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Development Projects New urban and/or architectural developments in Boston metro.

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Old 07-22-2007, 02:12 PM   #1
Arch21
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25 Stories and Higher

I thought I would create a list, not sure if the information on these are correct or if I am missing anything. I had images for each one but I couldn't paste them.

New Developments
(25 stories and higher)
Under Construction
Name: Floors:
Boston University Tower 26

Name: Floors:
W Hotel/Theater District 26


Location: Floors:
45 Province St/Downtown Crossing 30


Name: Floors:
The Clarendon/Back Bay 32


Construction to start by year end
Name: Floors:
Filenes/Downtown Crossing 38

Name: Floors:
South Station Tower/Downtown 49


Construction to start by next year
Name: Floors:
Trans National Place/Financial District 75


Planned
Name: Floors:
Prudential Ctr/Exeter St Apartment Tower 30
[color=blue]
ON HOLD
Name: Floors:
Kensington Place/Chinatown 31


Name: Floors:
Russia Wharf/Downtown 32


Name: Floors:
Columbus Center/South End 35


Name: Floors
Nashua Street Residences/North Station 37


Proposed
Name: Floors:
Fenway Neighborhood Dorm 34




Name: Floors:
120 Kingston/Chinatown 29


Name: Floors:
Joslin Place/Longwood 29


Name: Floors:
Copley Place Condo Towers 20 ? 30
Name: Floors:
Aquarium parking lot tower ????

Vision
Name: Floors:
Gateway Center/Chinatown 67
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Old 07-22-2007, 05:35 PM   #2
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I think that Russia Wharf could be considered to be under construction.

And TransNational will not start next year.
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Old 07-22-2007, 08:51 PM   #3
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^^Transnational Place is announced to start at the beginning of 2008 so as far as we know (without the interference of NIMBYs) this tower is set to break ground next year.
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Old 07-22-2007, 10:43 PM   #4
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^They've been saying that about SST and Columbus center for 5-10 years now.

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Old 07-22-2007, 10:55 PM   #5
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^^ SST never announced its groundbreaking until this year. The other times were all just during the proposal phase.
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Old 07-22-2007, 11:14 PM   #6
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For TNP, i thought it wouldn't be starting for 2 years because the city was gonna keep the garage running for 2 more years....Has this changed or something?
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Old 07-23-2007, 04:59 AM   #7
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Quote:
Originally Posted by DarkFenX
^^Transnational Place is announced to start at the beginning of 2008 so as far as we know (without the interference of NIMBYs) this tower is set to break ground next year.
And what of the city recently announcing it signed a contract with a company to operate the parking garage for the next two years, --said parking garage having to be demolished before you break ground on this tower?

I'm pretty sure Belkin doesn't have the money to build this tower on spec, so until you read of a major tenant agreeing to lease space in this tower, don't go looking for the silver-plated shovels.
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Old 07-23-2007, 06:29 AM   #8
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Quote:
Originally Posted by stellarfun
Quote:
Originally Posted by DarkFenX
^^Transnational Place is announced to start at the beginning of 2008 so as far as we know (without the interference of NIMBYs) this tower is set to break ground next year.
And what of the city recently announcing it signed a contract with a company to operate the parking garage for the next two years, --said parking garage having to be demolished before you break ground on this tower?
Quote:
Trans National Properties, or TNP, had been facing a June deadline for a payment of up to $20 million to the city of Boston for the Winthrop Square Garage, the proposed site of a 1,000-foot tower.

But the mayor now says the date is ?changeable? and he expects the city will operate the lot for at least two years before it is sold to make way for the skyscraper.
Possible that he does have the money and might get an anchor company soon to buy the grage and build it next year. I mean with such high demand of office space, I don't see it too extremely hard to find one. Otherwise I doubt he can make the 2011 deadline of finishing this tower.
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Old 07-23-2007, 08:30 AM   #9
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After reading this article, I am more sure that TNP will find a new tenant soon. Here are some companies that are looking for spaces in the new buildings.

In reversal, new now cheaper
Boston Business Journal - July 20, 2007by Michelle HillmanJournal staff


View Larger In a real estate milestone, rents have risen so rapidly in downtown office towers that a significant number of tenants now consider new office buildings to be a cheaper, or at least a better, alternative.

"Rates in new buildings are comparable to rates in existing buildings," said James Adams, a principal at Newmark Knight Frank's Boston office. "It's finally that time where people are realizing 'Geez, we're in trouble.'"

Tenants eyeing new towers include:

Wellington Management Co. LLP -- in search of 300,000 square feet.
Deloitte & Touche USA LLP -- in search of between 250,000 and 300,000 square feet.
Fish & Richardson PC -- in search of 200,000 square feet.
KPMG LLP -- in search of 150,000 square feet.
Citizens Financial Group -- in search of 120,000 square feet.
Burns & Levinson LLP -- in search of 100,000 square feet.


Tenants are in active discussions with Boston Properties Inc., which plans to develop 500,000 square feet of office space at Russia Wharf; Joseph Fallon of the Fallon Co., who will build the first 500,000-square-foot office building on Fan Pier this fall; and Lincoln Properties Co., which is building a 215,000-square-foot office building at Two Financial Center.

The only building that has broken ground in Boston is Two Financial Center, which is slated to open in 2009.

Depending on when tenants need to move, new construction may be one of the only options besides renewing. Currently, there are just a half-dozen options available for tenants in search of more than 100,000 square feet in Boston, according to Jones Lang Lasalle.

At the same time, blocks of space are being removed from the market and rents are rising at a breakneck clip.

In the last year, average asking rents in the Financial District have increased 35 percent to $50 per square foot. In the Back Bay, asking rents have increased 40 percent to average $56 per square foot over last year. In the top tier Class A market, including structures such as the Hancock Tower and International Place, landlords are asking anywhere from $70 per square foot to $90 per square foot.

Meanwhile, developers are setting prices for their new buildings either at or just below asking rents in the Financial District and Back Bay.

"Landlords are making proposals for new construction that is below what some landlords are asking for existing space," said William Motley, managing director of Jones Lang Lasalle.

Motley said he believes developers today are asking tenants to pay between $68 per square foot and $75 per square foot to lease space in brand new office towers. While it may not sound like much of a rent delta, tenants who decide to lease space in a new building get the benefit of new technology, efficient floorplans, added amenities and perks.

Tenants considering new construction also are given improvement packages -- as much as $50 to $60 per square foot -- for build-out costs.

The last time rents for existing office property surpassed new construction was during the last real estate boom, said Motley, or from about 1999 to 2001. During that time, rents increased 20 percent a year until new office towers opened and cooled off the market.
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Old 07-23-2007, 09:00 AM   #10
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Quote:
Originally Posted by stellarfun
And what of the city recently announcing it signed a contract with a company to operate the parking garage for the next two years,...
I think it was for 1 year with a possible extension into the 2nd year. So, that may not be a problem.
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Old 07-23-2007, 09:14 AM   #11
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From the Trans National Place thread:
Quote:
Originally Posted by Bankers & Tradesman
Down Payment Process Eased for Developer of Skyscraper
May 21, 2007
By Thomas Grillo

Mayor Thomas M. Menino is backing away from a timetable that requires a developer to make a substantial down payment for a city-owned parking facility.

Trans National Properties, or TNP, had been facing a June deadline for a payment of up to $20 million to the city of Boston for the Winthrop Square Garage, the proposed site of a 1,000-foot tower.

But the mayor now says the date is ?changeable? and he expects the city will operate the lot for at least two years before it is sold to make way for the skyscraper.
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Old 07-23-2007, 10:04 AM   #12
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Quote:
Originally Posted by ChunkyMonkey
Quote:
Originally Posted by stellarfun
And what of the city recently announcing it signed a contract with a company to operate the parking garage for the next two years,...
I think it was for 1 year with a possible extension into the 2nd year. So, that may not be a problem.
It is for one year starting July 1, 2007, but with options to extend year-to-year for up to three additional years. The winning bidder also has to make "key" improvements to the garage, cost not specified, including
Quote:
improved signage on Devonshire Street, the garage?s main entrance; adding new lighting and controlled access for improved safety; installing a new revenue control system; and washing and painting of the interior
http://www.cityofboston.gov/bra/pres...sp?pressID=374

They improve garages they are soon to demolish?
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Old 07-24-2007, 08:02 PM   #13
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I guess its safe to say that I can take Joslins place and 120 Kingston st. off the list
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Old 07-24-2007, 08:58 PM   #14
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I had a thought the other day. I'm sure after you read this you'll be like and this is why we should keep our thoughts to ourselves. However I'm just going to say it any ways. I worked for a little while in the World Trade Center building in Boston. In my opinion its one of the ugliest world trade centers in the entire world. Why not build a World Trade Center high Rise somewhere in Boston and then doing something interesting with that space that would enhance the waterfront.
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