Boston Real Estate News 5/19/2010 (Part II)

Boston Properties Earns 13th Spot in the Globe 100 – Boston Properties, a real estate investor and developer with $12.3 billion in assets in four cities, has earned the 13-spot in the Boston Globe’s annual Globe 100,  which ranks the best publicly held Boston businesses by composite performance. With $1,536.7 million in revenue in 2009, Boston Properties did what many real estate investors and developers couldn’t: not just survive the recession, but overcome it. The owners of the beloved Prudential building have their latest development nearing completion, a $600 million, 31-story, green office tower on Atlantic Ave., the city’s first green office tower. “Boston Properties’ strategy of investing only in top-quality buildings, and for the long term, helped it quickly attract new tenants,” reports Globe staff writer Casey Ross, “‘Boston Properties just seems to make fewer mistakes, and then make bigger gains when the time comes,’ said David Begelfer, chief executive of NAIOP Massachusetts, a commercial real estate association. ‘They only invest in targeted markets, and they know those markets very well.’’’ Based in the Back Bay, Boston Properties owns and develops properties in four major cities, Boston, New York, Washington D.C., and San Francisco, and reported a profit of $231 million, up 119 percent from $105 million in 2008, and $1.54 billion in revenue.

The “Innovation District” – “Boston mayor Thomas M. Menino told a business breakfast audience this morning that the city intends to develop 1,000 acres on the South Boston waterfront and the Marine Industrial Park into an “Innovation District,” reported Globe staff writer D.C. Dennison yesterday morning. The new “Innovation District” will provide some incentive for innovation, as Menino went on to describe that venture capital firm Spencer Trask & Co. will be holding a startup competition that will award the winner $25,000 to establish a business in the new district. This was all revealed during Menino’s keynote speech at the annual Globe 100 conference, which will earn another mention in my second headline, at the Boston Convention & Exhibition Center. “In addition,” reports Dennison, “Menino said that Spencer Trask would make ‘a standing $25,000 award’ the following year to an Innovation District business to help it grow.” Menino was part of a panel discussion on the future of Boston business where he further pushed the “Innovation District,” discussed certain parcels of it that will soon be available for proposals, and announced that he will be leading a tour of the new district for university and hospital presidents and their real estate staffs this summer.

Proposed Senior Housing for Gays Could Be Doomed – Stonewall Miner, a collaboration between Boston-based Abbott Development and Stonewall Communities, a nonprofit organization whose mission is to build senior housing for gays and lesbians, is having some serious problems breaking ground on their senior community for gays and lesbians. Stonewall Miner purchased 23-25 Miner St. in 2006 for $3.2 million and, in 2007, earned approval from the Boston Redevelopment Authority for the $20 million Stonewall at Audobon Circle project, a one and two-bedroom senior condo-community for gays over 55. Now, however, “Stonewall Miner LLC faces a foreclosure auction on June 11 on two properties in the Fenway where the 53-unit development was planned,” reports the Boston Herald’s Thomas Grillo, “according to a legal notice.” And this wasn’t even the first setback for the seemingly doomed project. In late 2009, The Boston Herald reported that Stonewall Miner LLC was named to the city’s Top 10 list of tax delinquents for failure to pay $68,900 in real estate taxes on the property, which is located near Kenmore Square. Sounds like this development is going nowhere, fast.

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