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Old March 24th, 2008, 06:59 PM   #1
Cojapo
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BOSTON | Seaport Development News

These are some projects planned for Boston's waterfront.

Area of development. Seaport Square is proposed and highlighted with the red. Fan Pier is to the right, along the waterfront and Waterside Place will be at the bottom, over the highway between the long white building, the BCEC and brick building:


Seaport Square:


Fan Pier is U/C:


Waterside Place, which is going to be retail, hotels and condos, two buildings around 350', is approved and should start construction within this year:

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Old March 26th, 2008, 03:57 AM   #2
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waterside place was having financial difficulties. Have these been resolved?
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Old March 26th, 2008, 02:06 PM   #3
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Quote:
Originally Posted by palindrome View Post
waterside place was having financial difficulties. Have these been resolved?
To be honest, I hadn't heard that. I did a search before I posted these to make sure they were all still on the table, and saw nothing about that.
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Old April 3rd, 2008, 02:07 AM   #4
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Waterside Place legal fight may effect project's scope
Boston Business Journal - by Michelle Hillman Journal staff
Drew: New plan in the works
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John Drew and Vornado Realty Trust are in a legal fight with investment partners including Edward A. Fish and the Kraft Group LLC that could result in major changes to Waterside Place -- a huge retail, residential and hotel project in South Boston approved by the Boston Redevelopment Authority last week.

A joint venture called "Maxx Private Investments LLC" involving Fish, the privately held Kraft Group and an individual named Antonio Frias have sued Drew and Vornado over cost escalations for the $600 million Waterside Place project which they claim are in excess of $100 million. Even though the parties agreed to try to reach a settlement out of court, the cost-overruns could result in major cutbacks to the project.

Last week the BRA unanimously approved 1.1 million square feet of retail, hotel and residential space to be built on land previously known as the Core Block. The plan the BRA approved calls for 640,000-square-foot retail center, a 300-room hotel, a 19-story, 200-unit residential building, a 2,350-space parking garage and a visitor center.

Three scenarios are being discussed by Maxx Private Investments:

* Keeping Waterside Place as is which would result in a $796.9 million project or "$195 million more than Maxx originally agreed to."
* Eliminate underground parking and reduce overall parking from 2,350 spaces to 2,130 spaces. The project cost would be $709.2 million or "$107.5 million more than Maxx originally agreed to."
* Reduce the retail to 400,000 square feet and decrease parking spaces from 2,130 to 1,480 spaces. The total project cost would be $604 million.

Maxx alleges the cost-overruns first revealed by Drew and Vornado in April resulted in hard-cost estimates being over-budget by $148.8 million. At that time Maxx said it was notified that the original development plan was "no longer financially feasible and declared it abandoned." Instead, Maxx claims Drew and Vornado presented a new plan totaling $709 million or about $108 million more than the original plan approved by the parties.

Maxx claimed it refused to fund the joint venture unless it was allowed to approve the new plan but Drew and Vornado refused and "instead they threatened to dilute Maxx's equity and strip the plaintiff of its voting and approval rights if it did not continue to fund the project." Days later Drew and Vornado issued a capital call to Maxx, the suit says.

As part of the agreement, Drew and Vornado agreed to withdraw the capital call until July 25. The parties are now working to agree on a development plan that will bring the development cost closer the $601.7 million originally agreed upon in September of 2006.

Calls to the Drew at the Drew Co. Inc., the Kraft Group and Edward A. Fish at EA Fish Associates LLC in Braintree were not immediately returned. Maxx Private Investments is listed as a Delaware LLC with its primary office at 536 Granite St. in Braintree, which is also the headquarters of EA Fish Associates. Calls to Maxx Private Investments' lawyers at Bingham McCutchen LLP were not returned.

Michelle Hillman can be reached at [email protected]

http://www.bizjournals.com/boston/st...2/story13.html
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