Limit Not Quite the Sky for Boston Luxury Building
Controversial Boston real estate developer Don Chiofaro is running into resistance. His plan to raise what would be two of the city's largest towers has been the subject of ire for local residence who would hate to see their views obstructed and other do-gooders who don't want to sacrifice the character of the waterfront.
In his latest round of battle, Chiofaro heard criticism that the two buildings would simply be too large for Boston. Currently, the city's tallest building is the Hancock Tower, totaling 61 stories. It's followed by the Prudential building and Chiofaro's One International Place (Two International Place is not as high).
In an unusual show of restraint, the developer has not called his opponents "pirates."
Proponents are excited not only by the prospect of 860,000 square feet of office space, a hotel and 100 condo units but also the likely 4,000 construction jobs that would result from the $900 million project.
Even if he makes it past the locals, one problem remains: money. Boston Mayor Tom Menino, who hasn't been terribly sympathetic with Chiofaro in the past, has said that he'll require that the builder prove he has the financing lined up ... if the project gets that far. Five years ago, Chiofaro almost lost his crown jewel, International Place, when Tischman Speyer (the "gang of pirates" from New York) tried to foreclose.
This fight is far from over, but I wouldn't make plans to move into those new units yet. This could take a while.