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Pritzker Puts Fan Pier Project on the Market

BOSTON-Nicholas Pritzker put the 21-acre Fan Pier project up for sale. The developer spent nearly three years getting the $1.2-billion hotel, office and residential complex permitted, but never secured financing.

By Naomi Grossman | Updated on December 19, 2003

BOSTON-In a move that has stunned the city, Nicholas Pritzker is putting the 21-acre Fan Pier project on South Boston’s waterfront up for sale. The Chicago-based developer spent nearly three years getting the $1.2-billion hotel, office and residential complex permitted, but never secured the necessary financing to move the project forward.

Pritzker’s local representative tells GlobeSt.com that the company is not commenting on the sale. Calls to the Hyatt Development Corp., of which Pritzker is the chairman, were not returned by deadline.

Meredith Baumann, a spokesperson for the Boston Redevelopment Authority, confirms the project is going on the market. She tells GlobeSt.com that Pritzker met with Mayor Thomas M. Menino earlier this week and informed him that Hyatt Development Corp. would start to look for a potential buyer for the site. Baumann did not comment on Pritzker’s motive, but a city representative tells GlobeSt.com that Pritzker “ultimately decided that the project didn’t fit in squarely with [the company's] areas of expertise.”

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