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

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Re: Filene's

I read where the mayor suggested in an interview that the Filene's site could be the financial center of Boston...kind of like he's playing developer. I don't know if he's just throwing these ideas out there because it will sound like he's doing something about the problem or whether he really thinks that spitballing ideas like that is helpful in some way. Either way I find it annoying when he riffs on these half baked notions. It's lazy and pointless. The office market is dead. If he wants to strong arm a law firm through back channels to commit to a lease that will make the project work, I'm all for it. But this public brainstorming is pathetic.
 
Re: Filene's

Why can't the developer build out just the basement for now, so the store can reopen? I believe they actually have an obligation to do this, otherwise they are breaching a long-term rental agreement that they inherited from the previous owner.

Probably doesn't make economic sense especially if he doesn't know what kind of funding he can get.
 
Re: Filene's

What is a "financial center" anyway? A big hole in the ground that gets filled with tax dollars because private capital just doesn't dig it?
 
Re: Filene's

Probably doesn't make economic sense especially if he doesn't know what kind of funding he can get.

Two words: Louis Boston

I'm sure the developer can mitigate with some kind of cheap space for FB, especially if FB will be a rent-paying tenant that can contribute to financing.

Menino, meanwhile, should be recalled for even considering turning this into a parking garage. Gross incompetence.
 
Re: Filene's

We already have a Financial Center building, next to South Station.
 
Re: Filene's

Two words: Louis Boston

I'm sure the developer can mitigate with some kind of cheap space for FB, especially if FB will be a rent-paying tenant that can contribute to financing.

Menino, meanwhile, should be recalled for even considering turning this into a parking garage. Gross incompetence.

Are you suggesting that Filene's basement could go into the new Louis of Boston building? There's no space for another retailer in that small building.
 
Re: Filene's

Two words: Louis Boston

I'm sure the developer can mitigate with some kind of cheap space for FB, especially if FB will be a rent-paying tenant that can contribute to financing.
Good thinking, Cz.

Are you suggesting that Filene's basement could go into the new Louis of Boston building? There's no space for another retailer in that small building.
So make it bigger.
 
Re: Filene's

Am I reading that wrong or is the Mayor suggesting a parking garage be built instead of a tower?
 
Re: Filene's

The reality of this situation is that nothing will likely be built for more than five years. The crux of this project is office space and that market is likely to worsen dramatically in the next two years. Values are plummeting. Why build new when you can pick up existing space for pennies on the dollar? And if you're a bank, why would you even consider lending for such a deal unless there was a credit tenant in place willing to pay above market rents. But why would anyone pay above market rents??? That's a grim outlook. The hotel market is probably overbuilt right now and rentals probably don't work at the acquisition price Hynes paid. And we all know that high end condos are a fool's errand these days. The only way this gets built is if the property is auction off for a tiny fraction of the original purchase price. At that point, a developer could make a run at an apartment project with some office and retail mixed in.
 
Re: Filene's

Are you suggesting that Filene's basement could go into the new Louis of Boston building? There's no space for another retailer in that small building.

I was suggesting they build FB temporary space on site in DTC, but renting them alternative space elsewhere in the city center wouldn't hurt, either.
 
Re: Filene's

New article about filenes in today's globe in which the urban mechanic floats an idea for cohousing...he does realize that the city doesn't own the site right? I hate to be unkind but he's so damn dumb
 
Re: Filene's

Boston Globe - January 5, 2009
Fresh ideas sought for Filene?s block
But city-spurred ventures may halt retailer?s return


By Casey Ross and Jenn Abelson, Globe Staff | January 5, 2010

Mayor Thomas M. Menino is pushing the developers of the stalled Filene?s redevelopment in Downtown Crossing to consider dramatic changes to break the logjam there, saying financial companies and a parking garage could replace what they have planned for the site.

On his inauguration to a fifth term yesterday, Menino talked of a bold effort to resume work on the Filene?s block, which is essentially now a large hole in the ground surrounded by the skeletons of several older buildings in Boston?s downtown shopping district. The mayor and his top development officials said they are working with the Filene?s developers to consider other measures for the $700 million project.

Among the tenants and uses the city wants the developer to consider are financial or technology companies and smaller housing units featuring energy-saving technologies.

?We have to step it up and consider uses that might not have been in the plan initially presented to us,?? said John Palmieri, director of the Boston Redevelopment Authority. ?Those include greener uses, smaller footprints, and more innovative spaces for start-ups.??

But those alternatives could preclude the return of the famous discount store, Filene?s Basement, to its original location in a rehabbed Filene?s building.

An executive with Filene?s Basement said the retailer still wants to return to Downtown Crossing.

?We would love to be back there if they ever built anything,?? said Mark Shulman, president of Filene?s Basement.

The Filene?s developers, Gale International and Vornado Realty Trust, did not return calls for comment yesterday.

The firms initially planned to build a 39-story tower with offices, retail stores, a hotel, and condominiums, but were forced to stop construction in the summer of 2008 because of financial problems.

Since winning reelection in November, Menino has increased pressure on Gale and Vornado to find a way to resume construction. During his inaugural speech yesterday, Menino listed re-starting the Filene?s project and development of the South Boston waterfront among his priorities.

?We?ll give architects and developers the challenge to experiment with new designs, new floor plans, and new materials,?? the mayor said, adding that he will consider development of co-housing, a type of residential community that incorporates shared kitchens and other features that might be attractive to graduate students and academic researchers.

But even the most flexible development policies might not be enough to help the building industry now.

With office rents low and unemployment high, developers will continue to have trouble raising money for expensive new residences and office buildings, real estate specialists said.

The Filene?s project, for example, has remained on hold despite constant efforts to trim costs and refine the development plan.

At one point, Gale floated plans to lop seven floors of condominiums off the complex, to make it more attractive to financiers, but none stepped forward.

Several Downtown Crossing business leaders said they still have confidence in the developers, but want new information on how they intend to move forward.

?I?d like to see the developer publicly talk about what the scenarios could be,?? said Rosemarie Sansone, president of the Downtown Crossing Partnership, a business association. ?What was imagined several years ago might not be what we end up seeing there.??

Palmieri said BRA officials have met with the developers on a regular basis to discuss moving the project forward.

He said the agency is open to providing tax relief and other forms of financial assistance to help.

?We?re willing to consider incentives that would be helpful to making this project work,?? he said.

?We need to find new and better ways to create development opportunities.??

Casey Ross can be reached at cross@globe.com; Jenn Abelson can be reached at abelson@globe.com.
 
Re: Filene's

-Filenese Basement in the basement

-Target, Best Buy whatever on floors 1-3 (main floor, with space dedicated to a lobby and other ground floor retail spots.)

-Suffolk Dorms floors 4-1X

-Hotel floors 1x-2x
-Hotel and dorm space floors can be swapped for whatever makes more sense.

-Office/Condo's at the top

Get the first three to sign a lease and a guarantee from a hotel operator and financing shouldn't be so difficult, or is this just an absurd plan?
 
Re: Filene's

A parking lot? Communal housing (sorry, "co-housing")? What is this, 1923 Petrograd? "Greener uses"? Could you be any vaguer/pseudo-trendier/fluffier? The Mayor's Office and its shadow arm, the BRA, really do have the vision, common sense, and competence of Lord Helmet, don't they?

Given the risk of ruining the still-standing exoskeleton of the original building that all of these (dismal) uses could create, I'd rather see them wrap up the exoskeleton for five years, potentially with a temporary Filene's Basement (if deemed safe) or farmer's market on site, and let the office/residential market get better. If done correctly, the shell of the building hulking over a market or glassed-over retail space could actually look pretty dramatic.

Also, does anyone know if this One Bromfield project is still on? Given that Menino's entire modus operandi, and that of the BRA, is ad hoc backroom deals, if there's plans for a 28-story residential project across the street, why not scupper that and get the Bromfield developer to get involved in this project? If Bromfield gets built (and the beautiful 100-year-old structure housing the Payless demo'd), you won't have any demand for space in Filene's for a much longer period.
 
Re: Filene's

Hynes should recommend to the bankers to sell this as a lost to Suffolk or another college or local developer.

It's time to move forward on this project
 
Re: Filene's

Does Suffolk need any more dorm space after they finish the Modern Theatre project?
 
Re: Filene's

Does Suffolk need any more dorm space after they finish the Modern Theatre project?

Northeastern is always in need of dorm space. DTX is only a few Orange line stops from Ruggles station. It could work. What about housing for Tufts medical/dental strudents?
 
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