BOSTON-The developers of a 1.3-million-sf mixed-use project in the South End will wrap up a financing package on the $600-million project within the next few weeks. Arthur Winn and business partner Roger Cassin are close to solidifying private and public funding packages that will allow their firm, Winn Development, to begin work on the Columbus Center project this spring, a source familiar with the project tells GlobeSt.com.
The developers are seeking more than $500 million in private financing along with $30 million to $50 million in public financing to build the massive project, which will span the Massachusetts Turnpike and tower 35 floors above city streets. "Because this is such a complex project, it requires an extraordinary amount of planning to secure the financing," says the source, speaking on condition of anonymity. "But once the financing is in place, construction will begin almost immediately."
A project spokesman tells GlobeSt.com that the development team is "putting the final touches" on the financing, but declined further comment, saying that a confidentiality agreement precludes him from divulging further information.
Plans for the development call for the creation of a 180-room hotel, 451 condominium units, 39,400 sf of retail, 917 parking spaces, and 37,150 sf of green space built on three separate lots. A 35-story glass and stone tower will house the hotel, along with a spa and condominiums, restaurant, café, florist and on-site MBTA access.
A second site will contain four 11-story townhouse and condominium buildings with a private health club and retail stores. The third site will contain four, six-story buildings featuring lofts and condominiums and include a 9,000-sf day care center, a 13,000-sf grocery store and a 595-space parking garage.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.