next to impossible to do. the core of an office building doesn't work well for most residential conversion and the floorplates have a lot of central dead space that works for like, cubes, but doesn't work for a resi layout; ceiling heights are also a lot larger on commercial than resi so you end up losing floors. it's why you see bigger floorplates for office buildings than you do for resi. you can do the conversion with like, old outdated stuff but not modern stuff. You could, hypothetically, do it if you're the next owner and are buying it as a distressed sale at a discount to replacement cost that would allow you to spend a gazillion dollars on the conversion but the original developer isn't going to have make such a drastic change mid-project.How hard would it to be repurpose commercial real estate as residential in says 2 years time mid-construction if say it doesn't look like the office market is recovering? Obviously you'd have to run it through the city permitting process.
hotel isn't expected to recover to today's EBITDA until like 2025. but who knows how demand will change. but yea, this thing is going to take so long to build who knows, it's far enough out there for delivery that it's a wild guess what the economy will be like. kind of same thing as SST, it's opening so far in the future it's anyones guess what the world will look like when it opens.I mean, when is this going to open? 2022? Later? I don’t think Covid is going to be a significant factor by the time this is done. The financing seems perfectly reasonable to me.
Skate to where the puck is going to be...right? Hotels are in trouble today, but probably not years down the line. The commercial component might be iffy, but I’m not sold on the WFH thing. If commercial space clears out of companies that don’t benefit from being in the CBD, there are other companies lined up to pounce on the available space.
I've always felt like this really should be one of the premier "squares" in the city once parcels 12, 13 (Viola) and eventually 15 close off the highway (would love to see Berklee bring back their concept for something at the southeast corner of the intersection and added excited if something cool comes to the Hynes parcel!). Intersection of two of the major commercial streets in the area, point where Fenway, Back Bay and to some extent South End neighborhoods meet, significant transit station and on top of all that its right in between Newbury street shopping corridor and the Prudential Center. This area has great potential and I'm very excited to see this project start to move forward. The square itself doesn't really have a defining name but the location is incredible.This is going to be one of the most impactful streetscape changes in decades in Boston.