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

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Re: Filene's

Filene?s building developer hopes for January restart - John A Keith, Boston Real Estate Blog

Buried in an article in Sunday?s New York Times was an update on Gale International?s One Franklin, n?e Filene?s building, development project.

As most readers know, the project has been delayed ?because of difficulties obtaining credit,? according to the Times.

According to Gale president and chief executive John B Hynes, III, about three-quarters of the 250,000 square feet of retail space has been preleased, half of it to Filene?s, the building?s original tenant ? [also], he said, a buyer was found for a 275-room hotel, and one-quarter of the building?s 500,000 square feet of office space has been leased.

The Times article was focused on complaints from members of the commercial real estate industry that very little of the $350 billion injected by the government into the banking system has found its way out of lenders? pockets into borrowers? hands. (That was a very tortured sentence.)

?So I?m sitting here in Boston waiting for coins to fall out of the sky, and nothing?s happening,? Mr. Hynes said. ?I thought they were getting the money so that they could lend it out and we could create jobs. It?s like giving the automakers $25 billion, and then they don?t make any cars.?

Funny. I?m sitting here in Boston, too, waiting for coins to fall out of the sky.

Sometimes, it just ain?t that easy!

Source: A Wish List For Real Estate - By Amy Cortese, The New York Times
 
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Re: Filene's

I think its a very complicated issue you can't pin on one person... but yea, that money should be filtering down shouldn't it? So where are the examples?
 
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Coins are falling from the sky? Oh, I get it. That's why all those guys are out there with styrofoam cups.

Mr III, you are an asshat.
 
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also from the New York Times article:
In the meantime, Mr. Hynes and his team have redesigned their One Franklin building, shaving off almost $200 million in costs. They expect to go to the capital markets to try again in January.

Don't forget the meeting:
One Franklin
Filene?s Redevelopment
January 8th, 2009
Boston City Hall
Boston Redevelopment Authority, Board Room, 9th Fl
 
Re: Filene's

Who cares? Just build it.

Residents mad about bid to axe housing from ?Filene?s? project
By Thomas Grillo

Downtown Crossing residents packed a City Hall hearing last night to oppose plans to eliminate housing from the $500 million Filene?s redevelopment.

Last month, Vornado Realty Trust and Gale International revised One Franklin, better known as the Filene?s project, by eliminating 166 condominiums because the development team can?t get financing for housing.

?I?m very unhappy,? said George Coorssen, a Tremont Street resident. ?Housing is an essential component of creating a vibrant neighborhood. Real estate markets are cyclical and I?d rather have a hole in the ground and wait until they can get financing and do it right.?

Aaron Michlewitz, House Speaker Salvatore DiMasi?s constituent services director who attended the hearing, said the Boston Democrat was very supportive of the original plan, but has reservations about the lack of housing.

?By trimming the residential portion, you cut the life out of the project and hurt the revitalization of Downtown Crossing,? he said.

Rosemarie Sansone, president of the Downtown Crossing Partnership, remains a strong backer of the mixed-use, transit-oriented development. ?I understand people are disappointed, but the project remains vital to the future vision of Downtown Crossing,? she said. ?We are very supportive and sincerely hope the development team gets this project back on track.?

William Reece, a Chauncy Street resident, said he too was upset that housing was axed, but hopes the community backs the plan. ?It?s still a great project and will be a great addition to the neighborhood,? he said. ?These are two reputable developers who will do a great job.?

If approved by the Boston Redevelopment Authority, the 1.1 million-square-foot project will include a 32-story tower, renovations to the historic Filene?s building, a 280-room hotel and 595,000 square feet of office space.
 
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I am very upset about this project. Now This going is to be just another office building which will be dead after 5 oclock. I would rather Have a 10 story apartment building than a 32 story office tower. Anyday
 
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Sure, ShawnA, but it was only 166 condos to begin with. Probably with a separate entrance off the back toward the financial district.

I like 24-hour life, too. Just don't know if this project was going to make a difference.

You're in luck, though, the One Bromfield project across the street will be all apartments!
 
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Sure, ShawnA, but it was only 166 condos to begin with. Probably with a separate entrance off the back toward the financial district.

Actually, all 3 entrance lobbies (office, residential and hotel) would have been prominent features of the Franklin Street facade. I imagine there will be only 2 entrances now. (the retail entrance is on Washington Street).
At least the Hotel survives (for now). That and it's restaurant and bar will keep some people moving through the building after hours.
 
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I agree with the very few who think this needs to retain the residential component.

I'm so fed up with the short-term, tunnel-vision, bean counting mentality in planning.

I don't live there now, but I certainly have lived in Boston and elsewhere, staring at unnecessarily empty holes in the ground for longer than should have been reasonable.

The wound has been opened. I say let it fester. This site was on the right track. Diluting it, in the wrong direction, IMO, is a bad precedent.

Teach 'them' all a lesson in the process, too. (Nah. Probably not because this is nothing new.)
 
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Better to get this one built than insist on the residential component, the hole in the ground is just too big a problem. Insist on construction financing before demo and give concessions for height for housing and other community benefits in the future. Boston must adopt a new approval process that is streamlined, intelligent and consistent, but that is probably decades away.
 
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I'm 100% with tocoto. Get something built here. Every day of delay damages the surrounding commercial district further.
 
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Oh, and, ahem, if the neighbors were so eager to have residential life in the area, they shouldn't have been so negative toward Suffolk University's plans for Ten West.

Oh, right, there's only room down there for high-end condos.
 
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A major point of consternation for me is that an opportunity is being wasted. This is a once-in-a-century opportunity to build on this site and the economic problems of the moment are going to prevent the highest and best use of the site from being realized. I guarantee that in 10 years we will all be lamenting that the building's maximum potential wasn't realized. The tragedy is, how many other buildings and sites can we now point to in the city that were equally underdeveloped and had their potential squandered for seemingly trivial reasons.
In addition, the approval process MUST be streamlined and simplified. Projects must be approved while the money for them is available. Too many projects in Boston have been chopped down or cancelled because they have slogged through the current process and passed into downturn periods before being approved. If this were New York, One Franklin would be under construction by now and it would be even bigger than it was before being downsized. I call it Second-Class City Syndrome.
 
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Should I care about 'highest and best use', and if so, why should I care more about that than about restoring the health of a vital commercial district?

What people walking around the area will most notice is whether the storefronts are filled and busy -- not whether the building above them is 20 or 35 or 85 stories high.

Nobody lamented that the property's potential was being 'wasted' during all the years that Filene's prospered there.
 
Re: Filene's

LOL! "I've bitten off more than I can chew."

It's so funny because it's so true!

A regular Jack Benny.

From the Globe, two years ago:

Building ingredients
Plans for Filene's tower go beyond blueprints

By Sam Allis, Globe Columnist | October 8, 2006

Let's see, John Hynes is building a 38-floor big boy over Filene's. He's developing Frank McCourt's 23-acre plum on the South Boston waterfront for Morgan Stanley . He's building a $30 billion city for 50,000 people in Korea, the first U S -Korean real estate joint venture ever.

So, John, have we bitten off more than we can chew here?

``Definitely," he says, beaming.

The thing you have to understand about Hynes is that he was a hockey goalie. Played for Harvard. Hockey goalies are different from you and me. Their elevators stop on different floors. No sane person volunteers to stop pucks.

``The best part of every game was the warm-up," he concedes. ``At least I knew when the shots were coming. All the others were mysteries."

At 48, the grandson of the guy who beat James Michael Curley to become mayor of Boston is having the kind of run that developers dream of while pounding the treadmills like crazed gerbils. It began when he sold his first project, the $350-million One Lincoln Street, six months after it opened , for $705 million.

Smart, sunny , and lucky, he is perhaps the most attractive local face among a species considered by many to be the cousin of the moray eel. His biggest challenge here, strangely, may be his smallest effort -- the Filene's project. While Korea and South Boston are endlessly interesting packages, Filene's, which Hynes partners 50/50 with the New York developer Vornado Realty Trust, looks like the most complicated urban dance.

It is, for starters, sited on a claustrophobic block of Boston that provides no margin for error. Unlike the other two that are built from scratch to create needed density, this one straddles two historic structures and, when combined with a proposed 1,000-foot monster a few blocks away, will provide the breathing room of Hong Kong.

Hynes aims to transform Downtown Crossing into a vibrant place with a mix of retail, condos, and hotels and bridge the cosmic distance from the financial district to Boston Common and beyond. The first should be easy. Downtown Crossing has nowhere to go but up. Its core at the intersection of Washington and Summer is hard and stale and shiny like the seat on a pair of disreputable suit pants.

The second is anyone's guess. Downtown Crossing has stymied urban thinkers since it surfaced in 1978 as a pedestrian mall. The new Ritz complex further down Washington Street was supposed to close the gap. Will this unremarkable glass and steel affair do the job? Or will it simply be another piece of forgettable architecture east of Tremont Street?

The rise of Downtown Crossing depends upon the lessons learned from the failure of Downtown Crossing. Why do many shoppers give it a wide berth in favor of Back Bay and the ' burbs? What's up with the empty storefronts and the low-rent retail mix? What went wrong ?

For starters, says Hynes, it was conceived when the city core was marbled with parking garages built for suburban shoppers. The strategy was retrograde because it was geared to a Boston of the '50s and '60s. Before long, he notes, you had options like the malls in Chestnut Hill, Burlington, and on the South Shore. In town, give or take a few years, appeared Copley Place, a resurgent Back Bay, and Quincy Market.

``So why go to Downtown Crossing?" he asks. Today, he adds, ``I don't know of a department store that wants to be here. That's a market reality. If you're a city dweller, why not go out to a suburban mall in your car?"

There is another factor at play. The elephant in the living room -- pick your clich? -- is race. Everyone knows it but no one talks about it. The truth is that long before Filene's went south, droves of suburban matrons and urban whites were scared off by black kids in puffy parkas who hung out there. So what do you do about that?

Hynes steers clear of the subject but says this: ``You see people walking to the T after work with their heads down. They never look up because they don't want to be panhandled.

``I've asked women why they don't shop at Downtown Crossing, " he continues. ``They say, `I only shop there when when I need something. I usually get it close to home or I go to Back Bay.' I ask them `why?' They say, `It's cleaner. I feel safer. The shops are better.' Cleanliness and security come first, then the quality of the stores."

His project will clean up and maintain Filene's Park, the brutal brick and concrete area on upper Franklin Street favored by street people. (Like The Pit in Harvard Square, it should be demolished.) What about those folks? ``That's a social question," he says.

But it's his question, too. You can't separate it from projects like his. Nor can we pretend that in upgrading the area, Hynes will not further buttress Boston's emerging profile as a doughnut of rich and poor without a middle.

The death of Filene's means the rebirth of Downtown Crossing. But what kind of Downtown Crossing? John Hynes, I'm sure, will do a good job. But I hope he remembers that when the area really worked, all of Boston flocked there.
 
Re: Filene's

Is there still going to be a hotel section to this project?
 
Re: Filene's

Oh, and, ahem, if the neighbors were so eager to have residential life in the area, they shouldn't have been so negative toward Suffolk University's plans for Ten West.

Oh, right, there's only room down there for high-end condos.

If I worked for Suffolk University, I would propose the exact opposite of what the university actually wanted to build. It'd damn near guarantee that they'd be forced to build the opposite of the proposal, and they would then end up with what they wanted in the first place.

Should I care about 'highest and best use', and if so, why should I care more about that than about restoring the health of a vital commercial district?

What people walking around the area will most notice is whether the storefronts are filled and busy -- not whether the building above them is 20 or 35 or 85 stories high.

Nobody lamented that the property's potential was being 'wasted' during all the years that Filene's prospered there.

1) "Best use" is not "highest and best use." Where did you even get that from?

2) A short-term bandage or a long-term solution? I prefer a solution, not a bandage. It IS a vital mixed-use neighborhood, which makes it even more important to do correctly. This is a once-in-50-year opportunity.

3) Many of us did/do feel the property could be better used, especially after the Filene's brand started to die.

To take your claim forward one more step: If ground-level retail is all people will notice, then pave over the whole focking lot and put up a single-story Walmart. Walmart doesn't actually have a storefront, per se (unless you count the carriage lobby with the children's vending machines), but what the hell. They have a really strong logo! And people like to shop there for cheap foreign goods that undermine the American economy!! Better the cheapest and fastest possible rather than right!!!!!!!!!!!
 
Re: Filene's

1) "Best use" is not "highest and best use." Where did you even get that from?

From the post immediately above mine, the one I was replying to.
 
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