Re: The Merano
Why? They were using the site for staging on the Victor. Who's the developer?
Boston Development Group is the developer. They've made three start date postponements on their Website. First was Fall 2012, second was Summer 2013, now it says Spring 2014. We're in spring and still no signs of movement.
1. There has been absolute radio silence on this project. Virtually no mentions in articles about development downtown and no word on any contractors being hired to construct.
2. No word on financing, either in the trade press or registry of deeds.
3. There has been no sign of any of the land deals needed to build this on a turnpike parcel. On both the Victor and One Canal, there were several leases, licenses, and ground use agreements filed on the properties roughly a month to two months before construction starting. No sign of any of this thus far.
Plus, we have a crap-load of new apartments coming on line in the next 12 to 18 months. This fact, plus the hotel component - which is always tricky to finance - probably has banks skittish and unfortunately, it looks like the Merano was the last to the party among the nearby developments.
I would be very happy to come back here in a few weeks and say I'm wrong. My gut just tells me that we are going to look at this empty parcel for a few more years.