Re: Trans National Place (Winthrop Square) Part 2
Tommy?s Tower plan may tank
Garage price stalls deal with city
The downtown site where the mayor envisions the city?s tallest structure will remain a parking garage for at least another year, casting doubts that ?Tommy?s Tower? will ever be built.
The Boston Redevelopment Authority and businessman Steve Belkin can?t agree on a fair price for the city-owned Winthrop Square property.
And now the city has extended its contract with the garage operator, Network Parking Co., and is fixing the crumbling facility with plans to add 140 spaces.
Pitching a 1,000-foot tower, Belkin was the only one to respond Mayor Thomas M. Menino?s request for an iconic building in the Financial District. That was two years ago and no plans have been filed.
?We continue to negotiate with the Belkin team,? said John Palmieri, director of the BRA. ?If we reach a point where we can?t come to a valuation then of course we?ll have to consider reissuing the RFP. But we?re not even there yet.?
To complicate matters, the Massachusetts Port Authority recently released guidelines limiting building heights in certain parts of the city. The 1,000-foot tower may need to be 700 feet, said Palmieri.
Menino critics blame the standstill on poor planning.
?This administration has no vision for planning in our city,? said Boston City Councilor Michael Flaherty. ?When you plan by speech, this is what happens.?
Belkin was unavailable for comment yesterday, but a spokeswoman told the Herald that he continues to work with the city.
Besides haggling with the mayor over the value of the parking garage, Belkin needs to secure financing for the tower - a tall order given few banks are issuing construction loans.
Developers across the city are trying to piece together what little debt remains and convince banks that their projects are still worth building.
?It would be highly unlikely to get a project like that off the ground and moving in the next two years,? said David Begelfer, CEO of the Massachusetts chapter of the National Association of Industrial and Office Properties.
http://bostonherald.com/business/ge...stalls_deal_with_city/srvc=home&position=also