A few thoughts on ballparks after the Rising Star breakfast. 1) the housing study by Centerplan is by a good company, but it says there underserved segment of the population is rents in the $1,300 to $2,200 range. That is the very range that the Colt Factory targets and they needed a $5M subsidy. The CRDA projects are in the same boat. Its not clear as yet how DoNo sides steps this challenge. 2) Front Street retail was subsidized. Not sure how many of you recall that ESPN was supposed to put in an ESPN Zone on Front Street, then ESPn decided they did not want to be in that line of business so they donated $5M towards tenant improvements. these funds have been used to support the Movie Theater and I believe Infinity Hall, i have not check on the other projects. Front St is hopping, but it needed some assist to get that retail up and running. ( I’ve had to do the same thing out in Silicon Valley, East San Jose, so its not just weak markets that have retail challenges ) 3) This DoNo/NoDo development area can be a game changer, like Blueback for West Hartford, but even Blueback went thru its own financial challenges, and like Blueback it has to be integrated into the rest of the city fabric. if instead its easy access highway off easy access highway on then it may be nothing more than an enclave, think Basketball Hall of Fame zone in Springfield, cut off by a highway, with little to no impact on downtown Springfield. 4) My last project in Boston was working on a new Fenway Park , that deal fell thru when the City Treasurer refused to accept the uncapped liability for cost overruns and revenue shortfalls on the project. The Yawkeys then sold the team and now ten years later we have a vibrant Fenway and a killer neighborhood sprouting up right beside it. These things are possible if down right, but its tough negotiating and even a willingness for both parties to walk away from the table that makes it a fair deal .
Posted on: Thu, 11 Sep 2014 13:58:11 +0000
Trending Topics
Recently Viewed Topics
© 2015