I am sad to read this news today but I guess we all saw this coming. This project truly would have made Boston a better city – we will miss you (the idea) of Columbus Center adjoining downtown Boston.
After 13 tortured years, Boston’s massive Columbus Center development is officially dead.
The project’s main backer, the California State Pension Fund, said yesterday construction of the $800 million mega-complex is no longer economically feasible and said it was unwinding its involvement.
The decision, coming one month after the state told the developers they were in default of their lease, ends one of the most ambitious and controversial developments in Boston’s history. Columbus Center was to be a towering five-building complex of condominiums, hotel rooms and stores that would have straddled the Massachusetts Turnpike and united the city’s Back Bay and South End neighborhoods.
But with neighbors and local politicians aligned against it, the project eventually collapsed under its own ambition. By the time Calpers and its local partner, the WinnCompanies, had negotiated an excruciating public review that included more than 130 community meetings, the complex had become so expensive and the economy so weak, that the developers could not borrow the necessary funds to build it. Continued… [Boston.com]
Also on the chopping block today was Archon’s gorgeous tower that was going up behind the 319 A Street building in the Seaport District…in my opinion this is what happens when greedy political powers drag out development processes to a point where costs & “freebee’s” just make a project go BUST.
Fort Point Developers Downsize Project, Succumb To BRA’s Demands [Banker & Tradesman]