NEMA Boston | 399 Congress St. | Seaport

[George_Apley]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

Render lighting is always hilarious

 

[Sicilian]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

In a Seaport devoid of residential growth, it looks like 399 Congress proposal may be doomed. This continues a 20-year trend of political opposition to sorely needed housing in Seaport and Fort Point, even at a fraction of office space and hotels under way.

http://www.bizjournals.com/boston/r...ninos-take-on-four-cre-projects.html?page=all

 

[Hutchison]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

I'm not sure "not a priority" = doomed, particularly when Menino will be gone soon and we may expect some turnover at the BRA.

 

[FortPointGuy]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

I'm not sure "not a priority" = doomed, particularly when Menino will be gone soon and we may expect some turnover at the BRA.

There was a community meeting a few weeks back and the project was well-received. The neighborhood wants the project.

 

[stellarfun]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

Without reading or hearing a transcript of the interview, I wonder in what context those four particular projects were brought up. Two are not priority, including this one at 399 Congress. Every project can't be priority, then nothing is priority. No questioning about the Congress St garage, or projects near North Station?

 

[SeamusMcFly]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

I don't really understand the Mayor commenting on whether the project is a priority. In what way?

I'm sure it's a priority to the developer who would like to start making money on their investment as soon as possible.

Is it not a priority for the BRA to review? I don't believe they should be prioritizing anything based on their own agenda, but reviewing based on when it was submitted and turning it around in the appropriate time. Otherwise we're talking favoritism. It's not a State or City of Boston project, so why is he even commenting. Review it, approve it, build it, and retire already ya mumbly old......

 

[Sicilian]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

I don't really understand the Mayor commenting on whether the project is a priority. In what way?

I'm sure it's a priority to the developer who would like to start making money on their investment as soon as possible.

Is it not a priority for the BRA to review? I don't believe they should be prioritizing anything based on their own agenda, but reviewing based on when it was submitted and turning it around in the appropriate time. Otherwise we're talking favoritism. It's not a State or City of Boston project, so why is he even commenting. Review it, approve it, build it, and retire already ya mumbly old......

This developer has been through the ringer, essentially being strongarmed into a hotel project.

From 2011:
http://bostonherald.com/business/real_estate/2011/05/city_wants_builder_stick_hotel_plan

During Menino's entire reign, while multiple hotels were completed (Seaport, Renaissance, Westin) not a single apartment or condo was completed any empty Seaport lot under BRA zoning control (Fan Pier, Seaport Square or Pier 4).

Last month, the BRA nixed three more residential proposals at 327 Summer, 337 Summer and 319 A St front. The property owner had proposed residential or office space as an option for each/all three buildings and the BRA approved all three projects for office space.

 

[FortPointGuy]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

This developer has been through the ringer, essentially being strongarmed into a hotel project.

From 2011:
http://bostonherald.com/business/real_estate/2011/05/city_wants_builder_stick_hotel_plan

During Menino's entire reign, while multiple hotels were completed (Seaport, Renaissance, Westin) not a single apartment or condo was completed any empty Seaport lot under BRA zoning control (Fan Pier, Seaport Square or Pier 4).

Last month, the BRA nixed three more residential proposals at 327 Summer, 337 Summer and 319 A St front. The property owner had proposed residential or office space as an option for each/all three buildings and the BRA approved all three projects for office space.

I didn't know these 3 projects had been approved for office only. Which month did that occur in? What a bummer, the residences they had designed for those projects looked awesome.

 

[Sicilian]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

I didn't know these 3 projects had been approved for office only. Which month did that occur in? What a bummer, the residences they had designed for those projects looked awesome.

The residential option still exists in the PNF as filed...

http://www.bostonredevelopmentautho...rojects.asp?action=ViewProject&ProjectID=1549

The BRA circulated an e-mail stating the residential option had been taken off the table and that the three buildings would be approved for office space.

The three buildings were flipped last month -- par for the course AFTER projects are approved.

 

[AmericanFolkLegend]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

The three buildings were flipped last month -- par for the course AFTER projects are approved.

Goddammit that's annoying! I knew this was a problem in Boston, but I never realized how bad it was until Sicilian ranted about it and now I notice it seems to happen with every other large project.

 

[Sicilian]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

Goddammit that's annoying! I knew this was a problem in Boston, but I never realized how bad it was until Sicilian ranted about it and now I notice it seems to happen with every other large project.

Not sure why you're ranting AFL, but it is a problem when a speculator empties and mothballs an entire portfolio of buildings in your neighborhood, leaving entire buildings vacant for 5 years while the developer lives at the BRA pumping the portfolio with approvals for new density, never developing a single square foot over 5 years, just mothballing, upzoning and flipping each building.

It is a problem, not just for me, trust me.

EDIT: Corrected acronym.

 

[AmericanFolkLegend]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

Your mistaking my post for sarcasm (or misreading it entirely). I'm with you Sicilian. I sincerely do get annoyed now when I notice up zoning and flipping. I knew it was an issue before but didn't notice it much till you brought it to my attention. It just wasn't something I noticed, but now I look out for it and see it ALL THE TIME.
FWIW I was working out of one of our field offices on Melcher Street in 2006 or so. We were kicked out because development was "imminent". I think the building has been flipped like 3 times since.

 

[Sicilian]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

Thanks for the clarification, AFL.

BTW, the Melcher St. buildings you were in are among the same portfolio (same speculator) as the others discussed above at 327 Summer, 337 Summer and 319 A St front. Vacate. Mothball. Upzone. Flip. Repeat.

 

[FortPointGuy]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

Thanks for the clarification, AFL.

BTW, the Melcher St. buildings you were in are among the same portfolio (same speculator) as the others discussed above at 327 Summer, 337 Summer and 319 A St front. Vacate. Mothball. Upzone. Flip. Repeat.

It'd Goldman-Archon, right?

Is any of the flipping and holding explainable in part b/c of the recent RE/credit bust?

 

[Sicilian]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

It'd Goldman-Archon, right?

Is any of the flipping and holding explainable in part b/c of the recent RE/credit bust?

No.

A) At roughly the same time (2005/2006) a second Fort Point developer purchased roughly the same number of Boston Wharf buildings and spent 5 years developing buildings (including FP3) with ground floors including Drink, Sportello, Bees Knees, Flour, Tavern Road, Menton, Barrington Coffee, Pastoral, etc. etc. etc.

B) Archon stated their intentions on their own website in 2006:
http://i.imgur.com/MA68o.gif
And with that, the vacating and mothballing of entire buildings began. I'd be hardpressed to name a single renovation or development by this owner during the next 5 years while they scored (and flipped) somewhere between 300,000 - 500,000 sf in BRA-approved new density in roofdecks, infill and new construction.

 

[AmericanFolkLegend]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

BTW, the Melcher St. buildings you were in are among the same portfolio (same speculator) as the others discussed above at 327 Summer, 337 Summer and 319 A St front. Vacate. Mothball. Upzone. Flip. Repeat.

There were good, middle class tenants in those buildings too. Architects, contractors, a printing press, artists, wood shop, etc. Developers will argue that those weren't the "highest and best uses", but 7+ years of vacancy isn't either.

 

[Sicilian]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

There were good, middle class tenants in those buildings too. Architects, contractors, a printing press, artists, wood shop, etc. Developers will argue that those weren't the "highest and best uses", but 7+ years of vacancy isn't either.

Very true. As a resident of Fort Point since 1990, I can say that the events that transpired at these properties with the tacit support of the BRA put a hole in the heart of the neighborhood for a number of years. The loss of tenants, small businesses, friends, non-profits was staggering. The BRA's constant refrain was "We approve all economically viable projects" and then every project sat empty for years. Rooftop additions and infills went through 1-3 years of BRA approvals simply to pump the purchase price. Most of the approved rooftop additions remain unbuilt today (51 Melcher, 316 Summer, 322 Summer among them).

 

[SeamusMcFly]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

Yeah, wasn't there some decree back then that the area was obviously historic, but up to 3 levels could be added on top of them? The potential for adding residential in this densely packed mid rise area, with the added potential for active roof decks excited me at the time for a true vibrant "neighborhood" that would build on and continue the areas artistic leanings, giving Boston its own Soho or whatever other cool ass neighborhood to compare it too.

Instead we kick out residents and functioning businesses, for newer more sterile businesses and offices, while building ..... more offices down the street.

 

[Mike]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

BRA OKs high-rise project for Seaport’s “sausage parcel”
Tuesday, July 16, 2013
By:Chris Cassidy

After years of resistance, the Boston Redevelopment Authority finally approved a $200 million, 22-story Congress Street apartment complex — on an oddly shaped lot long known as the “sausage parcel” — in South Boston’s Seaport District tonight.

The BRA flat out rejected Madison Properties’ plans for apartments at 399 Congress St. in 2011 because the city wanted a hotel constructed in the oddly-shaped parcel instead.

But tonight, the BRA unanimously approved revised plans for The Residences at 399 Congress — 414 apartments, ground retail space and two floors of 30 innovation units each, ranging from 330 to 450 square feet.

“It’s not a sausage anymore,” said Tamara Roy of the architectural firm ADD Inc., saying the parcel will be transformed into an attractive development.

There will also be three floors of underground parking space and a roof deck with city skyline views for residents, Roy said.

City officials have said they’d still prefer a hotel at the site, but eased off because the plan includes the innovation units and affordable housing and because other hotels are now being planned for the burgeoning Seaport.

Madison has been hoping to develop something on the site for years. In 2007, the company was green-lighted to build a $100 million, 24-story, 502-room hotel, but financing problems thwarted the project.

Then in 2011, the city spiked the apartment plans.

http://bostonherald.com/business/re...igh_rise_project_for_seaport_s_sausage_parcel

 

[bostoneophyte]

Re: Residences at 399 Congress St (formerly Madison Seaport Hotel)

Here's the rendering:

http://ow.ly/i/2CY1X/original