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

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Looking Good (Great Addition to DTX)

Not sure why Menino gave Vornado such a hard time then gives tax breaks to this group that ends up building one the largest skyscrapers in the city.

It will be interesting to see when all these UNITS flood the market in Boston from Seaport, Somerville, Charlestown, DTX.

Hopefully rents start to stabilize in the city for a while.
 
TheRifleman said:
Looking Good (Great Addition to DTX)

Not sure why Menino gave Vornado such a hard time then gives tax breaks to this group that ends up building one the largest skyscrapers in the city.

It will be interesting to see when all these UNITS flood the market in Boston from Seaport, Somerville, Charlestown, DTX.

Hopefully rents start to stabilize in the city for a while.
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Uh, Menino did not give Vornado a hard time about the building or scale they planned. He gave them a hard time over creating a massive hole in the ground, then NOT building their building.

Fortunately, because of that spat, we get round 2 by Millennium, which is a much nicer building.
 
JeffDowntown said:
Uh, Menino did not give Vornado a hard time about the building or scale they planned. He gave them a hard time over creating a massive hole in the ground, then NOT building their building.

Fortunately, because of that spat, we get round 2 by Millennium, which is a much nicer building.
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Wrong: Vornado wanted tax breaks to start up the project after blowing a hole in the middle of Boston due the credit market meltdown. (bad Timing for Vornado) Menino was having a hissy fit either build it or get out of Boston. So Roth just left the hole in the city for a couple of years. So Vornado ends up selling the project to his friends and the reality is the retarded mayor gives his friends tax breaks instead.

Yes. Millennium looks great in the skyline. Hopefully the ground floor delivers. I remember Vornado was more focused on the ground floor connecting to Downtown.

Bottom line: Menino was a hypocrite . So what was the difference in giving Vornado the tax break or this group building it?
 
TheRifleman said:
Wrong: Vornado wanted tax breaks to start up the project after blowing a hole in the middle of Boston due the credit market meltdown. .... Millennium looks great in the skyline. Hopefully the ground floor delivers. I remember Vornado was more focused on the ground floor connecting to Downtown.

Bottom line: Menino was a hypocrite . So what was the difference in giving Vornado the tax break or this group building it?
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Riff -- I'd be the first one to complain about a "Tax Break" on some existing viable property -- as the rest of the tax payers shouldn't have to dig deeper to give someone a break

However, the idea of tax rate adjustments, tax deferments or alternative payments such as a percentage of income in lieu of real estate tax to initiate a major project where there is currently a hole in the ground, surface parking, or an abandoned structure is a different matter -- as long as the deal is voluntary

For instance, Prudential in exchange for paying a % on net income in lieu of the real estate tax self-financed the Pru Center -- today no-one would argue that Boston is financially poorer for having the Pru Complex

I beleive that while the process of re-development of the DTX is certainly not complete -- the Millenium Partners tag line for MT that "The City Rises from Here", is probably fairly accurate -- as for the first time in more than a century a lot people will eventually live as well as work in the DTX area
 
TheRifleman said:
Wrong: Vornado wanted tax breaks to start up the project after blowing a hole in the middle of Boston due the credit market meltdown. (bad Timing for Vornado) Menino was having a hissy fit either build it or get out of Boston. So Roth just left the hole in the city for a couple of years. So Vornado ends up selling the project to his friends and the reality is the retarded mayor gives his friends tax breaks instead.

Yes. Millennium looks great in the skyline. Hopefully the ground floor delivers. I remember Vornado was more focused on the ground floor connecting to Downtown.

Bottom line: Menino was a hypocrite . So what was the difference in giving Vornado the tax break or this group building it?
Click to expand...

Menino got pissed when the head of Vornado Realty Trust went to a conference and said his strategy was to make holes in the ground, then blackmail cities into giving him a tax break. And he said this just as he was trying to ask the city for a tax break on the hole he made in the ground.

If you don't see the difference between Vornado:

(1) Make hole in ground, claiming you have the money to build

(2) ask for tax breaks because you don't have the money

and Millennium:

(1) Hole exists in ground, you did not create

(2) ask for tax breaks to fix the hole

, then I'm sorry, but you're damn dense.
 
dwash59 said:
Menino got pissed when the head of Vornado Realty Trust went to a conference and said his strategy was to make holes in the ground, then blackmail cities into giving him a tax break. And he said this just as he was trying to ask the city for a tax break on the hole he made in the ground.

If you don't see the difference between Vornado:

(1) Make hole in ground, claiming you have the money to build

(2) ask for tax breaks because you don't have the money

and Millennium:

(1) Hole exists in ground, you did not create

(2) ask for tax breaks to fix the hole

, then I'm sorry, but you're damn dense.
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Exactly, Vornado was enacting their classic (and admitted) extortion racket that they have used numerous times.

Totally different than the relationship with Millennium.
 
JeffDowntown said:
Exactly, Vornado was enacting their classic (and admitted) extortion racket that they have used numerous times.

Totally different than the relationship with Millennium.
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Jeff: Key distinction between the developers:

Anthony Pangaro -- a principle with Millennium Partners was a local kid, Harvard degree and with lots of Boston development and real estate experience before he joined MP

Vornado is all NY Sleeze
 
SNAG-0011_2.jpg


Dec 25 2015, from Lighthouse Point, Chandler Hovey Park, Marblehead MA


SNAG-0012_2.jpg


Dec 26 2015
 
I heard that the tower crane will be coming down within the next two weeks.
 
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