BOSTON-Massachusetts officials are trying to replace the designated developer of Greenway Center, a stalled $200-million office and retail complex located on state land, the Boston Globe reports. In May, the Massachusetts Transportation Department issued a default notice to the development team of Hines Raymond LP, which failed to start construction on the project after winning approval to build a 360,000-square-foot development two years ago.
Issuing the default notice triggers a legal process to remove the developer and find a new company to build on the property, located at the northern tip of Boston’s Greenway in the historic Bulfinch Triangle, according to the Globe. The article quotes unnamed officials as saying the state wants to replace Hines Raymond with Trinity Financial Inc., which built the Avenir apartments there last year, and finished second in the initial bidding for the Greenway Center site. The Massachusetts Bay Transportation Authority, owner of one-third of the Greenway Center site, had indicated in legal documents that Trinity would get the assignment if Hines Raymond were to fail.
In a statement, Hines Interest VP David Perry says his company, the lead partner on the project, has made a proposal to MassDOT and the MBTA “to move the project forward, and we remain hopeful that we can achieve an outcome favorable to all parties involved.” Click here for the complete article.
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