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

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Re: Filene's

Just like Russia Wharf, this project continues to get castrated and lobotomized with every passing re-design.

I agree it was a great design, just like Russia Wharf was. Now, each is just another Menino Stump.
 
Re: Filene's

It's nice to dream but it would have been nice to actually have the financing in Place before they put a hole into DOWNTOWN.


Why doesn't this developer sell off his stake at Seaport and finish this project?

Instead they will end up using more Taxpayers money to finish this project. Then you wonder why we pay TAXES on everything except the air we breathe.
 
Re: Filene's

Ron Newman said:
Why the new delay? Won't this cause a lawsuit by Filene's Basement, since they are contractually obligated to allow them to reoccupy the store this year?
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You don't want to know what the Liquidated Damages were if FB wasn't open by this past January. (it was BIG $$$/mo) I can only assume some kind of financial agreement was reached between Vornado/Gale and FB or we would have heard something in the press by now. FB as a company is in pretty dire economic staights anyway.
Hopefully, One Franklin will stay dead long enough for the economy to recover. Maybe that will allow the original design (with residential) to be built.
 
Re: Filene's

Isn't even Trump having some bankruptcy problems at the moment? And no, I don't want this to sit empty until the recession ends. It is doing huge damage to the entire neighborhood right now.
 
Re: Filene's

underground said:
Sell to who? I'm not sure there are too many groups out there looking to take on massive developments right now.
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Lower the price their is plenty of private money on the sidelines.
It's called take a loss. That is the entire problem with the system today.

They bailout the banks to try to keep housing from deflating and look whats going on. They completely robbed the treasury and stole from the hardworking citizens that actually saved their money.

Complete deflation and massive job losses.
 
Re: Filene's

?We all know how we got into this economic mess. We spent too much, borrowed with abandon, and acted like the bills would never come due. So what?s the prescription for getting out? Spending more, borrowing more, and acting like the bills will never come due.? -Steven Chapman


It's only a matter of time before CHINA says take a HIKE. The dollar is worth nothing so why would they buy it.
 
Re: Filene's

Fish & Richardson nixes One Franklin dealBoston Business Journal - by Michelle Hillman
Print Email Reprints RSS Feeds Add to Del.icio.us Digg This CommentsFish & Richardson PC, the lead ? and only ? office tenant interested in leasing space at the former Filene?s building at One Franklin St. in Boston is backing away from a deal.

Timothy French, the managing principal of the law firm?s Boston office, said the firm has been unable to reach a lease agreement and is concerned whether the project can be built in time.

One Franklin St. is the development site of the former Filene?s building in Boston?s Downtown Crossing shopping district. The project has been on hold since last fall when developer John Hynes announced he was taking a break because he was unable to secure financing in what had become a tightened debt market. Hynes could not be reached for comment.

French said he hasn?t heard from the developers in weeks and is unsure of the status of the project, given it is being redesigned to eliminate a residential plan.

?The likelihood of it being completed in a time that fit with our schedule, which was extremely tight anyways, it just didn?t seem it was going to come off,? said French.

French said the project?s timeline has been stretched to 2011 because of issues related to the elimination of condominiums. Fish & Richardson?s lease expires in 2010.
 
Re: Filene's

Dude, have you been drinking?

I'm curious, when you say it will want "more" taxpayer money, what do you mean? I didn't know it had taken any.
 
Re: Filene's

TheRifleman said:
Fish & Richardson nixes One Franklin dealBoston Business Journal - by Michelle Hillman
Print Email Reprints RSS Feeds Add to Del.icio.us Digg This CommentsFish & Richardson PC, the lead ? and only ? office tenant interested in leasing space at the former Filene?s building at One Franklin St. in Boston is backing away from a deal.

Timothy French, the managing principal of the law firm?s Boston office, said the firm has been unable to reach a lease agreement and is concerned whether the project can be built in time.

One Franklin St. is the development site of the former Filene?s building in Boston?s Downtown Crossing shopping district. The project has been on hold since last fall when developer John Hynes announced he was taking a break because he was unable to secure financing in what had become a tightened debt market. Hynes could not be reached for comment.

French said he hasn?t heard from the developers in weeks and is unsure of the status of the project, given it is being redesigned to eliminate a residential plan.

?The likelihood of it being completed in a time that fit with our schedule, which was extremely tight anyways, it just didn?t seem it was going to come off,? said French.

French said the project?s timeline has been stretched to 2011 because of issues related to the elimination of condominiums. Fish & Richardson?s lease expires in 2010.
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This could be good news for Fan Pier
 
Re: Filene's

JohnAKeith said:
Dude, have you been drinking?

I'm curious, when you say it will want "more" taxpayer money, what do you mean? I didn't know it had taken any.
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They have not taken a single cent of taxpayers? money yet. It would probably be a loan from the city. But in reality our city is BROKE they can't even balance their own budgets and it's domino effect into taxpayers pockets. like the (Gas Tax)
We bailed out the Banks
We bailed out the Auto Industry
We bailed out the Insurance companies
Now we need to bail out the state govt's

Why not just let PRICES fall and let people fail which will lead to the competent people to take over. The Developers made bad bets and overpaid for the project. They should either sell the project for a lower price or selloff their equity stakes and get this built.
 
Re: Filene's

TheRifleman said:
They should either sell the project for a lower price or selloff their equity stakes and get this built.
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But what's the likelyhood of that actually happening? First off, what's the impetus for Hynes to sell at a loss when he still stands to profit if he sits on this for a few years? He could probably sit on this for 4-5 years if he had to. Just look at Hayward Place, Fan Pier, et al as examples. Second, who is going to step in and take over the project? Even if the sale price was lowered to something someone could afford, the same construction costs that are stalling Hynes would be stalling any potential buyer.

Now, this argument is completely independant of the potential damage to the neighborhood and city that this hole in the ground is causing. I think the best hope for it to be constructed within the next few years is for a complete economic recovery in the next few months (so unlikely you shouldn't even consider it) or for the government to step in (something that Menino's signaled his willing to do). Independant of either of those two thing's happening, get used to our lovely pit.
 
Re: Filene's

The reality of the situation is their is plenty of PRIVATE money on the sidelines more than 3 Trillion dollars waiting to be used. Your right HYNES was smart enough to put a hole into downtown knowing the city would give him a fixed rate loan and he will probably not lose any equity getting this project done. How I see it is the BRA should have never let this process begin without having the proper finance to get this project done. So if we have a building dept and a zoning dept. What exactly does the BRA do besides consume taxpayers money?
 
Re: Filene's

Filene's has a tenant and no building, fan pier has a building and no tenant.
 
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