A few construction workers and only a couple of pieces of heavy equipment are currently on site. They seem to be pushing dirt around, not making much noticeable headway. The site is the property of the new Filene’s tower in Downtown Crossing, a project that could completely revitalize the entire district.
The latest rendering of the Filene's Tower coming to Downtown Crossing.
The project is being held up at the moment mostly due to the developers inability to secure funding for the $650 million project. With the collapse of several major credit companies, many of the people that developers would normally go to for loans are being more wary and cautious about where they lend their money.
One issue with the project is that, to date, developers Gale International and Vornado Realty Trust have been unable to lock down a major tenant. They maintain that some hotel chains are interested, and that some high end office tenants are in the works, but they don’t have anything concrete to show investors. Law firm Fish & Richardson recently expressed interest in leasing space at the new tower, but they are hesitant because they want to be ready to move into the new space as soon as their current lease expires in at the end of 2010 (the new tower is scheduled to open by early 2011).
Despite the lack of investors stepping up to the plate for this project, developers claim that the project is still on schedule. They amount the whole funding issue up to a temporary snag, and still expect the new tower to open on time.
Source: Boston Globe
Image: Urban Planet
Filed under: Boston, Downtown Crossing, Filene's Tower, Funding, Massachusetts, Under Construction
