"It's a pretty huge parcel," notes Meredith Baumann, spokesperson for the BRA. She tells GlobeSt.com that the financing for the project is "nearly in place." Securing financing for a hotel project has always been tricky but in the current economic climate has become increasingly difficult in this area. The project is being developed on three parcels of land here owned by the Massachusetts Port Authority, under a long-term lease.
The $240 million project involves a 440-room hotel, restaurant, retail uses as well as 460 residential units. In a released statement, BRA director Mark Maloney says, "This project reflects the vision we have long hoped to see for Boston's waterfront. The mixed-use development will bring life to the streets and homes to our tight real estate market."
The statement notes that the developer will contribute over $1.3 million to the city's Neighborhood Housing Trust and $277,000 in jobs contribution grants.
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