As most of you know we are big fans of the Nortpoint project. Even through its troubles, time will eventually bring this great vision for East Cambridge to fruition. See recent blog posts on Northpoint here, here and here.
Just when the future of the mega-sized NorthPoint project in East Cambridge was beginning to look a little sunnier, it appears greyer skies are on the horizon for the embattled development.
Last week, the Boston Herald reported the investment company that had initially agreed to buy the NorthPoint complex may be trying to back out of the deal.
Woody McMahon, a spokesman for the Archon Group, would not confirm an attempt on his company’s part to withdraw its purchase agreement.
It’s a very difficult transaction, McMahon said. We’ve have a number of conversations with the involved parties as it relates to this transaction.
According to a Herald report, a letter sent from the Archon Group on Jan. 17 indicated the company wanted to terminate its purchase agreement with Pan Am Railways, the parent company of the Boston and Maine Corporation, and the Cambridge NorthPoint LLC. Asked about the letter, McMahon would only say the facts are incorrect. Continued…