Winthrop Center | 115 Winthrop Square | Financial District

Massachoicetts said:
SSHQ us starting to go vertical now.

But I'd say Winthrop Center starts going vertical sometime in early 2021. (February?).

Then I'd say SST goes vertical sometime in late 2022.
Click to expand...

Winthrop Square is top-down construction - should go up before February. What you see going up now is going to continue climbing pretty consistently/quickly, provided everything goes smoothly. The first few floors are a little different (with the "great hall"/lobby and the differing entrance elevations), but after that, there's no reason it will take a while to get climbing.
 
stefal said:
Winthrop Square is top-down construction - should go up before February. What you see going up now is going to continue climbing pretty consistently/quickly, provided everything goes smoothly. The first few floors are a little different (with the "great hall"/lobby and the differing entrance elevations), but after that, there's no reason it will take a while to get climbing.
Click to expand...

Great explanation! Top Down will sure be interesting to watch.
 
617 said:
yet every single project in Boston is moving forward.
Click to expand...

Every single project or every single project that was funded prior to the pandemic? And why were so many people writing this project off when Millennium is already into this thing for well north of $100,000,000 when you add the land acquisition costs with all the construction costs to date. A lot of (not visible) work was done on this thing before March.
 
BosDevelop said:
Every single project or every single project that was funded prior to the pandemic? And why were so many people writing this project off when Millennium is already into this thing for well north of $100,000,000 when you add the land acquisition costs with all the construction costs to date. A lot of (not visible) work was done on this thing before March.
Click to expand...

I can’t name one project that has been cancelled Bc of covid. Also this thing famously wasn’t funded prior to the pandemic. I’d love to know where the money came from. Where’s stoweker.
Lastly, we talked about the total costs spent already on this project to be ~15-20% of total budget so to walk away or pause now would make sense if it’s no longer viable.
 
617 said:
I can’t name one project that has been cancelled Bc of covid.
Click to expand...

Haven't heard about the Flower Exchange or The Kenmore Flatiron in a bit.

Edit: nvm about the Flower Exchange. Just checked the "what's happening" thread.
 
Does anyone know if there is a mass exodus of people from Boston to other places like there is [or allegedly] is in NYC?
 
Rents being down during a recession isn't the same thing as people leaving. I too haven't seen a mass exodus but if rents moderate a bit from their highs that's not a bad thing.
 
Here we go folks....just filed....$775 million from Credit Suisse. This looks officially back on track!


1602681353425.png
 
Wow....risky bet, but also comforting that banks etc see demand for office space after the pandemic aka we will all go back to normal someday hopefully soon. Anyone else reading this another way ?
 
Rover said:
Rents being down during a recession isn't the same thing as people leaving. I too haven't seen a mass exodus but if rents moderate a bit from their highs that's not a bad thing.
Click to expand...
A "mass exodus" is subjective. A 9.6% decrease in rent is not... but people gotta argue on the internet
 
KriterionBOS said:
Does anyone know if there is a mass exodus of people from Boston to other places like there is [or allegedly] is in NYC?
Click to expand...

I think the rental market got hurt by international students not returning just a bit. There are still a good number of Sep 1 rentals open in the typical student housing areas, and plenty of rooms available ASAP. Nothing devastating.
 
617 said:
I can’t name one project that has been cancelled Bc of covid. Also this thing famously wasn’t funded prior to the pandemic. I’d love to know where the money came from. Where’s stoweker.
Lastly, we talked about the total costs spent already on this project to be ~15-20% of total budget so to walk away or pause now would make sense if it’s no longer viable.
Click to expand...

You are forgetting the land acquisition costs which were, even for Boston, extremely costly. They are way into this project far more than the below grade construction costs expended to date.
 
KriterionBOS said:
Does anyone know if there is a mass exodus of people from Boston to other places like there is [or allegedly] is in NYC?
Click to expand...
I wouldn’t call it a mass exodus in terms of numbers (yet), but there is visible, albeit slow, change. I’ve seen more “for sale” signs in the area than usual and people who clearly haven’t been home since March.

Anecdotal example: I’ve lived in the same building in the Back Bay for almost 10 years—demand has always been high and units rarely go unoccupied. Since the pandemic hit 4 of 6 units are either unoccupied or actively for rent, soon to be 5. On the flip side, we’ve got the place mostly to ourselves :cool:
 
Per B&T, they've signed the financing and are good to go.

And the Globe...

www.bostonglobe.com

Work on stalled Winthrop Center tower may finally resume - The Boston Globe

The developer has closed on a $775m loan that should allow completion of the massive Financial District project.
www.bostonglobe.com www.bostonglobe.com

The remaining $51M will be paid over the 10 years following ribbon-cutting and is no longer tied to condo sales.
 
Last edited:
KriterionBOS said:
Does anyone know if there is a mass exodus of people from Boston to other places like there is [or allegedly] is in NYC?
Click to expand...


Don't believe the allegations.

www.nytimes.com

Manhattan Emptied Out During the Pandemic. But Big Tech Is Moving In. (Published 2020)

The four companies known as Big Tech — Amazon, Apple, Facebook and Google — now have more than 22,000 employees in the city, with thousands added just this year.
www.nytimes.com www.nytimes.com

And Boston is booming like never before also. The retired/65+ demographic is exploding and those folks want to be near their medical professionals/theatres/restaurants, etc. Once the self-driving pods take over the cities and individual cars are banned, Boston and other centers will see further population explosions and more real estate capacity opening up from demolished garages and on-street wasteful parking.

There will be far less office buildings, but the residential towers with amenities, etc. will proliferate. This will make cities far more interesting and vibrant places to be - - not merely 9-5 with rush hour clear outs anymore.

Young working people may be moving out in the next few years, but they will be more than replaced by the high discretionary income 65+ crowd who are now living well (and I do say well) into their 80's and 90's on a regular basis.

.
 
So... in-between Sept. 23rd, when Suffolk Const. (or S&F Concrete or whoever it was) confirmed the project had resumed (but of course that's only when we got the confirmation; it could've been resurrected any number of days prior), until Oct. 13th, when, as per Suffolk Registry of Deeds, the $775m loan was presumably disbursed to a receiver to initiate a cascade of payments ... who was paying for the work to have resumed?

[sure wasn't the City of Boston! sure wasn't a bunch of randos galvanized by a GoFundMe campaign!]

Ultimately nobody cares of course, once this thing really gets banging again, but it's interesting to imagine how they got creative to bridge the gap...
 
Likely MP under the assumption they would have the loan signed.

That, or Suffolk frontloaded enough to have money left over from a previous payment to resume construction.
 
You must log in or register to reply here.

Back
Top