Winthrop Center | 115 Winthrop Square | Financial District

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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.
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.
 

Blackbird

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I can’t name one project that has been cancelled Bc of covid.
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.
 

stoweker

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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.
i mean, once the wheels are in motion on construction it's pretty tough to stop. There are likely a ton of dead projects out there that you aren't tracking because they were at concept stages / dd / permiting but won't move forward. it's really really tough to get money for development right now, more so for stuff like this that has a heavy office component.... Just checked the registry, they filed an amendment last week which adjusts the residential unit payments to the city. still no construction lender lined up....

also, most of the project spend at this point is on the land. if push comes to shove on it they'll mothball the site and try and sell it at a haircut rather than sink more cash into it if they think they're at risk of losing more money if they build it than if they sell the development at a discount. who knows what happens but I wouldn't commit any money to investing in this thing. i promised i wouldn't get doom and gloom on this thing (or st regis!), who knows maybe they've figured it out and have it in the bag and it's all rainbows and glitter.
 

KriterionBOS

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Does anyone know if there is a mass exodus of people from Boston to other places like there is [or allegedly] is in NYC?
 

Rover

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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.
 

617

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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 ?
 

Suffolk 83

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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.
A "mass exodus" is subjective. A 9.6% decrease in rent is not... but people gotta argue on the internet
 

stefal

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Does anyone know if there is a mass exodus of people from Boston to other places like there is [or allegedly] is in NYC?
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.
 

BosDevelop

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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.
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.
 

dman10089

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Does anyone know if there is a mass exodus of people from Boston to other places like there is [or allegedly] is in NYC?
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:
 

Equilibria

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Per B&T, they've signed the financing and are good to go.

And the Globe...


The remaining $51M will be paid over the 10 years following ribbon-cutting and is no longer tied to condo sales.
 
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shmessy

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Does anyone know if there is a mass exodus of people from Boston to other places like there is [or allegedly] is in NYC?

Don't believe the allegations.


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.

.
 

DBM

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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...
 

stefal

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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.
 

DZH22

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Saw this in person last night and the steel beams are absolutely enormous, maybe the biggest I have seen on a Boston project. There is also obvious progress on the other side of the site (facing Winthrop Square) with additional concrete poured since I last looked a few weeks ago. It's very heartening, considering this thing has essentially been stalled out since March!

Taken today

 

KriterionBOS

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Don't believe the allegations.


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.

.
See I would think it would be the other way around. That 65+ folks would move to the suburbs where its quieter and higher income (100K+) millenials would flock to the city centers so they can be near the restaurants, theatres, museums, and eateries to meet up with their Hinge/Bumble/Tinder dates.
 

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