Stalled Project Gets Money, Beats Odds

Capital may be tough to find these days, but the developers of a major downtown mixed-use project in Boston's Downtown Crossing district have received financing.

"The developer of the $650 million Filene's project in Boston has done the unthinkable in this global credit crisis: borrow money.

After weeks of uncertainty about the struggling project, developer John B. Hynes III and partner Vornado Realty Trust have secured financing to proceed with construction on the 1.25 million-square-foot mixed-used site, which will include retail shops, condominiums, a hotel, and offices in the historic department store building and a new 38-story tower next to it.

The head of the company building the project, John F. Fish of Suffolk Construction Co., said he was told by the developers to ramp up construction work because the team had locked in its final pieces of funding in recent days.

'We've been given the green light to move forward, and the financing has been validated, so we're in good shape,' Fish said. His firm has even bought the structural steel for the complex."

Full Story: Filene's plan back on track

Comments

Build Your Own Paper Block City

Urban Fold is an all-inclusive kit that allows anyone to build the city of their dreams with a few simple folds.
$24.95
building block set

NEW! Build the world you want to see

Irresistible block set for adults when placed on a coffee table or desk, and great fun for kids.
$25
Book cover of Contemporary Debates in Urban Planning

Contemporary Debates in Urban Planning

Featuring thought-provoking commentary and insights from some of the leading thinkers and practitioners in the field.
$18.95
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $16.95 a month