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Filene’s Moves Forward

by Jessica Quirk on 3 Oct 2008
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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.

 

Search all new developments in Boston!

 

Source: The Boston Globe

4 Comments »

  • Happy :) said:

    Hi Jessica,

    Thanks so much for this entry. There is SO MUCH negative energy right now about investing, buying a home, etc. Someone a few weeks ago at a bar said I quote, “You guys bought at the wrong time.” Geesh. I think we really need more positive stories out there about calm, natural, flowing folks who still have a great deal of confidence in the market. I keep telling everyone – check this company out and consider buying, but the economic grey cloud hangs over us…
    Your post was a nice spot of sunshine, and I’ll keep telling folks to keep their chin up – Nothing compares to the feeling of home ownership (should I put that on a hot air balloon and fly over Boston?)
    Maybe you all can post some “we love our home and we bought during this past year” (economic thunderstorm)…There has been plenty of good cheer to go around.
    I just gave your information to a woman on a treadmill at the YMCA, but my story did not make her doubt services, just the general trust in the larger social context of “fear” to invest…

    Geeesh. Speaking of the YMCA – Sidenote: Used the last bit of the condodomain rebate to (2,000) to sign up for a year long membership and personal training with a great guy – Thanks, I knew I’d get my butt there everyday when your company’s ethos is backin’ me up.

    Have a splendid Autumn!

    # 3 October 2008 at 10:26 am
  • Realtor said:

    I have noticed this trend and I think it makes sense. The large transactions are still going through because the people behind these large purchases are the people who still have a lot of money. As long as they keep pumping money back into the system we will get through this downturn.

    # 3 October 2008 at 11:56 am
  • The Flipside said:

    The Flip Side Analysis:

    Ever flip a coin?
    There is heads.
    There is tails (tales).

    Ever needed to make a decision and flipped a coin?
    Well, I think this issue of the market deserves a Flip Analysis.

    Hear me out.

    Previously I had written about the emotion and feeling of waking up in a dream home, of home ownership (Happy :) Posting)

    But that is one side of the coin, and although sweet, I don’t think that is the POWER of the market and buying right now.

    The flip of the “tales” side needs to be balanced with the heads side- the logic…
    So, let me flip my “happy” response and do a heads side analysis.

    Ready?

    Heads Up! Hear me out! THE LOGIC OF CONSIDERING BUYING:

    1. There are plenty of folks out there who have saved up, gotten good credit, recognize that interest rates are low, etc. and continue to pay LOTS of rent money. WHY? Why when this is such a great market to shop for a home? What’s the logic in NOT considering it? THESE PEOPLE ARE OUT THERE!

    2. All the folks I know in Boston don’t have tons and tons of money (and I pretty much talk to anyone)- In fact, I think they might just be starting out and making their first large investment decision. But they are smart, logical, very savvy folks.

    3. AND, sellers right now know that they are LUCKY to get some solid customers – thus, incredible room for negotiation!
    For example, I know we got our home at 275 a square foot vs. 325 or 350 a square foot for this reason. Yes, we were solid customers and had great negotiation power from the CD team, but it was also because hey, let’s face it, we had buyers leverage too!

    4. Thus, to me, it could quite possibly be an incredibly fertile time for the consumer in this industry. So, though I may not be in real estate or an insider to the business, I think there is something to be said about the logic of home buying – One of the best decisions, and I believe one of the smartest too.

    Commentary to my logic:
    It’s just not so cool that folks I keep meeting and speaking to are commenting on the hyper focus of a media that continues to induce fear. I believe that the craving for this negative set of “tales” is not without logic, but is also too widespread, uneven, and dominant.
    The CD Team philosophy got us to persevere through the few times when we were ready to throw in the towel and wait another year or two to buy.

    This philosophy was essentially as follows:

    “Get out there. See stuff. Check it out. You’ll know what you like/don’t like. You’ll know when it’s time to take that next, huge, awesome step…”

    And they were right. A day does not go by, when I do smile with grateful appreciation for the perseverance of the journey. A promise fulfilled.

    Why do I care so much?
    Flip the coin again.

    After all logic has been said and done, NOTHING compares to the story (tale) of home ownership
    But I recognize that is ONLY ONE SIDE OF THE STORY:

    we can use our heads
    discuss the LOGIC
    and support buyers
    rather than empty rhetoric
    that, I do not believe
    takes lots of money.

    Hey, maybe
    Just a coin?

    # 4 October 2008 at 3:45 pm
  • The Flipside said:

    Feel free to toss me an email if you’d like to discuss further. Heads up!

    # 5 October 2008 at 3:26 pm