In September, Miami-based Lennar Corp., which was prepared topay a reported $125 million for the site, missed its down paymentfor the property. The deal with the local developers was said to bein the same price range.

Nicholas Pritzker, the Chicago-based head of Hyatt, spent nearlythree years getting the $1.2-billion hotel, office and residentialcomplex permitted, but never secured the necessary financing tomove the project forward. Fan Pier--the largest development on theSouth Boston waterfront--is nearly vacant and used largely forparking.

The Fan Pier project is currently fully permitted and, ascurrently approved, consists of approximately three million sf innine buildings. This involves 1.1 million sf for multifamilyunits--with 20% designated as affordable, 1.2 million sf officespace, 140,000 sf of ground-floor retail, restaurants and cafes aswell as a 500- to 650-room hotel. Also incorporated in the plan are2,285 spaces of underground parking and 107,000 sf dedicated tocivic and cultural use including the new home of the 62,000-sfInstitute of Contemporary Art.