Hayward Place, as it exists today, is an empty parking lot (I walked by it earlier today during my nine hour long resident permit parking renewal adventure).
Basically, what happened is this: Back in 2001, the city put the property up for sale. The mayor wanted office space on the land, even as we were facing a glut of space. Millennium Partners, developer behind the Ritz Carlton Towers, won the rights to build on the space (even though they didn’t make the highest bid). They sat on the space until a couple years ago, when they decided they wanted to build a residential tower on it.
It remains an empty lot, today.
Millennium Partners makes a couple million dollars a year off the parking fees. The city? Nothing. Zip. Zero. The developer paid rent to the city for a couple years (half a million a year), then was allowed to suspend payments.
Last week, the developer made a payment “in lieu of taxes”.
It sure seems like a shifty deal, all around.
Who wins? The developer. The mayor.
Who gets hurt?
A cynic has the answer to that obvious question.
More: Expensive lesson – By Steve Bailey, The Boston Globe
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