Whoa, this was unexpected (by me).
Scott Van Voorhis finally earns his paycheck by writing a story in today’s Herald that actually tells us something.
(I’m writing this while sitting on the Boston Common (and fighting off unleashed dogs, I might add). I am sitting here watching the sun go down, waiting for the shade from the Hancock Tower to stretch the length of the Common, as Scott says it does. Um, it doesn’t. Not at 3:00 PM, not at 5:00 PM. Don’t hold your breath waiting for a correction from him.)
Anyway, Mr. Van Voorhis reports today that, “Beacon Capital Partners is putting up for sale the development rights to its much touted Channel Center project, three years after the firm rolled out a sweeping vision for the areaâ€™s transformation.
Owned by the prominent Leventhal family, Beacon is hoping to find a buyer interested in building out or renovating more than 1 million square feet of office, residential and retail space.”
Damn. That’s very unfortunate.
I am not sure how I see this. It’s not a good sign that a developer of such size is pulling out of the area. I thought that Beacon had many options, from residential to commercial, etc. I guess not.
Other developers, notably Goldman Properties, is just getting into the area. Their projects are closer to downtown and the financial district (and closer to highways and public transportation), so they might be protected.
Of course, further down the street, the Fan Pier and Seaport District is just beginning to be developed. Those plans are just now being drawn up, and it will be years before office space will need to be filled and condos need to be sold. The market will presumably pick up by then.
I’ll wait to see what’s said about this. Disappointing, as it would have brought great things to the area.
(What will Channel Center do with their million dollar model, now?)
More: Developer abandoning Fort Point district – By Scott Van Voorhis, The Boston Herald