Millennium Tower (Filene's) | 426 Washington Street | Downtown
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JimboJones
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Re: Filene's
I saw that today, too.
I saw that today, too.
Patriots_1228
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Re: Filene's
wait...does this mean its going up now?
wait...does this mean its going up now?
Re: Filene's
I'd take post-Katrina New Orleans over Detroit ANY DAY. The architecture and urban fabric of New Orleans, like Boston, cannot be compared with a ruined city like Detroit.
I'd take post-Katrina New Orleans over Detroit ANY DAY. The architecture and urban fabric of New Orleans, like Boston, cannot be compared with a ruined city like Detroit.
Re: Filene's
I believe what BOSTON02124 is referring to are commercial buildings, and there are still some fine ones there, but they are now out of context...and no, I don't think they ever surpassed anything in Boston. Detroit, however was laid out on a spectacular radial grid, so it offered unique vistas of many of these fine buildings.
I believe what BOSTON02124 is referring to are commercial buildings, and there are still some fine ones there, but they are now out of context...and no, I don't think they ever surpassed anything in Boston. Detroit, however was laid out on a spectacular radial grid, so it offered unique vistas of many of these fine buildings.
Re: Filene's
Not sure you can run one of those as a furnace these days and get LEED certified.
I saw that today, too.
Not sure you can run one of those as a furnace these days and get LEED certified.
statler
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Re: Filene's
I don't think so. It's not a very big crew for such a large project. I'm guessing this is the skeleton crew they are keeping on to push dirt around till they get a hotel chain lined up and funding secured.
At least they are still doing that. Hopefully that means they have faith that this will happen sooner than later.
When the site is abandoned, then it's time to panic.
I don't think so. It's not a very big crew for such a large project. I'm guessing this is the skeleton crew they are keeping on to push dirt around till they get a hotel chain lined up and funding secured.
At least they are still doing that. Hopefully that means they have faith that this will happen sooner than later.
When the site is abandoned, then it's time to panic.
Re: Filene's
Filene's plan back on track
Despite the credit crunch, developer secures money for $650m Boston project
The developer of the $650 million Filene's project in Boston has done the unthinkable in this global credit crisis: borrow money.
After weeks of uncertainty about the struggling project, developer John B. Hynes III and partner Vornado Realty Trust have secured financing to proceed with construction on the 1.25 million-square-foot mixed-used site, which will include retail shops, condominiums, a hotel, and offices in the historic department store building and a new 38-story tower next to it.
The head of the company building the project, John F. Fish of Suffolk Construction Co., said he was told by the developers to ramp up construction work because the team had locked in its final pieces of funding in recent days.
"We've been given the green light to move forward, and the financing has been validated, so we're in good shape," Fish said. His firm has even bought the structural steel for the complex.
Fish said he did not know details of the funding, and Hynes and Vornado declined to comment, so it is not known when and under what terms the developers obtained the funds.
But the Filene's funding is a rare bit of positive news amid a national credit freeze that is stalling major development projects across the city. It's also a significant boost to Mayor Thomas M. Menino's effort to remake the gritty shopping district into the new heart of downtown Boston.
In June, Menino and city planners launched a marketing plan to brand Downtown Crossing as "Boston's Meeting Place." The effort included placing new logos in vacant storefronts where the city is hoping to spur development.
"That's a great sign," Menino said of the financing deal. "Now we can fill in that hole and continue the redevelopment of Downtown Crossing. It proves that Boston is a sound investment, even in these uncertain economic times."
Site preparation on the Filene's block, at Franklin and Washington streets, slowed to a crawl this summer after the developers were unable to secure financing.
Hynes and Vornado are building a 495-foot tower with retail on the first four floors, 250 hotel rooms over eight floors, 475,000 square feet of office space, and 166 condominiums on the top 12 floors. The project also includes a grocery store and about 300 underground parking spaces, according to documents filed with the city.
The original Filene's building, designated a landmark by the Boston Landmarks Commission, will be substantially preserved. The project will also preserve a 1905 structure at Franklin and Hawley streets. Two newer buildings on the property were demolished last year.
The project's financial difficulties will delay its completion by several months. Fish said construction is now scheduled for completion in July 2011, instead of the original deadline for early that year. One prospective tenant in the development, the law firm Fish & Richardson, had been concerned about signing a lease because of the uncertainty around the project's completion. The law firm now says its concerns have abated as it learned about the new financing.
"We've been apprised of the situation and things do seem very favorable," said Tim French, managing principal of the firm. "We're in the process of negotiating a lease."
Real estate professionals said the commencement of construction is surprising, given the economic tumult that has virtually frozen credit markets in recent weeks.
"This is enormously important, because there has been so much negative news about the issues in Washington," said Greg Vasil, chief executive of the Greater Boston Real Estate Board. "There are still some large transactions happening."
http://www.boston.com/business/articles/2008/10/02/filenes_plan_back_on_track/
YESSS!!!!!!
Filene's plan back on track
Despite the credit crunch, developer secures money for $650m Boston project
The developer of the $650 million Filene's project in Boston has done the unthinkable in this global credit crisis: borrow money.
After weeks of uncertainty about the struggling project, developer John B. Hynes III and partner Vornado Realty Trust have secured financing to proceed with construction on the 1.25 million-square-foot mixed-used site, which will include retail shops, condominiums, a hotel, and offices in the historic department store building and a new 38-story tower next to it.
The head of the company building the project, John F. Fish of Suffolk Construction Co., said he was told by the developers to ramp up construction work because the team had locked in its final pieces of funding in recent days.
"We've been given the green light to move forward, and the financing has been validated, so we're in good shape," Fish said. His firm has even bought the structural steel for the complex.
Fish said he did not know details of the funding, and Hynes and Vornado declined to comment, so it is not known when and under what terms the developers obtained the funds.
But the Filene's funding is a rare bit of positive news amid a national credit freeze that is stalling major development projects across the city. It's also a significant boost to Mayor Thomas M. Menino's effort to remake the gritty shopping district into the new heart of downtown Boston.
In June, Menino and city planners launched a marketing plan to brand Downtown Crossing as "Boston's Meeting Place." The effort included placing new logos in vacant storefronts where the city is hoping to spur development.
"That's a great sign," Menino said of the financing deal. "Now we can fill in that hole and continue the redevelopment of Downtown Crossing. It proves that Boston is a sound investment, even in these uncertain economic times."
Site preparation on the Filene's block, at Franklin and Washington streets, slowed to a crawl this summer after the developers were unable to secure financing.
Hynes and Vornado are building a 495-foot tower with retail on the first four floors, 250 hotel rooms over eight floors, 475,000 square feet of office space, and 166 condominiums on the top 12 floors. The project also includes a grocery store and about 300 underground parking spaces, according to documents filed with the city.
The original Filene's building, designated a landmark by the Boston Landmarks Commission, will be substantially preserved. The project will also preserve a 1905 structure at Franklin and Hawley streets. Two newer buildings on the property were demolished last year.
The project's financial difficulties will delay its completion by several months. Fish said construction is now scheduled for completion in July 2011, instead of the original deadline for early that year. One prospective tenant in the development, the law firm Fish & Richardson, had been concerned about signing a lease because of the uncertainty around the project's completion. The law firm now says its concerns have abated as it learned about the new financing.
"We've been apprised of the situation and things do seem very favorable," said Tim French, managing principal of the firm. "We're in the process of negotiating a lease."
Real estate professionals said the commencement of construction is surprising, given the economic tumult that has virtually frozen credit markets in recent weeks.
"This is enormously important, because there has been so much negative news about the issues in Washington," said Greg Vasil, chief executive of the Greater Boston Real Estate Board. "There are still some large transactions happening."
http://www.boston.com/business/articles/2008/10/02/filenes_plan_back_on_track/
YESSS!!!!!!
statler
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JimboJones
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Re: Filene's
I don't suppose Hynes could find another $800 million to send over to Columbus Ave?
I don't suppose Hynes could find another $800 million to send over to Columbus Ave?
Re: Filene's
terrific news!!
The Millenium Place Towers to Filene's to the Province Street building is going to make for a very nice coridor in the downtown crossing area...
now those streets need to be kept clean
it would be great if they could permanently close the streets to car traffic though I doubt that would be possible
terrific news!!
The Millenium Place Towers to Filene's to the Province Street building is going to make for a very nice coridor in the downtown crossing area...
now those streets need to be kept clean
it would be great if they could permanently close the streets to car traffic though I doubt that would be possible
gravedigger4444
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Re: Filene's
Does anyone think this would be a good building for some kind of ornamental top?
Does anyone think this would be a good building for some kind of ornamental top?
BosDevelop
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Re: Filene's
I'm very anxious to see who they get for the hotel. My top realistic choices are Loews or JW Marriott and my dream choices (never gonna happen) are The Peninsula or St. Regis.
I'm very anxious to see who they get for the hotel. My top realistic choices are Loews or JW Marriott and my dream choices (never gonna happen) are The Peninsula or St. Regis.
statler
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Re: Filene's
So let's see.
According to the media, unless the government drops in $700B our entire economy is going to collapse because there is absolutely no money to be loaned out to businesses.
And yet...
This project, which supposedly doesn't even have a hotel anchor tenant lined up, is able to secure a $650M construction loan?
Either the bailout is a scam or they have a hotel but haven't announced it yet.
I vote "all of the above"
So let's see.
According to the media, unless the government drops in $700B our entire economy is going to collapse because there is absolutely no money to be loaned out to businesses.
And yet...
This project, which supposedly doesn't even have a hotel anchor tenant lined up, is able to secure a $650M construction loan?
Either the bailout is a scam or they have a hotel but haven't announced it yet.
I vote "all of the above"
Re: Filene's
I'd like Loews to have a presence in Boston. I've considered their hotels comfortable, not overly luxurious, but different enough from the norm to stand out. I've stayed at Loews hotels in Miami, Orlando, and Quebec City. I think this would be a good location for one.
I'd like Loews to have a presence in Boston. I've considered their hotels comfortable, not overly luxurious, but different enough from the norm to stand out. I've stayed at Loews hotels in Miami, Orlando, and Quebec City. I think this would be a good location for one.
Re: Filene's
That's why the government needs to make lending attractive again (and --it goes without saying-- borrowing).
That's what I was getting at in another thread.
.
Architects are canaries in a coal mine. My business is down to 20% of normal cash flow. Most of my clients tell me they can't pry money out of their banks.
That's why the government needs to make lending attractive again (and --it goes without saying-- borrowing).
That's what I was getting at in another thread.
.
Last edited:
Beton Brut
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tobyjug
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Re: Filene's
A lot of my work is development oriented litigation. In a stretch that ended this past April, I had about one jury trial a month during the preceding 2 years. Right now I have one jury trial scheduled in the next 5 months! I've got stuff to do, sure, but nothing that provides a rush.
Important Toby Tip:
The fun will begin when the government sets up a new Resolution Trust, bank assets are auctioned, etc. You young fellows ought to start putting some money aside right now. In 2 or 3 years you will be able to buy some nice suburban property for no more than 25 cents on the dollar at auction.
A lot of my work is development oriented litigation. In a stretch that ended this past April, I had about one jury trial a month during the preceding 2 years. Right now I have one jury trial scheduled in the next 5 months! I've got stuff to do, sure, but nothing that provides a rush.
Important Toby Tip:
The fun will begin when the government sets up a new Resolution Trust, bank assets are auctioned, etc. You young fellows ought to start putting some money aside right now. In 2 or 3 years you will be able to buy some nice suburban property for no more than 25 cents on the dollar at auction.
stellarfun
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