Despite the current credit crunch, there are still large real estate transactions happening, right here in Boston.
According to a post in The Boston Globe yesterday, the projected 1.25 million sq ft mixed-use site in the historic Filene’s building, which will include 166 new condos, is now back on track with expected for completion in July 2011.
The developers have recently secured financing for this $650 million project and the Filene’s project is now moving forward to become a signifcant development in Boston’s attempt to help transform the Downtown Crossing area into the new heart of Boston.
“That’s a great sign,” Mayor Menino syas, “Now we can fill in that hole and continue the redevelopment of Downtown Crossing. It proves that Boston is a sound investment, even in these uncertain economic times.”
Upon completion, the Filene’s project will include retail on the first four floors, hotel rooms over eight floors, 166 condos on the top 12 floors, as well as a grocery store and underground parking.
In such a stressful time in the economy, this proves that Boston is remaining strong and stable and that new development continues to forge ahead.
Source: The Boston Globe