Boston Properties, Inc. (BXP), a real estate investment trust (REIT), is facing severe criticism from the public as well as the state agency of the Boston Harbor Association for reneging on a promise.
Boston Properties had earlier promised to provide free public-performance space on the first floor of its Russia Wharf development project – an 854,000 square feet mixed-use project along Boston’s waterfront. In exchange, Boston Properties was approved to exceed the 155-feet height regulation for construction on the waterfront, and the project is currently designed to be 400 feet high.
However, the Boston Harbor Association alleged that the company has failed to keep its promise and instead was planning to reserve the space for a restaurant. The state agency pointed out that Boston Properties has sought permission to reduce the size of a ground floor “Town Square” by 200 square feet to 6,100 square feet. The company also intends to relocate a “Multi-Media Presentation Area” of 3,800 square feet from the first floor to the second floor, making it relatively invisible from the street.
Furthermore, Boston Properties plans to add a 2,800 square feet space in the outdoor terrace for the “Multi-Media Presentation Area,” which would make year-round lectures and screenings virtually impossible. The modifications in the construction plan have to be approved by the state Department of Environmental Protection, which grants license for waterways development.
Although Boston Properties has refused to comment on the proceedings, it has reportedly gone back to the drawing board to revert to its original building plan. The company will shortly unveil the final iteration of the construction plan, and the Department of Environmental Protection is expected to make a final decision by mid-October.
Boston Properties develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class A office, industrial and hotel properties in the U.S. The majority of the company’s income comes from office properties, which are primarily concentrated in large, high-barrier urban markets that usually fare better in a faltering economy.
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