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There are more than six developers vying to purchase theFilenes building site situated in Downtown Crossing.What had once been deemedan eyesore has now become one of, if not the, hottest properties available ontodays Boston real estate market.The property was put up for sale two weeks agoand since then it has amassed interest from some big names in the world of realestate business.The interest rush is perhaps the turning point the boarded upsite has been looking for.City officials have stated that an array of businessowners and retailers, such as Target, Nordstrom Rack and Au Bon Pain, areconsidering the possibility of leasing space there.Filenes Basement, a longtimemagnet to the district, is also pursuing a return, although deals have not beensigned.In the meantime, several developers are hurrying to come up with newbuilding plans and designs that will include hundreds of Boston luxuryapartments as well as multiple levels of stores.Criterion Development Partnersprinciple, Mr.Jack Englert, is a Dallas home builder who wants to be able toredevelop the property, which is situated over Bostons most bustling transitstop.He recently stated that: With the rental market strong, and construction pricingstill down a bit, its hard to imagine a better time to build. This certainlyseems to be true of this case.In 2007 approval was granted for the build of a39-story office block, stores, restaurants, a hotel and 166 condominiums.Eventhough that project fell through in 2008, many of todays potential buyers havestated that their projects would not be as large as those proposed by the sitescurrent owners.Since June of 2008 the site has been a blip on the landscape ofDowntown Crossing, with the department stores skeleton looming over an emptyconstruction site.Buyers were starting to be sought after last month when thecity cited a two-year delay on construction and revoked its permits.This hasleft the door open for would-be buyers to talk about possibilities for storesand rental housing, which are deemed to be the best option when attractingfunding from potential lenders.Whoever is successful with their bid will haveto deal with not only any economic challenges, but also the sites history, whichis controversial to say the least.While the current owners have stated thatthey have done everything in their power in order to resume construction, themayor has accused them repeatedly of dragging their feet and ignoring the citysneeds in order to make a profit.The owners counter-argued, saying that it wasimpossible for them to restart work in the down economy as they would havesubsequently lost money.While new bids continue to come in, any new builderneeds to get fresh city approvals and obtain signed contracts with anyprospective new tenants in order to prevent history repeating itself again.Butthis is definitely a location that has the future potential to rival even themost prime of locations such as the Fenway ApartmentsBusiness ManagementArticles, and as such it is being watched very closely by all who stand tobenefit from its development. Article Tags: Developers Vying, Have Stated
Developers,vying,for,old,Filen