Seaport Square (Formerly McCourt Seaport Parcels)

From the BizJournal:

"Skanska set to buy parcel for its third Seaport tower"

By: Thomas Grillo

Skanska USA Commercial Development is close to inking a deal to buy more land in Boston’s Seaport District for construction of a 425,000-square-foot office tower, the Boston Business Journal has learned.

Dubbed “L2” the one-acre lot between Seaport Boulevard and Boston Wharf Road would be purchased from Boston Global Investors and Morgan Stanley (NYSE: MS), the master developers for Seaport Square. The new tower would be built next to “L1” a one-acre parcel Skanska bought last year.

The development is part of Seaport Square, the 23-acre neighborhood under construction on Boston’s waterfront that will eventually include 6.3 million square feet of offices, residences, shops, restaurants, cultural and educational institutions, hotels and open space.

Shawn Hurley, Skanska’s executive vice president in Boston, confirmed the firm has an option to buy the lot, but declined comment on any other details.

“We are really excited about everything that’s happening in the Seaport District and look forward to furthering our stake hold in the neighborhood and on Seaport Boulevard,” Hurley said.

John Hynes, CEO and managing partner at Boston Global Investors, declined to comment beyond confirming that Skanska has an option to purchase the lot.

This is Skanska’s third purchase in the burgeoning Seaport District. Last year, Skanska paid $33 million for Parcel L1 *— recently renamed “101 Seaport” — from Hynes at the corner of Seaport Boulevard and Boston Wharf Road. The 440,000-square-foot, 17-story office tower that will break ground on Thursday at the southeast corner of Seaport Boulevard and Boston Wharf Road will be the new home of PricewaterhouseCoopers (PwC), which will occupy most of the building.

The site is adjacent to Parcel K, the property Skanska bought last year with Twining Properties for $18.6 million to develop Watermark Seaport, a 350-unit apartment building with 25,000 square feet of ground floor retail. The 275,000-square-foot residential tower.

Skanska is making a major commercial real estate play in the Boston area. They recently completed a 120,000-square-foot laboratory and office building located at 150 Second St. in Cambridge’s Kendall Square. The $70 million project is Skanska’s first commercial real estate investment in Cambridge, home to the some of best known biotechnology and technology companies.
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Makes me wonder if all this development makes Menino any more likely to approve of the Fenway/Burger King proposal...
 
Skanska's in the wrong business. They should buy a baseball team instead.

September 18, 2013

Dear Ladies and Gentlemen:

It is with great pleasure that I write to share the news that Georgetown will take a transformative step in the history of our University and create our ninth school, the McCourt School of Public Policy. This milestone is made possible by an extraordinary gift of $100 million from alumnus Frank H. McCourt Jr. (C’75), the largest gift in the history of our University.

I invite you to read more about The McCourt School here and in today’s Washington Post.

The McCourt School is grounded in the existing strengths of our University – our academic excellence, our extraordinary faculty, our location in Washington, D.C. and our relationships with global leaders. Throughout our history, Georgetown has risen to meet the most pressing challenges of our time. Following the First World War, Georgetown created our Walsh School of Foreign Service to contribute to global peace by preparing young diplomatic leaders. In 1957 we started what is now our McDonough School of Business as a recognition of America’s place in a growing world economy. And now we have the ability to build on our existing strengths once again to bring new understanding to the complex and evolving field of public policy and its application in solving global challenges.

The McCourt School will build upon the foundation of exceptional research, scholarship and teaching that has characterized the Georgetown Public Policy Institute since its founding in 1996. This will position us to compete for the most talented students through the new McCourt Fellows Program, which will recruit and offer full scholarships to the country’s most promising future public policy makers and scholars. Our faculty will benefit substantially as we expand our expertise through the addition of endowed faculty appointments, as well as more core faculty and interdisciplinary positions as the school grows.

With this new school, Georgetown will shape public policy in a new way by taking a dynamic, data-driven, interdisciplinary approach. We seek to respond to the changing landscape of public policy by harnessing and navigating the data that new advances in technology and communications have generated in the past decade. Through the Massive Data Institute, the McCourt School will train the next generation of leaders to critically analyze, extract and use these large sets of data to better inform public policy.

With the establishment of a new Center for Politics and Policy at the McCourt School, we will strengthen our tradition as leaders in civil and civic discourse, convening leading policy makers and scholars who are grounded in policy and bring broad expertise to our dialogue.

The McCourt School represents a new era for Georgetown, one that connects the strengths of our community – our resources, our traditions, and our enduring commitment to building the common good – with the power of innovation and technology to address the policy challenges of the 21st century.

This gift, a historic achievement in our $1.5 billion For Generations to Come campaign, is a testament to our exceptional community and the truly outstanding accomplishments of our students and faculty. The result of deep engagement with Mr. McCourt over many years, this generous act of philanthropy reflects the very best of this vibrant community of which we are all a part.

I look forward to the opportunity to celebrate this milestone for Georgetown on October 8, when we will formally launch the McCourt School of Public Policy at an academic ceremony and celebration.

You have my very best wishes.

Sincerely,
John J. DeGioia
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A few from up above.

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This project is so desperately needed. Jesus that's desolate.
 
AmericanFolkLegend said:
Skanska's in the wrong business. They should buy a baseball team instead.
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I've been on the ground belly laughing for over an hour now.......

The "Jamie McCourt School of Public Policy"! :D

I need to breathe........

Is that around the corner from the Josef Mengele School of Medicine?
 
AmericanFolkLegend said:
Skanska's in the wrong business. They should buy a baseball team instead.
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Anybody who buys a baseball team that is not even a billionaire then files bankruptcy with the team only to Become the first billionaire through bankruptcy gets my thumbs up for Businessman of the year.

I like McCourt
 
TheRifleman said:
Anybody who buys a baseball team that is not even a billionaire then files bankruptcy with the team only to Become the first billionaire through bankruptcy gets my thumbs up for Businessman of the year.

I like McCourt
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Kinda like how Trump did it.

Good to know our future is learning "public policy" under that role model.
 
TheRifleman said:
Anybody who buys a baseball team that is not even a billionaire then files bankruptcy with the team only to Become the first billionaire through bankruptcy gets my thumbs up for Businessman of the year.

I like McCourt
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The contract a new MLB owner signs with the league gives the league (the Commissioner, really) power to decide who the an owner can sell the team to. Selig had it in for McCourt so he wasn't preapproving any of the new owners that would pay big bucks for the team. McCourt files for bankruptcy and it does three things:
1. More or less tears up McCourt's contract with MLB.
2. Appoints a trustee to get the MAXIMUM value for the team.
3. Brings in the threat of a public trial in which the finances of a MLB team would become public record (a huge no no for MLB).
Suddenly Selig approves a bunch of new owners (including the eventual buyers) and the sale price moves from the $800M range to $2B. It was really a brilliant chess move by McCourt.
 
AmericanFolkLegend said:
The contract a new MLB owner signs with the league gives the league (the Commissioner, really) power to decide who the an owner can sell the team to. Selig had it in for McCourt so he wasn't preapproving any of the new owners that would pay big bucks for the team. McCourt files for bankruptcy and it does three things:
1. More or less tears up McCourt's contract with MLB.
2. Appoints a trustee to get the MAXIMUM value for the team.
3. Brings in the threat of a public trial in which the finances of a MLB team would become public record (a huge no no for MLB).
Suddenly Selig approves a bunch of new owners (including the eventual buyers) and the sale price moves from the $800M range to $2B. It was really a brilliant chess move by McCourt.
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Brilliant in my opinion...............but tell that to Shmessy

Also it helped that the TV contracts have exploded in the 5 years.
 
Seaport Parking Woes

Wie Traurig... People are having a sad because they got used to parking rates $10-20 below market rate. Cry me a river. Pay up like everyone else who works in or start taking the train...
 
... Seaport Transportation Management Association ... The nonprofit group tracks the impact of construction on drivers.
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Someone organized a 501c to track the impact of construction on commuters in the Seaport?!?!
 
BussesAin'tTrains said:
Seaport Parking Woes

Wie Traurig... People are having a sad because they got used to parking rates $10-20 below market rate. Cry me a river. Pay up like everyone else who works in or start taking the train...
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Unfortunately I always see a chicken egg thing there. Trains don't run often enough for some people's schedules (early or late enough is often a problem), and the trains won't increase frequency because the ridership is not there. Something has to give, and hopefully this is part of it. 2,000 spots gone for commuters is a big thing. Yes, all those spots are being replaced by sub-surface parking, but those will be very expensive (on par with the downtown, back bay, and kendall lots), and will be taken up by all the new commuters to the area.

I started working in the seaport in 2005 and the big lots were 8 bucks a day. I parked in the Gillette lot last Tuesday and it was 19 bucks. Needless to say, this is no longer a viable option for me. I chose to take the train starting in 2005 for a number of reasons, first being I have no desire to sit in traffic for an hour getting aggravated at all the knuckleheads around me. After that came wear and tear on the car and environmental concerns. The cost was really a wash back then. Of course since then, my train cost per month is almost up 80 bucks without any increase in frequency. Parking (if paying the daily rate 22 times per month) has gone up 242 bucks.

All in all, I much prefer the train. Once I finally graduate in a year (hopefully), it will suit me even better. No trains to Brockton between 8:07 and 10:30 doesn't lend itself to that schedule.

Having reliable train service that can get you to the airport for a 6 or 7am departure, and will allow for Friday after work drinks would really add to ridership IMO.
 
TheRifleman said:
Brilliant in my opinion...............but tell that to Shmessy

Also it helped that the TV contracts have exploded in the 5 years.
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:D Too funny. Reading comprehension skills needed for Rifleman: The school being named is a PUBLIC POLICY school - - not a "Enrich Yourself Via Bankruptcy" school.

Evidently you don't know the difference between a parking lot king who inherited valuable real estate and couldn't get anything built for decades who subsequently buys one of the crown jewels of baseball and runs it into the ground enriching himself via bankruptcy......... and Public Policy! :D

McCourt is a public parasite - - he has enriched himself only through delays and bankruptcies. He kept his real estate in Boston in the Dark Ages and then he ran the Dodgers into the ground.

Evidently, in your world view that equals "Public Policy" to teach to the next generation.
 
shmessy said:
Evidently you don't know the difference between a parking lot king who inherited valuable real estate and couldn't get anything built for decades who subsequently buys one of the crown jewels of baseball and runs it into the ground enriching himself via bankruptcy......... and Public Policy!

.... he ran the Dodgers into the ground.
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Shmessy, I totally agree that he has no credentials in public policy. Keep your argument at that. Don't bog it down with misinformation.
He didn't inherit the real estate. He bought it himself from a bankrupt railroad with heavy leverage and an equity partner. He then had an option to buy out the equity partner, (at what turned out to be a heavily discounted price), which he exercised.
And he quintupled the value of the Dodgers. Literally.
 
AmericanFolkLegend said:
Shmessy, I totally agree that he has no credentials in public policy. Keep your argument at that. Don't bog it down with misinformation.
He didn't inherit the real estate. He bought it himself from a bankrupt railroad with heavy leverage and an equity partner. He then had an option to buy out the equity partner, (at what turned out to be a heavily discounted price), which he exercised.
And he quintupled the value of the Dodgers. Literally.
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My bad regarding the inheritance of the Seaport property. His dad, who was close friends with Lou Perini, led a family real estate business which funded young Frankie. The purchase of that property occurred in 1977, when Frank was 24. If you want to believe he purchased that on his own, with his own money that he had earned on his own - - that's your prerogative.

Regarding the way he quintupled the value of the Dodgers? - - the WAY he did it is akin to crediting the town drunk who found a winning lottery ticket of 'deftly increasing his net worth':

http://itsaboutthemoney.net/archives/2011/06/21/commissioner-selig-frank-mccourt-must-go-a-petition/

I'm still getting a good giggle out of the Frank McCourt School of Public Policy.
 
OK, you're right Shmessy.
His Dad - who raised 7 children in a 3 bedroom house in Watertown, and oh, by the way, none of them went to a private school and his company never did a multimillion dollar project - he was loaded because you heard he knew Lou Perini. So, you're right. Apologies. Good point.
And nice nugget about him owning the property in 1977. It's not true but I enjoy you making rando blanket statements.
It's fine not to like the guy, but don't just make shit up to back up your argument.
 
AmericanFolkLegend said:
OK, you're right Shmessy.
His Dad - who raised 7 children in a 3 bedroom house in Watertown, and oh, by the way, none of them went to a private school and his company never did a multimillion dollar project - he was loaded because you heard he knew Lou Perini. So, you're right. Apologies. Good point.
And nice nugget about him owning the property in 1977. It's not true but I enjoy you making rando blanket statements.
It's fine not to like the guy, but don't just make shit up to back up your argument.
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Not making anything up, Champ.


http://en.wikipedia.org/wiki/Frank_McCourt_(executive)

"....In the late 1970s McCourt acquired 24 acres (97,000 m2) in South Boston from the bankrupt Penn Central railroad and developed the L-shaped property into parking lots. That property is located here:

42°21′7.81″N 71°2′42.74″W...."



and from January 16, 2004 in the Globe:
---------------------------------------

http://www.boston.com/business/globe/articles/2004/01/16/the_mccourt_appeal/
".... Instead, 25 years after McCourt bought his South Boston land from a bankrupt Penn Central, what we have down there is acres of parking lots.
The last, best service McCourt could offer the city he loves is to sell his parking lots to someone who would do what he couldn't or wouldn't do -- build something.



You talk a good game about "making shit up".
 
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The Parcel A hotel project slated for the parking lot next to the Barking Crab has been permitted, so construction should be imminent.

From my perspective, one of the more exciting elements of the project is going to be the finishing of the "Harborwalk" segment between Seaport Boulevard and the Northern Avenue bridge. While the space is technically there now, it's certainly not obvious, or inviting to visitors.

When its done, the completed harbor walk will allow pedestrians a finished space to walk between the Barking Crab's outdoor dining area and the hotel's lobby and outdoor restaurant space. It's should be a pretty festive space.

Apparently, the hotel is also going to have a publically accessible roofdeck space and 1,200 square-feet dedicated to local art.

Pictures are in the link below. Incidentally, these are the same people who just did the Residence Inn on Congress Street, which if you haven't been inside their lobby, is pretty stunning.

http://www.norwichpartners.com/portfolio-20.php

Potentially, a nice little "under the radar" project.
 
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