In an op-ed today in the Boston Globe, Paul McMorrow tells us what he really thinks of all the recent news about Vornado and Hynes putting the “Filene’s hole” up for sale: Nothing has changed. The property is maybe worth 50% what it sold for, Vornado still needs to recoup their $150 million investment — so they still want to be in on the development. So it appears the city’s moves to revoke their permits just makes it harder for anything to move forward.
There was a compromise on the table, McMorrow reports: Vornado was offering to rebuild the retail portion and wait on the 38-story condo/apartment portion. But the city, according to McMorrow, wanted all or nothing.