Millennium Tower (Filene's) | 426 Washington Street | Downtown
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Re: Filene's
I believe the Chicago development was a surface parking lot before - it's a little different.
I believe the Chicago development was a surface parking lot before - it's a little different.
TheRifleman
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Re: Filene's
Everyone at the BRA should be FIRED for letting this project go forward when the developer did not have the financing to finish it.
Are you people that STUPID. Bottom line expect the taxpayers to pickup the Filene's TAB.
Everyone at the BRA should be FIRED for letting this project go forward when the developer did not have the financing to finish it.
Are you people that STUPID. Bottom line expect the taxpayers to pickup the Filene's TAB.
Re: Filene's
What is vital imo is that if Hynes must 'reduce cost' what needs to be reduced is size...not material quality
this project was a little too large imo to begin with....38 stories in that location is overkill for an area that is supposed to me a new pedestrian haven...this is a very cramped location....isn't Times Square
cut it down to 20 stories and change the design of the tower to make it more sleak so that the shortened height doesnt turn it into something too stumpy cantilevered over the Filene's building....
What is vital imo is that if Hynes must 'reduce cost' what needs to be reduced is size...not material quality
this project was a little too large imo to begin with....38 stories in that location is overkill for an area that is supposed to me a new pedestrian haven...this is a very cramped location....isn't Times Square
cut it down to 20 stories and change the design of the tower to make it more sleak so that the shortened height doesnt turn it into something too stumpy cantilevered over the Filene's building....
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TheRifleman
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Re: Filene's
If that happens Filene's will never be built. Like I said before the Taxpayers will be flipping this bill. Tax credits across the board for these guys to maintain schedule.
Great JOB BRA. Another Screwup.
If that happens Filene's will never be built. Like I said before the Taxpayers will be flipping this bill. Tax credits across the board for these guys to maintain schedule.
Great JOB BRA. Another Screwup.
Re: Filene's
What people don't understand when they shout outrage at BRA for "letting this happen" without financing is that financing isn't some commodity that is purchased and can be stored for several years.
There was no indication last January that financing for a project with this much pre-leasing wouldn't be possible in downtown Boston, especially with over 40% of equity in the deal.
If we demand that financing be fully committed before approval is granted, we will see all new development stop, or actually, a lot more "soft commitments" posing as hard commitments. I've witnessed litterally dozens of deals that had full commitments from lenders fall apart, sometimes days before loans were to be issued. Trust me, if a lender is about to put themselves on the hook for $100M+ on a project they've lost confidence in, their message to the developer will be "sue us".
Anyone who thinks that Hynes, who has (per the BBJ) over $100M of his own leveraged money in the deal is content to let this stall or play games with the BRA, they are out of their mind. This is a bankrupcy waiting to happens for Hynes if he can't pull a rabbit out of his hat. No one does this intentionally, but for aggressive development to happen, their has to be risks on everyone's (developers and city) part.
What people don't understand when they shout outrage at BRA for "letting this happen" without financing is that financing isn't some commodity that is purchased and can be stored for several years.
There was no indication last January that financing for a project with this much pre-leasing wouldn't be possible in downtown Boston, especially with over 40% of equity in the deal.
If we demand that financing be fully committed before approval is granted, we will see all new development stop, or actually, a lot more "soft commitments" posing as hard commitments. I've witnessed litterally dozens of deals that had full commitments from lenders fall apart, sometimes days before loans were to be issued. Trust me, if a lender is about to put themselves on the hook for $100M+ on a project they've lost confidence in, their message to the developer will be "sue us".
Anyone who thinks that Hynes, who has (per the BBJ) over $100M of his own leveraged money in the deal is content to let this stall or play games with the BRA, they are out of their mind. This is a bankrupcy waiting to happens for Hynes if he can't pull a rabbit out of his hat. No one does this intentionally, but for aggressive development to happen, their has to be risks on everyone's (developers and city) part.
TheRifleman
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Re: Filene's
I claimed that TIMING is key to developments. BRA,Vornado and Hynes should have been prepared for the worst case scenarios. Filenes was one of the major sites for BOSTON . This was an important site and BRA should have been more prepared for a current market downturn. Does anybody know about RISK anymore. So I guess DOWNTOWN is history. Not sure how they would file bankrutcy when they haven't started building?
Good job BRA
I claimed that TIMING is key to developments. BRA,Vornado and Hynes should have been prepared for the worst case scenarios. Filenes was one of the major sites for BOSTON . This was an important site and BRA should have been more prepared for a current market downturn. Does anybody know about RISK anymore. So I guess DOWNTOWN is history. Not sure how they would file bankrutcy when they haven't started building?
Good job BRA
Re: Filene's
Mr Hynes feels bad for that fact that there is a giant hole. He wants you to know that he is deeply sorry, and if he could fill that hole and get his $100M+ back he would. He also wants you to know that he, by trade, is a developer of buildings, and not a ditch digger, and he doesn't much enjoy the profession of ditch digging, because it is hard work without much reward. Finally, he wants you to know, that even though people are being really stingy with lending money right now, that he plans to keep asking really nice, because if he doesn't build a building, people will write really negative things about him on the internet, and that hurts his feelings.
Editted to address TheRifleman.
If you support low risk development, then I suggest applauding single-tenant office buildings in Burlington. This is urban infill with a mixed-use component striving to bring upscale residences and retail to a site that half the people on this board thinks is a gang warfare zone. I'm interested in hearing your suggestions for risk mitigation though, as are Hynes and the Mayor.
As far as the money you claim they haven't spent. Who exactly paid for the building (which is now inhabittable), the demolition, the architects, the engineers, the lawyers, the building permits, the marketing?
Mr Hynes feels bad for that fact that there is a giant hole. He wants you to know that he is deeply sorry, and if he could fill that hole and get his $100M+ back he would. He also wants you to know that he, by trade, is a developer of buildings, and not a ditch digger, and he doesn't much enjoy the profession of ditch digging, because it is hard work without much reward. Finally, he wants you to know, that even though people are being really stingy with lending money right now, that he plans to keep asking really nice, because if he doesn't build a building, people will write really negative things about him on the internet, and that hurts his feelings.
Editted to address TheRifleman.
If you support low risk development, then I suggest applauding single-tenant office buildings in Burlington. This is urban infill with a mixed-use component striving to bring upscale residences and retail to a site that half the people on this board thinks is a gang warfare zone. I'm interested in hearing your suggestions for risk mitigation though, as are Hynes and the Mayor.
As far as the money you claim they haven't spent. Who exactly paid for the building (which is now inhabittable), the demolition, the architects, the engineers, the lawyers, the building permits, the marketing?
statler
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Re: Filene's
Exactly how badly does Mr Hynes and his friends at Vornado feel about this hole?
Do they feel bad enough to sell some of their other properties at bargain basement prices in order to raise enough capital to finance this project fully themselves and eat whatever losses may come their way?
That would be really nice of Mr Hynes.
He may never be able to build another building in his lifetime, but at least we won't have a hole in the middle of the city.
Exactly how badly does Mr Hynes and his friends at Vornado feel about this hole?
Do they feel bad enough to sell some of their other properties at bargain basement prices in order to raise enough capital to finance this project fully themselves and eat whatever losses may come their way?
That would be really nice of Mr Hynes.
He may never be able to build another building in his lifetime, but at least we won't have a hole in the middle of the city.
TheRifleman
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Re: Filene's
The city of Boston needs to invest into the project and get an equity stake into the building. I have no problem given taxpayers dollars if we get something in return. The government just gave away 800billion dollars. We'll Boston Mayor needs to get some of that MONEY NOW before it's gone.
The city should be able to pull in 50 Million pretty cheaply.
This building needs to get built at this point.
I think they should consider maybe down scaling on the luxury units and consider renting out the building as apartments. If they can maintain the loans until the market recovers then this nightmare will turn out to be great survival story.
This is the heart of BOSTON city officials need to stepup to the plate.
The city of Boston needs to invest into the project and get an equity stake into the building. I have no problem given taxpayers dollars if we get something in return. The government just gave away 800billion dollars. We'll Boston Mayor needs to get some of that MONEY NOW before it's gone.
The city should be able to pull in 50 Million pretty cheaply.
This building needs to get built at this point.
I think they should consider maybe down scaling on the luxury units and consider renting out the building as apartments. If they can maintain the loans until the market recovers then this nightmare will turn out to be great survival story.
This is the heart of BOSTON city officials need to stepup to the plate.
TheRifleman
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Re: Filene's
That is another good statement. Sometimes you just need to take hit.
They should be able to pull the financing from the taxpayers. if they default on the city note we can make it into PUBLIC HOUSING.
That is another good statement. Sometimes you just need to take hit.
They should be able to pull the financing from the taxpayers. if they default on the city note we can make it into PUBLIC HOUSING.
Re: Filene's
One vote for capitalism at its finest, another for socialism. I'm not voting, because I have no dollars in the game either way, but either way someone will lose big and a strong message will be sent to the development community. Either, don't build here, or guaranteed profits in Boston. Interesting choices.
One vote for capitalism at its finest, another for socialism. I'm not voting, because I have no dollars in the game either way, but either way someone will lose big and a strong message will be sent to the development community. Either, don't build here, or guaranteed profits in Boston. Interesting choices.
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Re: Filene's
As much as people here love development, most of you have no idea how it really works behind the scenes. atlrvr probably has his head on tightest out of the lot you you. You are screaming for blood. Yeah a giant hole in the ground is bad but I didn't hear anyone raise these fears a year ago when this thread started. I'm sure no one is as mad as Hynes is right now. He had a really great project with a lot of promise for renewal attached to it and now he is seen as the bad guy. He got screwed over just like everyone else (after all, it ain't your money he is losing).
As much as people here love development, most of you have no idea how it really works behind the scenes. atlrvr probably has his head on tightest out of the lot you you. You are screaming for blood. Yeah a giant hole in the ground is bad but I didn't hear anyone raise these fears a year ago when this thread started. I'm sure no one is as mad as Hynes is right now. He had a really great project with a lot of promise for renewal attached to it and now he is seen as the bad guy. He got screwed over just like everyone else (after all, it ain't your money he is losing).
TheRifleman
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Re: Filene's
"most of you have no idea how it really works behind the scenes."
Either do they? What is RISK? When the average American is paying over 50% of their salary to there mortgage. Especially when INTEREST RATES are cheap. That is how you assess RISK.
"most of you have no idea how it really works behind the scenes."
Either do they? What is RISK? When the average American is paying over 50% of their salary to there mortgage. Especially when INTEREST RATES are cheap. That is how you assess RISK.
Ron Newman
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Re: Filene's
I don't care why he's walking away from this project, only that he's doing so, and therefore breaking his agreement with Filene's Basement and with the city. His action is shameful. If he has to finance this by selling all of his other real estate, that's what he needs to do.
I don't care why he's walking away from this project, only that he's doing so, and therefore breaking his agreement with Filene's Basement and with the city. His action is shameful. If he has to finance this by selling all of his other real estate, that's what he needs to do.
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