(For more retail coverage, click GlobeSt.com/RETAIL.)
BOSTON-Vornado Realty Trust and Gale International LLC have entered into a joint venture agreement to acquire and redevelop the Downtown Crossing block that includes Boston's historic Filene's building.
According to a joint statement issued by the firms, the partners expect to close on the four-building property, which it will acquire from Federated Department Stores for $100 million, in early 2007. Vornado, of New York, declined comment on the venture and John Hynes, chief executive officer and a partner in Gale International, did not return calls from GlobeSt.com in time for deadline.
Plans for the block-long stretch of buildings on Washington and Summer streets call for the creation of a 1.2-million-sf mixed use development comprised of office, retail, condominium apartments and a hotel the companies said.
In May, the Boston Landmarks Commission granted protected status to the block of buildings, requiring the new owners to preserve the facade on two of the properties, including the landmark Filene's department store. Two buildings adjacent to Filene's site, which were built in 1951 and 1973, are expected to be demolished and replaced by a tower, according to an official with the Boston Redevelopment Authority.
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