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Looks like it's tough times for the developer trying to renovate the former Filene's building in Downtown Crossing. An article from Friday is reporting that they can't get enough financing to continue so the project has been halted for "at least 90 days."

Developers John B. Hynes III and Vornado Realty Trust will immediately stop construction on the site and will instead try to cut costs after they came up more than $100 million short in their financing package. Hynes told Boston Mayor Thomas M. Menino about the postponement at a meeting Wednesday, according to city officials. The delay leaves a hole in the Downtown Crossing area, and in Menino's effort to revitalize the gritty shopping district.

Well, it's not like we Bostonians aren't used to construction delays. Let's hope that they can rustle up some financing and get the ball rolling sometime soon. Maybe we should try asking those folks in Dubai, they're famous for throwing down billions on construction. Then again, a normal looking highrise for retail and condos might not be zany enough for the guys in Dubai.

Click (here) to read the Globe article.



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2 Response to "Downtown Crossing Site To Remain Big Gaping Hole"

  1. Ron Newman Said,

    Doesn't this breach the developer's agreement with long-term tenant Filene's Basement, who are supposed to move back into the building next year and reopen?

    Posted on 11/10/08, 12:47 AM

     
  2. Anonymous Said,

    You realize much of what was planned for DTX was to be paid for by Gale and Vornado, the two companies that were doing the Filene's construction project. Now that they have run out of money the rebranding is put on hold as well as the whole project. $250,000 was spent to come up with the book you see above there just wasn't anything budgeted or planned after the "book" was published. More money wasted by Menino's kids. The vendors were told they would be getting new kiosks and permanent street kiosks. Many people have stayed here with "no business" because of the promise of the Basement coming back this spring. They were told that the rebranding strategy would be more than some pictures on the wall and a new logo. They have seriously dropped the ball here and many small business owners in the jewelers building,side streets, corner mall and on the street will suffer for it. I fear many more empty storefronts are on the way.

    Posted on 11/10/08, 4:22 PM

     
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