Millennium Tower (Filene's) | 426 Washington Street | Downtown
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Ron Newman
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Re: Filene's
But your analysis is actually true. The federal government should have prevented the Federated-May merger on anti-trust grounds, or forced the merged company to sell off competing stores in the same market to other companies. Had this happened, we'd still have Filene's in some form.
But your analysis is actually true. The federal government should have prevented the Federated-May merger on anti-trust grounds, or forced the merged company to sell off competing stores in the same market to other companies. Had this happened, we'd still have Filene's in some form.
statler
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Re: Filene's
Aesthetics aside, what exactly is so much better about having an empty office building, a broke developer and/or more broke city, and unoccupied retail space than a hole? Is that really a statement that DTX and the city is doing so much better? Everyone here seems to expect that a suffering retail district can be remade in the worst of times. The BRA did its job: the project was swiftly permitted and the developer's rights are vested. The BRA could wait for developers to have their financing together before permitting, but that may make the process that much more daunting.
This is not a pretty situation but it is temporary; Hynes will either scale back or get their financing when the credit market is better.
Now is the time for planners in this city and others to be proactive in anticipation of the next building cycle. Get a plan done for the Congress Street garage, turnpike air rights. Pursue rezoning at commercial centers and transit nodes around the city, introduce new ordinances etc. The excitement over the next few years will be on paper. The possibilities of proactive rather than reactive planning.
Aesthetics aside, what exactly is so much better about having an empty office building, a broke developer and/or more broke city, and unoccupied retail space than a hole? Is that really a statement that DTX and the city is doing so much better? Everyone here seems to expect that a suffering retail district can be remade in the worst of times. The BRA did its job: the project was swiftly permitted and the developer's rights are vested. The BRA could wait for developers to have their financing together before permitting, but that may make the process that much more daunting.
This is not a pretty situation but it is temporary; Hynes will either scale back or get their financing when the credit market is better.
Now is the time for planners in this city and others to be proactive in anticipation of the next building cycle. Get a plan done for the Congress Street garage, turnpike air rights. Pursue rezoning at commercial centers and transit nodes around the city, introduce new ordinances etc. The excitement over the next few years will be on paper. The possibilities of proactive rather than reactive planning.
TheRifleman
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Re: Filene's
The reality is that these elephants can't lose. The reality of the situation is that Hynes and Vornado made a bad bet and they are stretched thin in cash & equity because they have so many projects going on. Now that the Markets are turning out to be a disaster because everybody is overleveraged they will sit on this property until something happens from the city or the market. The government is giving away taxpayers dollars at a rapid pace to losers that can't run companies.
How did the BRA ended up giving them an approval? It seems that they forgot to do any type of DUE DILLIGENCE especially the part if Hynes and Vorando could actually afford to build the tower. DTX area will end up being a dump until something happens.
The reality is that these elephants can't lose. The reality of the situation is that Hynes and Vornado made a bad bet and they are stretched thin in cash & equity because they have so many projects going on. Now that the Markets are turning out to be a disaster because everybody is overleveraged they will sit on this property until something happens from the city or the market. The government is giving away taxpayers dollars at a rapid pace to losers that can't run companies.
How did the BRA ended up giving them an approval? It seems that they forgot to do any type of DUE DILLIGENCE especially the part if Hynes and Vorando could actually afford to build the tower. DTX area will end up being a dump until something happens.
TheRifleman
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Ron Newman
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Re: Filene's
Unoccupied office and retail space can be quickly reoccupied when tenants show up. A landlord may lower the rent as needed to get them occupied.
What can be done with a hole in the ground?
Unoccupied office and retail space can be quickly reoccupied when tenants show up. A landlord may lower the rent as needed to get them occupied.
What can be done with a hole in the ground?
TheRifleman
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Re: Filene's
I think we should make the site "the city DUMP" The hole is already built in.
Tell Hynes and Vornado to sell the project to City Hall.
I think we should make the site "the city DUMP" The hole is already built in.
Tell Hynes and Vornado to sell the project to City Hall.
Ron Newman
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Re: Filene's
Build the new City Hall here? Now that's an interesting suggestion.
Build the new City Hall here? Now that's an interesting suggestion.
tobyjug
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Re: Filene's
^^^ Pardon the digression. I was bringing takeout home from the Bombay Club around noon and decided I would walk through Government Center to sneer at it. Instead, I found myself enjoying a grand 20th century space full of dynamic 60's architectural sculpture, a monumental oeuvre worthy of a capitol.
^^^ Pardon the digression. I was bringing takeout home from the Bombay Club around noon and decided I would walk through Government Center to sneer at it. Instead, I found myself enjoying a grand 20th century space full of dynamic 60's architectural sculpture, a monumental oeuvre worthy of a capitol.
Re: Filene's
Building stalls at Filene's old site
Ambitions scaled back, officials say, as hope for loans fizzles
The $700 million redevelopment of the Filene's block in Downtown Crossing is being halted for at least 90 days because its developers have been unable to line up enough financing to continue with the highly anticipated project.
Developers John B. Hynes III and Vornado Realty Trust will immediately stop construction on the site and will instead try to cut costs after they came up more than $100 million short in their financing package. Hynes told Boston Mayor Thomas M. Menino about the postponement at a meeting Wednesday, according to city officials. The delay leaves a hole in the Downtown Crossing area, and in Menino's effort to revitalize the gritty shopping district.
Neither Hynes nor Vornado returned calls seeking comment.
Hynes and Vornado have been scrambling to secure financing, but banks have proved unwilling to lend to such a massive commercial project amid a global credit shortage and weakening US economy. The developers do have some funding in place through prior financial commitments.
While they hope to resume work in March, the delay could imperil their efforts to land key tenants for the complex. The law firm Fish & Richardson has been in negotiations with developers, but the firm's lease is up at the end of 2010, just as construction was scheduled to be completed. Officials with the firm could not be reached for comment last night.
The developers met with Menino this week to outline a significant redesign of the 38-story mixed-use development. A city official briefed on the plan said the developers intend to reduce the number of condominiums planned for the tower and make an expensive underground parking garage smaller.
"The mayor understands the market conditions, and we don't want this to be another hole in the city," said Dot Joyce, a spokeswoman for Menino. "He wants this project completed, and if they can produce a plan to do that, then we're on board."
Construction has been slow since contractor Suffolk Construction broke ground last May, with workers digging a foundation on the site that now will remain empty until at least March. Instead of battling tight credit markets, the developers have decided they must instead significantly scale down the project's most expensive elements.
Hynes's firm, Gale International, is involved in several massive development projects worldwide, including the $30 billion New Songdo City in South Korea and Seaport Square, a 6-million-square-foot residential and retail project proposed for the South Boston waterfront.
The Filene's project, at the corner of Franklin and Washington streets, originally entailed construction of a 1.25-million-square-foot tower with retail on the first four floors, 250 hotel rooms over eight floors, and 475,000 square feet of office space, along with a grocery store and a parking garage, according to city filings.
The original plan also included 166 condominiums on the top 12 floors, but that component will be scaled back - or eliminated entirely - as part of more slender design, said officials familiar with the plan. Any design changes will have to be approved by the Boston Redevelopment Authority, the city's planning arm.
Menino views the Filene's project as the catalyst for improving the Washington Street corridor. The project will also upgrade access to the Downtown Crossing MBTA station and incorporate new seating, landscaping, and decorative lighting at street level.
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Building stalls at Filene's old site
Ambitions scaled back, officials say, as hope for loans fizzles
The $700 million redevelopment of the Filene's block in Downtown Crossing is being halted for at least 90 days because its developers have been unable to line up enough financing to continue with the highly anticipated project.
Developers John B. Hynes III and Vornado Realty Trust will immediately stop construction on the site and will instead try to cut costs after they came up more than $100 million short in their financing package. Hynes told Boston Mayor Thomas M. Menino about the postponement at a meeting Wednesday, according to city officials. The delay leaves a hole in the Downtown Crossing area, and in Menino's effort to revitalize the gritty shopping district.
Neither Hynes nor Vornado returned calls seeking comment.
Hynes and Vornado have been scrambling to secure financing, but banks have proved unwilling to lend to such a massive commercial project amid a global credit shortage and weakening US economy. The developers do have some funding in place through prior financial commitments.
While they hope to resume work in March, the delay could imperil their efforts to land key tenants for the complex. The law firm Fish & Richardson has been in negotiations with developers, but the firm's lease is up at the end of 2010, just as construction was scheduled to be completed. Officials with the firm could not be reached for comment last night.
The developers met with Menino this week to outline a significant redesign of the 38-story mixed-use development. A city official briefed on the plan said the developers intend to reduce the number of condominiums planned for the tower and make an expensive underground parking garage smaller.
"The mayor understands the market conditions, and we don't want this to be another hole in the city," said Dot Joyce, a spokeswoman for Menino. "He wants this project completed, and if they can produce a plan to do that, then we're on board."
Construction has been slow since contractor Suffolk Construction broke ground last May, with workers digging a foundation on the site that now will remain empty until at least March. Instead of battling tight credit markets, the developers have decided they must instead significantly scale down the project's most expensive elements.
Hynes's firm, Gale International, is involved in several massive development projects worldwide, including the $30 billion New Songdo City in South Korea and Seaport Square, a 6-million-square-foot residential and retail project proposed for the South Boston waterfront.
The Filene's project, at the corner of Franklin and Washington streets, originally entailed construction of a 1.25-million-square-foot tower with retail on the first four floors, 250 hotel rooms over eight floors, and 475,000 square feet of office space, along with a grocery store and a parking garage, according to city filings.
The original plan also included 166 condominiums on the top 12 floors, but that component will be scaled back - or eliminated entirely - as part of more slender design, said officials familiar with the plan. Any design changes will have to be approved by the Boston Redevelopment Authority, the city's planning arm.
Menino views the Filene's project as the catalyst for improving the Washington Street corridor. The project will also upgrade access to the Downtown Crossing MBTA station and incorporate new seating, landscaping, and decorative lighting at street level.
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Boston02124
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Re: Filene's
The original design was pretty fat and uninspired; I wouldn't say anything would be better but I'll remain hopeful that the new version's proportions will at least be an improvement.
The original design was pretty fat and uninspired; I wouldn't say anything would be better but I'll remain hopeful that the new version's proportions will at least be an improvement.
Patriots_1228
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Re: Filene's
"30$ billion dollar new songdo city"
interesting, they can put together 30 billion for some fantasy 30 billion dollar songdo city that will probably eat a fail sandwich, but they cant pull together 100 million for a measly 40 story tower in a city and a spot where it is likely to succeed.
"30$ billion dollar new songdo city"
interesting, they can put together 30 billion for some fantasy 30 billion dollar songdo city that will probably eat a fail sandwich, but they cant pull together 100 million for a measly 40 story tower in a city and a spot where it is likely to succeed.
Re: Filene's
^^^Yeah, well the Korean's aren't throwing a hundered seperate regulatory agencies in the developers way, either. One Franklin could have been under construction a year ago but the pace of regulatory approval in Boston pushes projects years beyond their viability. The money was there for One Franklin and Columbus Center for an appropriate frame of time after they were filed. However, as I've seen happen countless times over the last 20 years, the regulatory agencies tie these projects up for so many years that they pushed into economic downturns. When will this city learn that projects need to be built within a reasonable period of time and in a good economic climate? It takes roughly 1/2 the time to go from filing to construction in NYC. What is SO important about Boston that we must have all these agencies nickel and dime Developers and Architects for years on end about the most insignificant details?
The Songo City financiers won't have to wait years to break ground on their city, and that's why it will get built and One Franklin won't.
^^^Yeah, well the Korean's aren't throwing a hundered seperate regulatory agencies in the developers way, either. One Franklin could have been under construction a year ago but the pace of regulatory approval in Boston pushes projects years beyond their viability. The money was there for One Franklin and Columbus Center for an appropriate frame of time after they were filed. However, as I've seen happen countless times over the last 20 years, the regulatory agencies tie these projects up for so many years that they pushed into economic downturns. When will this city learn that projects need to be built within a reasonable period of time and in a good economic climate? It takes roughly 1/2 the time to go from filing to construction in NYC. What is SO important about Boston that we must have all these agencies nickel and dime Developers and Architects for years on end about the most insignificant details?
The Songo City financiers won't have to wait years to break ground on their city, and that's why it will get built and One Franklin won't.
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