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

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Re: Filene's

I'm looking at it from the point of view of "this is a hurting retail district with a big hole in the middle where there should be a large department store". The big hole hurts every retailer and commercial landlord surrounding it. To a pedestrian walking down these streets, it doesn't matter what is 10 floors above. It matters what's next to the street.

Filling the hole with a contextual seven-story masonry building would be just fine with me, if the developer can't afford to build a tower. (Not that I'm against a tower.)
 
Re: Filene's

They could build it with what ever hieght they can finance now,hopfully at least 10 floors, and then add the tower later.
 
Re: Filene's

I shouldn't have to say this but the problem with building for a future addition especially one of significant height is that they're going to have to build with the core of a 25 or 30+ floor building. The loss in leasable floor space coupled with the expenses of building the lower levels to support a massive build out above would probably cancel out any possible gains from chopping the height down. Another thing to consider is the loss of revenue and the displacement of tenants through the construction of such an addition.

I rarely find myself in agreement with Ron but at this point let's get something built, there's no need to obsess over height. If they hadn't demolished the block I would be singing a different tune, but aside from the height thing(if that matters to you), what palpable benefit does a hundred or so high end residences provide at street level?
 
Re: Filene's

kmp1284 said:
but aside from the height thing(if that matters to you)?
Click to expand...

Actually yes, it does matter. And I am not ashamed to say that I believe that is most important thing here. In this city, you have factors such as NIMBY-power and Airport-proximity that keep the city from growing the way a big city should (typically through height). So finally there is a tower that barely scrapes 500ft that has little to no opposition (how rare it is here), and it has to suffer. The point is, 200-300ft squat boring boxes are going to keep popping up over downtown no matter what, so I say fight for the height. This wasn't even just approved, it was already UC for christ sakes.
 
Re: Filene's

What I don't understand is, why are the taking out the residential component but leaving the commercial? Residential space is considerably more durable, and anyone who rents downtown or near downtown (myself included), could tell you that rentals would go quickly. Hopefully the building going up by the Garden (all rental) will show developers that rental housing can be as if not more successful than condos in this area.
 
Re: Filene's

Because there is much more of an office market in downtown than there is for luxury conods.
 
Re: Filene's

^^^Probably for luxury condos, but how about rentals? I would think that rental units would be swept up pretty fast at this location. Especially if it's new construction.
 
Re: Filene's

Rentals might go quickly, but they take a long time to recoup on an investment.
 
Re: Filene's

Just remember this:

If John Hynes bungles this development, he will not be allowed to develop Seaport Square. Therefore, he will find a way to fill this hole with something... anything.

Seaport Square is far more valuable, and was purchased with a larger chunk of equity. Boss Menino will bar him from building in this city if he leaves that hole there for too long. In fact, I wouldn't be surprised to see a forced sale of this land come sooner than later. He'll say he needs the money to build Filene's, and the reality will be that Boss Menino has pulled the plug on his involvement at Seaport Square.
 
Re: Filene's

Also developers usually don't want to deal with the hassle of rentals. It is much easier for someone to buy a condo and then rent it out. Plus rentals aren't chique and can't command as much money.

They make sense for middle class and that ain't the market these developers are going for.
 
Re: Filene's

pelhamhall said:
Just remember this:

If John Hynes bungles this development, he will not be allowed to develop Seaport Square. Therefore, he will find a way to fill this hole with something... anything.

Seaport Square is far more valuable, and was purchased with a larger chunk of equity. Boss Menino will bar him from building in this city if he leaves that hole there for too long. In fact, I wouldn't be surprised to see a forced sale of this land come sooner than later. He'll say he needs the money to build Filene's, and the reality will be that Boss Menino has pulled the plug on his involvement at Seaport Square.
Click to expand...

With power brokers you have to take the good with the bad.
 
Re: Filene's

IMO, it would be a very good thing if he was forced out of Seaport Square.
 
Re: Filene's

Why in the world would you think that??? He's the only person who seems to have pulled it all together. I don't think financing is holding back Seaport Square; it's demand (and the approvals process).
 
Re: Filene's

Because I want the Seaport Square project down the drain, and what do you mean he's the only person who seems to have it pulled together? Isn't it his company who can't find financing for the Filene's project? Where is he going to find $3.5b if he can't come up with $700m?
 
Re: Filene's

Seaport Square was one of the better proposals for the SBW, IMO. Sorely needed tie-together of things down there. Yeah, it's a band-aid, but better than the flesh wound that the neighborhood currently resembles.
 
Re: Filene's

I'd rather a flesh wound, and wait on a better proposal to fill IMO, one of the most important parcels in the area. This mustn't be a suburban crap complex. It doesn't need schools, it doesn't need 6,500 parking spaces. This is not the place for a megadevelopment of crappy brick and cheap glass. Just because you use brick, doesn't make it fit in. They are still office park-like buildings, and if they were proposed in say, Lowell or Fitchburg, I'd be off my chair in excitement, but this is not the kind of development that should go in this parcel. It just doesn't fit the bill.
 
Re: Filene's

Well, the guy owns all the land, so a lot of things would have to happen for him to lose control of the project.

He seems pretty confident that his financing is in order; unlike Filene's, where he was apparently looking for loan guarantees even after breaking ground, he has at least implied that his lenders, led by Morgan Stanley, are standing staunchly behind him.

Plus, he's building in phases, and Phase I is so simple. Two or three six-story buildings.

Phase II is the killer - a garage for 6,500 cars??? Underground?

By the time Phase III gets going, we'll all be back on easy street.
 
Re: Filene's

^Is this the stump you mean? Todays Boston Globe
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Re: Filene's

The developers have submitted a more slender design as well, which is okay by me. Just build the damn thing!
 
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