A few months ago we linked to an item from Boston about how the mayor wanted greater assurances from developers about financing before giving the green light to large projects. At the time, the Filene's redevelopment was stalled because of lack of financing.
It appears that even amid the credit crisis, the project was able to secure financing. The big question, of course, is what the terms are. They are not described in the story.
After weeks of uncertainty about the struggling project, developer John B. Hynes III and partner Vornado Realty Trust have secured financing to proceed with construction on the 1.25 million-square-foot mixed-used site, which will include retail shops, condominiums, a hotel, and offices in the historic department store building and a new 38-story tower next to it.
The head of the company building the project, John F. Fish of Suffolk Construction Co., said he was told by the developers to ramp up construction work because the team had locked in its final pieces of funding in recent days.
"We've been given the green light to move forward, and the financing has been validated, so we're in good shape," Fish said. His firm has even bought the structural steel for the complex.
The project has been in the works for a while.