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Old 01-29-2019, 06:32 PM   #1
12345
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P&G close to deal for Fort Point land next to GE headquarters

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Sources tell me Procter & Gamble Co. is close to a deal to sell 6.5 acres of waterfront property to Boston-based real-estate development firm Related Beal — a site that could host up to 1 million square feet of new development. My latest:
https://mobile.twitter.com/BosBizCat...91312841535489
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Old 01-29-2019, 06:47 PM   #2
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Re: P&G close to deal for Fort Point land next to GE headquarters

Awesome!! The quicker we move inland to fill in the void between south boston and the seaport the better. Right now you go from dense residential to nothing to dense office/condos on the water.

Still an enormous amount of land left.






Last edited by stick n move; 01-29-2019 at 06:57 PM.
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Old 01-30-2019, 04:46 AM   #3
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Re: P&G close to deal for Fort Point land next to GE headquarters

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.....Gillette hopes to close a sale in the spring. The price has not been revealed, but real estate specialists project the land would fetch $200 million or more.

The long-dormant surface lots are in an area the Walsh administration has circled as crucial in efforts to block rising seas from swamping parts of Fort Point and South Boston,
https://www.bostonglobe.com/business...TvI/story.html
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Old 01-30-2019, 07:19 AM   #4
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Re: P&G close to deal for Fort Point land next to GE headquarters

Have to wonder if the buyer will also try to get GE's land too.
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Old 01-30-2019, 10:03 AM   #5
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Re: P&G close to deal for Fort Point land next to GE headquarters

I know it is 6 acres but. with a $200 million+ land acquisition cost (assuming that is the #) coupled with the fact that you can't go very high here (300ish feet?), it's going to be interesting to see how Beal makes this enormous investment work. Especially given some the difficulties with these parcels (future flood issues, over tunnel etc.).
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Old 01-30-2019, 10:10 AM   #6
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Re: P&G close to deal for Fort Point land next to GE headquarters

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Originally Posted by stick n move View Post
Awesome!! The quicker we move inland to fill in the void between south boston and the seaport the better. Right now you go from dense residential to nothing to dense office/condos on the water.

Still an enormous amount of land left.





Are any of these plans even remotely accurate at this point? My understanding was that they were not, and that the plans for that long linear park have been scrapped.
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Old 01-30-2019, 12:11 PM   #7
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Re: P&G close to deal for Fort Point land next to GE headquarters

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I know it is 6 acres but. with a $200 million+ land acquisition cost (assuming that is the #) coupled with the fact that you can't go very high here (300ish feet?), it's going to be interesting to see how Beal makes this enormous investment work. Especially given some the difficulties with these parcels (future flood issues, over tunnel etc.).
Skanska Sells 121 Seaport in Boston for $455 Million

https://bostonrealestatetimes.com/sk...r-455-million/

I'd say yes. You can turn a profit after sinking $200M into the land only.
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Old 01-30-2019, 03:43 PM   #8
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Re: P&G close to deal for Fort Point land next to GE headquarters

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Originally Posted by BosDevelop View Post
I know it is 6 acres but. with a $200 million+ land acquisition cost (assuming that is the #) coupled with the fact that you can't go very high here (300ish feet?), it's going to be interesting to see how Beal makes this enormous investment work. Especially given some the difficulties with these parcels (future flood issues, over tunnel etc.).
The article references about 1 million SF build out so at $200/FAR its about market.

50% open space, 8 story buildings = over 1 million SF.
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Old 01-31-2019, 12:43 AM   #9
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Re: P&G close to deal for Fort Point land next to GE headquarters

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Are any of these plans even remotely accurate at this point? My understanding was that they were not, and that the plans for that long linear park have been scrapped.
Probably not Im just sharing them to show the general idea of how much room there is and generally what they want to do. They always seem to keep the park and other elements, but Im sure the individual lots are going to look different like they always do none of these towers are approved so theyll change. Id imagine it mostly gives a general idea of the street layout.
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Old 01-31-2019, 06:55 AM   #10
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Re: P&G close to deal for Fort Point land next to GE headquarters

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They always seem to keep the park and other elements, but Im sure the individual lots are going to look different like they always do none of these towers are approved so theyll change.
I am so amused that Boston Globe, NIMBY speak is creeping into AB. (Not saying you mean it this way, but it is now Boston-norm vocabulary).

I am referring to calling anything in the Seaport/Fort Point a tower.

Nothing in the Seaport or Fort Point is a tower. They are at best mid-rise buildings. We are sooooo frigging afraid of height here that anything above 5 floors is a tower.
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Old 01-31-2019, 07:05 AM   #11
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Re: P&G close to deal for Fort Point land next to GE headquarters

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Originally Posted by stick n move View Post
Probably not Im just sharing them to show the general idea of how much room there is and generally what they want to do. They always seem to keep the park and other elements, but Im sure the individual lots are going to look different like they always do none of these towers are approved so theyll change. Id imagine it mostly gives a general idea of the street layout.
Isn't the park kind of driven by the tunnel under the parking lots?
Can't build much of substance at the actual tunnel locale, so might as well make that the park space.
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Old 01-31-2019, 07:17 AM   #12
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Re: P&G close to deal for Fort Point land next to GE headquarters

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Isn't the park kind of driven by the tunnel under the parking lots?
Can't build much of substance at the actual tunnel locale, so might as well make that the park space.
Nope, if you look at the diagram you can be roughly where the Pike is. It also goes over what is now a USPS parking lot. I forgot about that part and it would make it hard to go that tall there.
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Old 01-31-2019, 02:13 PM   #13
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Re: P&G close to deal for Fort Point land next to GE headquarters

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I am so amused that Boston Globe, NIMBY speak is creeping into AB. (Not saying you mean it this way, but it is now Boston-norm vocabulary).

I am referring to calling anything in the Seaport/Fort Point a tower.

Nothing in the Seaport or Fort Point is a tower. They are at best mid-rise buildings. We are sooooo frigging afraid of height here that anything above 5 floors is a tower.
Tbh I never call them towers and I dont really hear people here say that, I just wasnt paying attention.

Anyways in the 3rd render the pike tunnels are outlined. The park I think is to keep an open space to the “waterfront” like they’ve done on the harbor side, so the neighborhood isnt boxed in on all sides from the water.

This is the most recent one I can find which includes the GE building labelled.


Which ends up matching up with this one from above

Last edited by stick n move; 01-31-2019 at 02:31 PM.
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Old 01-31-2019, 02:28 PM   #14
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Re: P&G close to deal for Fort Point land next to GE headquarters

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Originally Posted by JeffDowntown View Post
I am so amused that Boston Globe, NIMBY speak is creeping into AB. (Not saying you mean it this way, but it is now Boston-norm vocabulary).

I am referring to calling anything in the Seaport/Fort Point a tower.

Nothing in the Seaport or Fort Point is a tower. They are at best mid-rise buildings. We are sooooo frigging afraid of height here that anything above 5 floors is a tower.
This isn't the greatest thing, or funniest thing i've read on the internet in recent months. But it so nicely stomps on what is stuffed so far up this towns ass. It's just great. Thank you for making my rainy afternoon in the Bu, stuck inside, fearing about mudslides considerably more joyful.
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Old 01-31-2019, 02:38 PM   #15
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Re: P&G close to deal for Fort Point land next to GE headquarters

Heres a massing model of this lot, plus Walsh’s coastal resiliency plan.

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Old 05-15-2019, 06:18 AM   #16
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Re: P&G close to deal for Fort Point land next to GE headquarters

Sold to Related Beal for $218 million.

Quote:
In a statement Tuesday, Related Beal said it hasn’t decided what it will do with the Gillette site, but plans to begin talking with neighborhood groups soon.
https://www.bostonglobe.com/business...IpI/story.html
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Old 05-15-2019, 09:52 AM   #17
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Re: P&G close to deal for Fort Point land next to GE headquarters

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Sold to Related Beal for $218 million.

https://www.bostonglobe.com/business...IpI/story.html
I love the Boston politically sensitive quote about talking to the neighbors... like we just picked up this property with a spare $218 million we had lying around and will wait to figure out what we want to do with it until after we talk to the neighbors. I mean maybe we have some general ideas, but it is a community process.
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Old 05-15-2019, 10:16 AM   #18
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Re: P&G close to deal for Fort Point land next to GE headquarters

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I love the Boston politically sensitive quote about talking to the neighbors... like we just picked up this property with a spare $218 million we had lying around and will wait to figure out what we want to do with it until after we talk to the neighbors. I mean maybe we have some general ideas, but it is a community process.
This totally caught my eye in the same way! "Strategic neighbor management plan" - usually we see one of two flavors:
1) "oh we have no ideas at all about what we're going to do yet - come help us shape this from scratch")
or,
2) "we have plans for a 1,500' tower with 5 helipads. Oh, wait, you don't want that?...no problem, a 200' box instead, call it done!"

Not sure which is more frustrating, but, in seriousness, I wish we knew the right way to do this (it's neither of the above).
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Old 05-15-2019, 10:40 AM   #19
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Re: P&G close to deal for Fort Point land next to GE headquarters

Just curious, but what neighbors are they speaking of? Its a parking lot surrounded by an industrial area. Does the "Where the Sun Don't Shine Preservation Committee" or the "Wharf Rat Alliance" really have standing to make demands in this location?
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Old 05-15-2019, 11:35 AM   #20
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Re: P&G close to deal for Fort Point land next to GE headquarters

According to this graphic almost half the site is over the I90 tunnel. What affect will this have on density, height, and type of uses, if any?

South-Boston-Waterfront-District-Municipal-Harbor-Plan-Amendment_Edited
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