Hey, there! Log in / Register
Developer gets extra year to build 21-story hotel in Chinatown due to Covid-19 financing issues
By adamg on Tue, 01/12/2021 - 10:03am
Rendering by RODE Architects.
The Zoning Board of Appeal today gave a developer an extra year to start building a 21-story, 230-room hotel at 150 Kneeland St., on a site formerly occupied by a series of nightclubs near South Station.
Attorney Don Wiest said his client, the Hudson Group, needs more time to find financing, because lenders don't want to get involved with hotel projects given all the Covid-19 issues related to travel and occupancy.
"In the current market, it's not possible to get a construction loan," Wiest said.
The board then voted unanimously to give the company an extra year to start work.
Neighborhoods:
Topics:
Free tagging:
Ad:
Support Universal Hub
Help keep Universal Hub going. If you like what we're up to and want to help out, please consider a (completely non-deductible) contribution.
Comments
I wouldn't call that Chinatown
That's definitely the Leather District to me.
"It's not possible to get a construction loan"
Take the hint, dummy.
Interestingly, they've been
Interestingly, they've been working on that site any time I've gone by in recent weeks. They demolished the old building and I thought they were doing excavation/foundation work (unless what I saw was just them cleaning up after demo).
The demo and excavation are
The demo and excavation are probably on a separate permit that didn't require a zoning variance.
Disparate Treatment
I wonder how the ZBA would handle it if a builder isn’t a professional developer who couldn’t afford to pay off the ZBA members to get extensions.