Fiscal 2023 DIF Account

What The Real Breaking News Was In The WBJ Post Yesterday

As Dave Z has pointed out the residential project (SOMA) being completed mid-2023 was not break news.   

Check out this from Spectrum News from July of 2021.   

The real news is that the 2nd residential project will not begin until the 1st project is completed and "market intel" is gathered.

     According to the LDA, look at Exhibit B on page 58 that was just signed this past fall, the targeted occupancy of 125 apartments by December , 2023.

Now only 4 months after completion of the LDA, it is highly unlikely ground will even be broken by December, 2023.   




Common Sense said…
Did a little research as far as ORH. Checked all of our college websites for mention of our airport. WPI and Clark had a direct link to the Massport WRA site. The transportation section on the Holy Cross website only mentions Logan. The transportation section on the UMass Chan Medcal School site (that all the students, visitors and researchers access) only mentions Logan, Green and Bradley. Maybe Mr. Davis or one of his managers can look into this?
Anonymous said…
Understanding the development is like putting together a puzzle. You have to get pieces from different articles and sources, mostly the Worcester Business Journal. Today's piece comes from the T&G where they report the Table Talk building has been sold. In the article they announced a six phase project. How long will six phases take to complete? Also a few weeks ago I took some time to try to understand the proforma you posted the link to. One thing I just realized is that pro forma was when the ball park was expected to cost $100,000,000. Since the ball park has cost $175,000,000 I just realized the bond payments are too low which makes the problem much worse.
Anonymous said…
The Spectrum News article which has a generic 2023 date was published on July 21,2021.
The Land Disposition and Development Agreement states a September 1,2022 date for occupancy in two places was executed on December 13,2021, almost 5 months after the Spectrum News article. You would have thought a legal document would have the correct dates in it. You are correct with the occupancy date on the second residential building originally slated for occupancy on December 31,2023. There is a May 1, 2024 date for the hotel in one section but not the other but it has wording regarding the issuance of a building permit. The lab building "anticipates construction will proceed" for an "Occupancy targeted for December 31,2024". Finally, there is like three paragraphs on the Left Field Building that I do not understand. In summary, I don'y know when anything is suppose to be completed.