A.P. Blake Journal Staff
On Thursday it was announced that the developer Millennium Partners had purchased a 50% stake in the One Franklin project in Boston’s Downtown Crossing neighborhood. One Franklin is the name of the project which resulted in the demolition of the historic Filene’s building and left a crater in the ground for years. It has since been considered one of the biggest development blunders in the city’s history and has been Menino’s top development priority for getting back on track.
In 2006, the Filene’s building was vacated following a merger between Filene’s and Macy’s, and the subsequent consolidation of stores. New York based developer Vornado Realty proposed a $750 million, 500-foot tower on the site which was approved by the city. The project was to contain a mix of retail, offices, and residential units. The demolition process began and was completed in November 2008 when the project screamed to a halt amidst a global economic recession. Vornado Realty could not secure any loans to move forward with construction and claimed they did not have the funding on hand to proceed.
The already troubled Downtown Crossing neighborhood was left wounded as vacancies became more common and crime rose. Steven Roth, chairman of Vornado Realty, then made comments at a public talk in New York which stated that a good tactic is to let properties become a blight to a city in order to receive more financial incentives from local and federal agencies. Appalled by Roth’s statements, Menino quickly threatened to seize to the property through eminent domain. Eventually, the city revoked permitting for the site and ordered Vornado to put it up for sale.
On Thursday, “Millennium Partners agreed to take a controlling stake in the development project at One Franklin — the Filene’s site,” Menino said according to the Boston Herald. Millennium Partners is best known in Boston for their Millennium Place towers, completed in 2001 and host to Ritz-Carlton hotel. The developer is also proceeding with construction of Hayward Place, across Washington Street from the Paramount Theatre.
The proposal under the direction of Millennium Partners still includes a vibrant mix of retail, offices, and residential, but is being proposed at 600 feet — 100 feet taller than Vornado’s proposal. The firm is also envisioning the tower itself to be thinner, and has rehired their architect for Hayward Place, Gary Handel, to design their new proposal. “The downtown is going to be transformed as this and other buildings open in the area,” an anonymous city official told the Boston Globe. Millennium Partners has 60 days to submit a revised development plan to the Boston Redevelopment Authority. The developer and city officials alike hope for construction to break ground within a year.
