With the speed of a glacier, development plans for the Seaport district slowly come together.
From the Herald:
Los Angeles Dodgers owner Frank McCourt took out what amounts to a $250 million mortgage yesterday on Dodger Stadium and the surrounding land – a deal that appears to free up his Boston waterfront property for development.
McCourt had pledged his prized 24-acre South Boston site as collateral to secure a key loan from the Dodgers’ previous owner, News Corp., in his $430 million purchase of the blue-chip franchise 16 months ago.
The media goliath gained the right to take McCourt’s land if the loan wasn’t repaid within two years.
But that possibility appears to have been erased, giving McCourt the freedom to draw up development plans with his new partner: retail and residential builder Ken Himmel.
Source: With payback deal, ball’s in his McCourt: Deal will let lot owner develop in Southie – The Boston Herald
Originally posted 2005-05-13 21:31:00.