A stalemate between the developer and Massachusetts state officials has put the much anticipated ‘Fenway Center’ project in jeopardy. The developer John Rosenthal has been working and planning the project for over 10 years now. He says he has no comments now on the project, but a spokesperson for Massachusetts Department of Transportation said that the talks are still underway and progressing.
The current stalemate appears to be over some changes wanted by one of the developers partners. The issue seems to revolve around the state accepting less money in lease payments, and reaping broader benefits including more construction and permanent j0bs, and more tax revenues. Over and above that the city would have a development that would improve one of the more blighted sections in one of the city’s most visited neighborhoods. The plan for the $450 Million dollar project is to build 550 apartments, parking garages, retail stores and a 27 story office and residential building near Fenway Park.The project has already been approved by officials in Boston and work is already underway on a rail line to terminate at one edge of the project.
Millions of dollars have been lost in the $800 Million dollar ‘Columbus Center’ project when it fell apart after over 10 years of planning and trying to get the necessary permits and some subsidies. Greg Vasil, the chief executive of the Greater Boston Real Estate Board, said in a statement: “To lose this project at this point in the process would ba an absolute travesty.”
Negotiations are continuing and there are some hopeful signs. All i all we are confident that Fenway Development will succeed.
According to Thomas Grillo of the Boston Herald, Boston Children’s Hospital has a proposal to build a ten story administration building on a seventy thousand square foot parking lot located near in Kenmore square in Beacon Hill. The project at Beacon and Maitland streets will feature 211,000 square feet of space with ground floor retail and a 525-car parking garage.
Those few residents attending the meeting opposed say that the buildings height and density do not fit the neighborhood along with fact that the number of parking spaces will intensify traffic around the Fenway.
As we enter Fall, let’s look back at some August statistics for where the housing market will be in the next few months. When looking at the August market data collected by the Greater Boston Association of Realtors, it seems like we’ll be in for a much tighter market this Winter than we’ve seen in the past.
One of the more interesting statistics noted is the 14% growth in condominium sales between July and August of this year, especially after the 19.5% decline in condo sales seen in July. The market also saw a 13% growth in condo sales between August 2010 and August 2011. All of this can be attributed to better affordability, a steady increase of rental rates in the Metropolitan Boston area, as well as the recent boost in consumer confidence.
What does this mean? At this rate there is just less than 4 months of supply on the market in Greater Boston leading to a shortage of condo units for sale to meet the current buyer demand. There fore as economic conditions and consumer confidence improve in the coming months, we’ll most likely start to see an increase in condo prices reflective of pressure put on the market.
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A lot of people ask, “Why do I need a buyer’s agent? Can’t I just go to open houses and find my new home?” The answer is yes you can! But finding the home is the easiest part of the process.
There are no Restaurants within 3 miles radius from this property.
The buying process can be very complicated and confusing, especially if you do not have someone in your corner at all times. A buyer’s agent negotiates price and terms (based on knowledge of the market), makes sure all parties are doing their job, and can help translate what is going on, from the home inspection, to condo documents, and condo financials while being mindful of deadlines. Most deals go south because of a lack of communication and all parties assuming that everything is going according to plan. A good buyer’s agent can prevent this by essentially policing all aspects of the deal. They ensure that there is open communication between the lawyers, realtors, financial institutions, buyers and sellers for the most successful transactions!