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

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Re: Filene's

The hole in the ground is bad for downtown but why should it be the taxpayer?s responsibility to fund this project because our politicians and these developers are MORONS? Should we continue to bailout failure and then they let them reap all the rewards so they act like HEROS? This is an example why these morons continue to have power when they should be working as bagboys for Stop N Shop.

At this point after TARP, TALF, Stimilus programs from our Govt which are all stealing from decades of unborn American children. I say leave the hole in the ground because it defines MENINO?s and the BRA's career. This is bottomless pit of stealing.

Next time maybe Hynes can be more careful in choosing his investments and not pay so much for them.
 
Re: Filene's

Actually, I'd say you may already be ahead of a few regulars here...
 
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Welcome Carty.....

I prefer for nothing permanent to be built until either the original proposal is fully funded or something better, via miracle, comes along....

To me, prime civic space is much too precious in this city to be satisified with forced infill...
 
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Re: Filene's

From JFK to Italian Fascism?

BB, your political affiliations are under investigation.
 
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Iam WAVING the god bie to oldEMK and sluting the VITTORIA of OUR MAYO who will CRUSH the bad ant peeples in lection. Old uncle is fasionist. I FUTURIST!!!
 
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It all makes sense. Now if only we could channel the nationalist energies of the "bad ant peeples" into the common and corporatist will of the State under the steering guidance of its benevelont Mayo Duce, your Old Uncle will really have got it right.
 
Re: Filene's

TheRifleman said:
The hole in the ground is bad for downtown but why should it be the taxpayer?s responsibility to fund this project because our politicians and these developers are MORONS? Should we continue to bailout failure and then they let them reap all the rewards so they act like HEROS? This is an example why these morons continue to have power when they should be working as bagboys for Stop N Shop.

At this point after TARP, TALF, Stimilus programs from our Govt which are all stealing from decades of unborn American children. I say leave the hole in the ground because it defines MENINO?s and the BRA's career. This is bottomless pit of stealing.

Next time maybe Hynes can be more careful in choosing his investments and not pay so much for them.
Click to expand...

So what do you want? Would you prefer the hole to remain in order to prove a point? THAT would define YOUR character.!!!
 
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Let the banks take a loss and sell the project to a developer who is better capitalized. A developer who is looking for a 20-50 Year investment. Hynes thought this would be a quick flip like Lincoln St.
 
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My Character? If I bought a project I wouldn't ask my fellow Americans to bail me out. I would follow the laws that were placed by our founding fathers. Bankruptcy laws which would liquidate the project to another investor so they could profit off my mistake that translates into capitalism. This usually weeds out the morons that don't know what they are doing in business.
 
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Rifleman,

Well-stated. I whole-heartedly agree.
 
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TheRifleman said:
My Character? If I bought a project I wouldn't ask my fellow Americans to bail me out. I would follow the laws that were placed by our founding fathers. Bankruptcy laws which would liquidate the project to another investor so they could profit off my mistake that translates into capitalism. This usually weeds out the morons that don't know what they are doing in business.
Click to expand...

The problem with this way of thinking (e.g. Ayn Rand) is that many developers don't have such high morals and are only following the all mighty dollar.
 
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The last few days workers have been all over the roof buttoning it up. If you look on the Franklin side of the main building, you can see the sample partition built about a month ago. Perhaps they are going to wall off the open side of the building.
 
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how long does it take for exposed 100 year old steel to oxidize and brittle?
 
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Actually let me repost this.

Unless taxpayers money becomes part of this project my bet is HYNES walks away from this project. He only owns 1% and the majority stake is the banks on this project.
 
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Boston's too small a town to have an epic failure like that. Hynes will stick with it for the sake of his reputation.
 
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Wait, I thought someone already posted this, no?

Hynes questions lightning rod role
By Michelle Hillman, Boston Business Journal

Ever since the redevelopment of the Filene?s project left a crater-sized hole in place of the store?sfamous Downtown Crossing location, John Hynes has been taking the heat for his New York partners.

The stalled project, which became a lightning rod for criticism from Mayor Thomas M. Menino, local merchants and residents, is owned by Vornado Realty Trust and JPMorgan & Chase Co. Hynes? company, Gale International, owns a minority share in the project.

Neither Vornado (NYSE:VNO) or JPMorgan (NYSE:JPM) will comment publicly about the project beyond what the companies file in their financial statements.

?It?s unfortunate and ironically sad because I don?t even own it,? said Hynes in a recent interview. ?The owners are Vornado and JP Morgan. We own 1 percent.?

Hynes and the Filene?s project have become the butt of development jokes with developers promising to community groups that their project won?t become the next Filene?s. Despite being caught in an economic meltdown that few could have predicted, the Filene?s project is a colossal embarrassment that developers, politicians and even Hynes? own partners want to distance themselves from.

Hynes said walking away from the project has ?crossed my mind? but said his hard-headed nature and reputation have kept him from doing so. Unlike Vornado and JP Morgan, which have invested $180 million in cash, Hynes could throw up his hands tomorrow.

?I?m a stubborn Irishman and I?m local,? he said, later adding, ?the project is important to me, it?s important to a lot of people.?

Hynes believes in the project despite the dire condition the site continues to be in ? it has no financing and no tenants ? with just the facade of the former historic building hovering over Washington Street.

?I do think the project is going to happen parenthesis, eventually, parenthesis, eventually soon,? said Hynes. ?It?s going to be the next project out of the ground.?

Hynes said he could land financing in the next 12 months from a foreign entity. Until then he will continue finding himself in the hot seat explaining how the project was swept up in the credit crisis and recession.

Would he change anything knowing what he does now ? that the credit markets would seize up last fall and banks would pull out of the deal?

?If we had to do it all over again would we demolish (the building)?? he asked. ?No. And JP Morgan and Vornado wouldn?t of bought the real estate but it doesn?t work like that.?
Click to expand...
 
Re: Filene's

Ms. Hillman, obviously not being a student of history or economics (oh, those silly English Literature majors!), owes me $12 to replace the goblet I threw across the room when I originally read this: "Despite being caught in an economic meltdown that few could have predicted ..."

/head bang head bang head bang
 
Re: Filene's

Gee I must be a genius I saw this coming a mile away.

500K Mortgages,
No Income Verification
20K money back at sale

Are you serious how can the economy actually meltdown with this type of due diligence
FNM doesn't file financials for 3 years. The only people that didn't see this coming was Stevie Wonder and bunch of IDIOTS
 
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