BOSTON-Boston has launched a global search for developers to build a downtown skyscraper that Mayor Thomas Menino says will "symbolize the full scope of the city's greatness." The development will be built on the site of a 47,738 sf of city-owned land in Winthrop Square that currently contains a four-story parking garage.
David Begelfer, chief executive officer of the local chapter of the National Association of Industrial and Office Properties, tells GlobeSt.com that despite the city's global search, he expects only a handful of developers to actually be in the running to build what could be the city's largest building. "This is a mega project. You are talking about over $1 billion in costs. This is not for the faint of heart. You better have deep pockets and a lot of patience."
He says the developer selected may actually be local since there are many national firms based here that would be capable of undertaking such a massive project. Among the developers capable of handling such a large project, he says, are Boston Properties and Tishman.
Whether Boston there would be an available market for all that square footage in unclear. "It all depends on the other projects out there," Begelfer says. "Right now we have one of the slowest growing job markets in the country. As of right now, it doesn't look good but we're talking a project that is seven years out and the economy could go either way."
In its Request for Proposals, the Boston Redevelopment Authority says the project should "create a premier destination" and include mixed uses with a strong component of retail, residential and restaurant uses. The RFP was advertised in US, Asian and European editions of several newspapers to entice developers from around the world to bid on the project, a Boston Redevelopment Authority official tells GlobeSt.com. Although the RFP does not specify the height of the tower, the BRA expects submissions of up to 1,000 feet. The city also envisions a significant civic component to the project to create a 24-hour neighborhood in the Financial District, the BRA said. The BRA has set the deadline for submitting proposals for noon on Nov. 13.
© 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.