Boston condos for sale
The Boston Globe chimes in with an editorial on the development of Fan Pier.
This is the part I find interesting:
Publicly, the Pritzkers are maintaining silence about the mayor’s pressure, but rumblings from their direction suggest that they consider the land over-encumbered with public amenities and infrastructure requirements. It’s true that the state and city have demanded much to build in this prime location, but the developers accepted these conditions in 2001. They should not renege on the deal or engage in protracted litigation in response to mayoral pressure.
The Globe is right, the owners already agreed to this. My own personal feelings is that the city demanded too much, and the owners caved, both because they saw no other way to get approval, and because they assumed that, regardless of what they had to agree to, they’d make a killing on the redevelopment (or be able to renegotiate when they decided to build).
I don’t know what a buyer would want – Perhaps a new developer would prefer to negotiate a new set of agreements with the city; or, perhaps a new developer would be relieved that the permitting is all done.
Regardless, as far as I can see, the current owners have little wiggle room on this. However, do they even care? They can just sit on the property and pay taxes, using their parking lot income to pay the bills. At least until the city takes their land by eminent domain.
Complete article: Fan Pier pressure
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