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
Boston Moves Zoning Reform Forward
The ‘Squares + Streets’ plan creates form-based zoning templates for neighborhoods that promote mixed use and denser housing near transit.
Mega-Project Aims to Transform South Boston
Developers with a ground lease for land owned by the University of Massachusetts Boston want to build a new mixed-use development to rival Kendall Square in nearby Cambridge.
A Bold Vision for a Car-Free Boston
As other cities take daring steps to reclaim their streets, a car ban in downtown Boston doesn’t seem so implausible.
The City of Broken Sidewalks
Can Los Angeles fix 4,000 miles of broken sidewalks before the city hosts the 2028 Olympic Games?
Shifts in Shopping: Transforming Malls Into Parks
Maybe zombie malls still have a second life — one with a little greenery.
Major US Cities Still Suffering Downtown Decline
Research shows that the “donut effect” hollowing out central business districts since the pandemic continues to cause economic decline in the 12 largest American cities.
GM Nixes Robotaxi Division
The company suspended the Cruise self-driving taxi service late last year after a vehicle struck and seriously injured a pedestrian.
Oklahoma Housing Agencies Face Major Budget Gaps
Housing authorities around the country will have a shortfall of $400 million by the end of this year.
Survey: Americans Finding it Harder to ‘Age in Place’
While many people over 65 would prefer to stay in their homes and communities, high housing costs and a lack of accessible infrastructure make it difficult.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Prescott
Alamo Area Metropolitan Planning Organization
Village of Glen Ellyn
HUDs Office of Policy Development and Research
CORP - COnsulting Research Projects
City of Cambridge, Maryland
Newport County Development Council: Connect Greater Newport
Rockdale County Board of Commissioners