The St Regis Residences (former Whiskey Priest site) | 150 Seaport Blvd | Seaport

sunny09

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I walk by once a week or so, and the site is always very busy. They appear to be working on the foundation only.
guess, the foundation is going to be THE MOST IMPORTANT part of St.Regis as its right by the water. One tiny leak and all the Maseratis and Ferraris will be underwater !!
 

DZH22

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Good luck indeed. This is the same developer that proposed a 700' tower next to 1 Boston Place! Developers with guts deserve to have their faith rewarded. Boston could benefit greatly by having visionaries like the Cronin Group find success here.

NOTE: THIS IS JUST A THOUGHT EXPERIMENT AT THIS TIME. THIS IS NOT AN OFFICIAL PROPOSAL BEFORE THE BPDA. NOTHING HAS BEEN FILED.

Steve Adams is reporting in a paywalled B&T article that the City asked developers if they had ideas to use municipal properties to build housing. Cronin Group responded with this 700 footer.











It would somehow be built on top of this with the base preserved:

 

JeffDowntown

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Don't we have a ton more open parking lots and low rise parking structures to cover with more cost effective construction than this? No way a high rise like this is going to be anything other than luxury.

I don't find playing to our height fetish to be particularly visionary.
 
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stoweker

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Good luck indeed. This is the same developer that proposed a 700' tower next to 1 Boston Place! Developers with guts deserve to have their faith rewarded. Boston could benefit greatly by having visionaries like the Cronin Group find success here.
i wouldn't exactly call him a visionary, he's a bar owner that put up a couple of condos in southie and got in way over his head on project that has a last dollar debt basis of 3.5mm for a project with out of control HOA fees. it's kind of a silly project, don't see his development firm doing anything after this one.

separately there's no way anything that hasn't been committed to by a lender is going to get financing until at least 2022. development lending is DOA for anything (Except maybe select multi-infill stuff) and no way a lender would ever wrap their head around an office project when no one knows how people will use office spaces post-covid.
 

citydweller

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... and no way a lender would ever wrap their head around an office project when no one knows how people will use office spaces post-covid.
It will be interesting what the long-term ramifications will be regarding the traditional work-at-the-office mentality by corporate America. There was a lot of speculation that network bandwidth would be overtaxed with the quarantine mandate but I haven't seen anything noteworthy. If the massive remote office experiment has worked for businesses, then I can see a reduction of leases come renewal time or new leases for a smaller office footprint. I suspect that many planned office projects will be put on-hold or cancelled outright. And, I'm sure no ones missed their daily commuter headaches.
 

DZH22

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I suspect that many planned office projects will be put on-hold or cancelled outright.
Fingers crossed the State Street building still gets built. After losing out on Copley Tower and 1 Bromfield it's like our only chance left to get a non-blocky tower into the skyline. That would be a brutal loss.

Speaking of which, I noticed many other cities have continued their construction projects. Why are we still on hold everywhere? Can't we at least have something like a 30% effort, social-distance group to keep some of these sites moving forward?
 

citydweller

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Fingers crossed the State Street building still gets built. After losing out on Copley Tower and 1 Bromfield it's like our only chance left to get a non-blocky tower into the skyline. That would be a brutal loss.
Agreed, State Street and SST are two projects that I would hate to see get flushed. I do feel optimistic that State Street (aka One Congress) will get built though.
 

stoweker

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Agreed, State Street and SST are two projects that I would hate to see get flushed. I do feel optimistic that State Street (aka One Congress) will get built though.
Totally off topic, but State Street has to get built, they have a lease, gave up their old space, and need to take delivery of something - the project is U/C and financing is fully lined up. It might end up a smaller project than originally envisioned but who knows, HYM probably chalks up an OK return as build margin to exit cap gets super skinny? my guess on SST is that it gets built but totally reprogrammed (no pun intended but the train has left the station). Harbor Garage or whatever it's called is probably DOA now, no lender syndicate is going to roll the dice on a project like that at this point. Anything in seaport that doesn't have a crane up already is going to stop as unit absorption out there grinds to a halt over the next 3 years and market rents roll down across the board. Probably see a stratified "flight to quality" where Benjamin/Via do fine but the cuspy stuff like Nema, Waterside, and Park 17 struggle to (a) lease up (b) hold rate w/o a ton of concessions even on renewals.

Overall my bet is that this ends up causing floor plates to shrink for CBD as companies realize that the front office workers are just as productive at home and only need to come in like once a week for team meetings, a lot of middle office "meat grinder" work gets shifted to work from home, and it accelerates the drive to push back office functions to suburban offices in lower cost of living cities. I also think that people generally will shift away from CBD highrise living back to the suburbs where they get more space and feel safer in a less dense environment. But who knows, my crystal ball is as clear as anyone else's
 

stoweker

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also to bring this back to topic, i had heard the project had tremendous foundation issues, cost over runs, the unit mix is bad, st regis doesn't love it, there's a crazy HOA and the terms of the loan agreement aren't favorable. on top of that the talent at cronin walked mid-project to start up greystar boston when they realized this thing was a sinking ship and they're out of the money on the deal. this thing will get built but be a ghost ship. if it doesn't go back to the lender i still peg this thing at like 75% chance it loses the St Regis designation within the next 4-5 years when they can't sell studio units that have an HOA greater than the mortgage. Also as a gripe the thing doesn't have four fixture baths which is de riguer for to get Marriot Category 7 which presumably this would be if it had a hotel attached. They brought in Marriott too late in the process to make any real design changes, kind of surprised that they just rode with it. Cronin must have paid them a gazillion dollars to buy the flag for the building.
 

DBM

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After losing out on ... 1 Bromfield
So, about that alleged cancellation of 1 Bromfield:

Here's the LOI the developer submitted to the BPDA in early March. It's still up there on the BPDA page for all to see. If they'd canceled the project, don't you think some BPDA project manager, working remotely, would've deleted it?

Here's the Globe write-up on the revised proposal done in the immediate wake of the LOI submission. Don't you think the Globe reporter on this development "beat" would've written a follow-up story if the project had been shelved?

Finally, no one has bumped the 1 Bromfield thread with news the project got shelved.

Of course, there's every reason in the world to cancel this (third iteration!!) now, given the swiftly & severely collapsing global economy--I'm just saying, given how extremely high-profile it is, for so many reasons, I have to think there'd be a formal announcement. Which, unless I'm mistaken, hasn't happened yet.

<end thread derail>
 

kmp1284

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So, about that alleged cancellation of 1 Bromfield:

Here's the LOI the developer submitted to the BPDA in early March. It's still up there on the BPDA page for all to see. If they'd canceled the project, don't you think some BPDA project manager, working remotely, would've deleted it?

Here's the Globe write-up on the revised proposal done in the immediate wake of the LOI submission. Don't you think the Globe reporter on this development "beat" would've written a follow-up story if the project had been shelved?

Finally, no one has bumped the 1 Bromfield thread with news the project got shelved.

Of course, there's every reason in the world to cancel this (third iteration!!) now, given the swiftly & severely collapsing global economy--I'm just saying, given how extremely high-profile it is, for so many reasons, I have to think there'd be a formal announcement. Which, unless I'm mistaken, hasn't happened yet.

<end thread derail>
He’s likely referring to the previous version in this context but the the most recent proposal is almost certainly dead too.

And it doesn’t look like the BPDA is in the habit of removing filings for canceled projects. Both 1000 Boylston and Copley are still listed and I’m sure there are many more but I only looked under Back Bay.
 
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DZH22

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He’s likely referring to the previous version in this context but the the most recent proposal is almost certainly dead too.
Yes, I was excited about the 59 story version which would have been the dominant building downtown from multiple angles. The new, hopefully DOA one is 21 stories.

This is what we lost. Amazingly, the first render I'm posting is one I have never seen. Sick view from Government Center.

 

DBM

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He’s likely referring to the previous version in this context but the the most recent proposal is almost certainly dead too.

And it doesn’t look like the BPDA is in the habit of removing filings for canceled projects. Both 1000 Boylston and Copley are still listed and I’m sure there are many more but I only looked under Back Bay.
Ah, good clarifications, thanks! I'm annoyed and surprised that the BPDA project managers can't be bothered (at least in the case of the two projects you cite above) to delete filings after the proposals go kaput. How hard can it be to practice such an elemental act of good archival hygiene?
 

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