We've reported before how the relationship between Boston Mayor Thomas M. Menino and the developers of the Downtown Crossing project might have been compromised by some ill-advised remarks by Vornado head Stephen Roth.
It now seems Menino is determined to be the one calling the shots on the project. According to newly emerged reports, the Mayor refused to go along with Vornado and Gale International's proposal to build the project in phases, starting with new digs for Filene's Basement and a parking garage. The plan would allow the developers to finally start construction on the project rather than waiting for market conditions to correct enough to allow the construction of the planned residential component.
The Mayor, however, reportedly saw this as another ploy to make the project benefit the developers at the expense of the city.
For this and other stories about retail and retail real estate, follow the links below:
- Mayor Nixed Filene's Alternative (BostonHerald.com)
- Amid Antitrust Review, Simon Pares Outlet Deal (The Wall Street Journal)
- Lehman Makes Its Next Property Gamble (The Wall Street Journal)
- B&N to Explore Options (The New York Post)
- A Look at Who May Bid for Barnes & Noble (The New York Times)
- Consumers Saving More Than Thought (The New York Times)
- California Pizza Kitchen Loses Buyer in American Securities Capital (The New York Post)
- Stores That Can't Stay (The Wall Street Journal)