It's a rare developer who's willing to proceed this way, because it means shelling out all those design fees without an ironclad guarantee the project will go forward. Most folks aren't willing to assume such risk.I heard from a very, very reliable source that this project is absolutely ready to go, right down to the smallest details like signage to direct pedestrians around the construction site. Knowing the financing piece was going to be hard in the current market, they've forged ahead at completing all the little details so that as soon as they get a tenant and/or financing, the crane can show up the next day.
Boston Business Journal said:Construction of the planned tower above South Station was to have started this year but has been pushed to early 2009, said Kim Jagger, director of corporate communications for Houston-based Hines Interests LP. This project will bring a 40-story office tower, a 13-story hotel and residential building, and a nine-story office building to the area. All told it will add 1.8 million square feet of mixed-use space to the city.
good news? I suppose...least they have a plan to start construction.