

This is a big issue in NYC as well. If the landlord owns the building outright it they think it's worth it to leave the space vacant for a long time until they catch a big fish (all you need are some upper floor tenants to pay the taxes and a bit of profit). Given how DTX is changing I think a lot of landlords are just holing out for the tide to turn (which I think it will). It's unfortunate because it harms the neighborhood.
 
True, I also believe taxes are tied to revenue boston retail so even though the landlord isn't getting his " big fish" rent, the expenses are much less as well.
 
^^^ Well, maybe not.

If the property owner is purposefully withholding the space from the market place, his waste isn't likely to be rewarded by an assessment based on the property's actual income and expenses.

The assessors (or their appraisers) will likely create a reconstructed pro forma based on market data to establish a valuation. (There also might be a check on value by using a comparable sales analysis, but with large commercial properties you can run into "leased fee sales" problems.)
 
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