Hynes offers 4 Filene?s plans in bid for financing
By Thomas Grillo | Wednesday, May 6, 2009 |
http://www.bostonherald.com | Business & Markets
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Photo by Matthew West
The developer of the stalled Filene?s project says he is willing to do almost anything to get the proposal off the ground.
?We have a hole in the ground, and we need to be flexible in finding a solution,? said John Hynes, the co-developer of One Franklin, the $550 million planned redevelopment of the Boston retail landmark.
At an Urban Land Institute forum this week, Hynes outlined four ideas to salvage the ambitious project that is expected to help revive the struggling downtown retail district.
In one scenario, the development team of Gale International and Vornado Realty Trust would build a 280-room hotel. A second plan would be an office tower with a hotel, while a third plan would be a residential skyscraper that would offer either condominiums or apartments, or a mix of the two. And a fourth concept would offer a combination of office, residential and hotel.
All of the plans would have three stories of retail including Filene?s Basement.
?None of these ideas has a prayer of getting financed now,? Hynes said. ?But eventually one of them will be, and we want to be ready with the right mix.?
In 2007, the Boston Redevelopment Authority approved the 39-story mixed-use project that promised office, hotel, residential and retail space and a new home for the famed Filene?s Basement.
But last fall, construction was halted after the developers failed to get financing as the credit markets froze up. In December, Hynes proposed a downsized project, a 32-story office tower without the condominiums. But that plan had no better luck finding backers.
Since then, Downtown Crossing residents, merchants and Mayor Thomas M. Menino have complained that the project site has become an eyesore.
?Anything that can move this project will get our support,? said BRA director John Palmieri.
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