It was reported that the company that bought the Mount Carmel site paid $5.6 million. I think the Mount Carmel site is bigger.
Common Sense said…
I wonder if the Mt. Carmel project would have happened if there was an affordable housing requirement that the city council is now debating?
Anonymous said…
From memory from reading an article about the groundbreaking I recall a representative of the development company stating something to the effect that the project was all market rate to make the financials work. In terms of market, this project is being built on what people in the real estate business have said to have been one of the most valuable properties in the City. When I questioned the proximity to 290, I was told that construction techniques are such that you can build an apartment where you can't even hear the highway. Additionally, people moving from Boston are accustomed to sirens from ambulances, cruisers and fire trucks. The easy access to the north/south and east/west road network is a plus. Apartments within walking distance of Union Station are extremely marketable for those who still need to work in the office in Boston. Finally, the apartments are situated at the head of the City's historic restaraunt row, Shrewsbury St. with all of that I was convinced I did not know what I was talking about.
Anonymous said…
The Augustus quote that the property owner wanted $10 for the additional property makes no sense. If the City could sell it for $3 million don't you think the old owner could as well? Just because Augustus says something doesn't just make it true. He (they) have mismanaged this project from the beginning. They gave away the store and built a ballpark that was 75% over budget. That is who I'm going to believe?
Anonymous said…
I forgot to give my progress report on Kelley Square construction. Apartments still proceeding at a snails pace. Big hole in what was Table Talk.
Anonymous said…
The TIF subsidized construction to fund the ballpark bonds is at a snail’s pace, but the privately funded redevelopment of the old Gulf station/ Dunkin went up lightening fast. Some Union thugs are harassing workers at each of the sites.
Is there a lesson here?
Anonymous said…
This project most likely will not pay for itself as promised and now we taxpayers will be paying for it unless the City requires the WooSox to pay taxes. So where do we go from here. For one let's learn from our mistakes. First, the City might consider copying the states approach of investing in the infrastructure that supports development. If the City wishes to participate more than this it may wish to limit their actions to those which they are currently doing with the Denholm's building, acquire the building (demolish it if necessary) and sell the property to a developer. If the City took this approach, acquiring the parking lot and selling the land to the WooSox for $1 and have the WooSox construct their own $175 million ballpark, this amount includes the land cost that should be excluded but I can't exclude these costs because the City has not reported the final costs, we taxpayers would be in a better financial position.
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Is there a lesson here?