Even with the current economic environment, Menino and the BRA are looking forward on development, specifically along the corridor between the Back Bay and Theatre District along Stuart Street.  They have recently come out with new development guidelines in this area which would allow developers to go well above the height restrictions to over 400+ feet.  However, there will be some trade-offs.

For developers to go above and beyond the 400 foot mark they must provide the following:

• Incorporate advanced sustainability methods” at Leed Gold level or net zero energy consumption.
• If there is already a “Historically Significant” building on the site, the developer must preserve the facade

After the developer meets these guidelines, they then must choose one of the following:

• Pay for affordable units to be built.  Either make 15% of the project affordable or build affordable housing elsewhere
• Contributing to a “street scape/pedestrian and bicycle fund.”  This is basically a fund to improve pedestrian street conditions
• Provide “publicly accessible art” of their own, or donate to the Fund for Boston Neighborhoods.

While these options might not sound that bad, they must account for .5% of the total project which can really add up on a $200-300m project.

Some people are moaning and groaning about these new guidelines saying that basically “anyone” can have a “400 foot tower”.  I think it is good for the city.  New buildings bring jobs and excitement to a city.  As they say, f you aren’t growing, you’re dying.

Check out some of Boston’s newest luxury condo highrises right here:

• The Clarendon Back Bay
• The W Boston Residences
• 45 Province
• One Charles
• Atelier 505
• The Ritz Carlton
• Midtown Boston Luxury Apartments

Local developer Raymond Properties has officially filed plans with the city to build two office towers.  The towers, 42 and 52 stories respectively, would have a glass exterior and from the rendering above, look quite interesting and unique.

The plans would require the demolition of the massive garage standing on the site right now.  The garage is really an eye sore and with the right development, the location aesthetics of the location would really be improved.

Along with the two office towers, the plans also include hotel, retail and residential buildings.  The major hurdle for Raymond Properties is going to be convincing the city to sell the property next to the garage which currently houses the Boston Police department which would be required if he wants to build the larger of the two towers.

While many wonder how Raymond plans to obtain financing for this new Boston development when banks are hardly giving out loans.  Raymond has stated that his financial partners, the International Brotherhood of Electrical Workers and Lewis Trust Group, are very stable and willing to lend once approvals are given.

Source: Boston.com

My Thoughts:  I would love to see this development happen.  That area is a no mans land right now and this development would bring life to the neighborhood and new Rose Kennedy Greenway.  There is a new luxury apartment building already going up about two blocks further down towards the TD BankNorth Garden and more residential and retail space would be great.  Given that this project is probably 12-18 months away from even getting final approvals, I think the completion date would be around 3-5 years which hopefully will give the economy plenty of time to turn itself around.