The massive Columbus Center project, designed to bridge the gap between the South End and Back Bay by building luxury condominiums, hotel, retail, and green space over the Mass turnpike near Columbus and Berkeley Streets (map of project), is showing new signs of life.

The project, a long time in the making*, has run into huge difficulties recently.  From the Boston Globe:

In the 11 years since Winn first started planning the construction, Columbus's costs have soared to more than double its initial projected costs, from around $300 million to its most recent estimate of $800 million. Moreover, Winn and MacFarlane failed to obtain a package of $35 million in previously promised state subsidies after the Patrick administration lost confidence in the developers' ability to proceed. The project also encountered significant opposition from residents in the South End and the Back Bay over the size of the project and the use of public funds for what is mostly a luxury development.

Construction on the complex's foundation began earlier this year, but then stopped in March with the developers' latest financial troubles. Previously, Columbus Center was scheduled to be completed by 2011.

But now, we may be seeing a spark of life.  Winn Companies and MacFarland Urban Development (the current development team) have hired local developer Beal Cos. (which is developing The Clarendon luxury condos nearby) and Related Properties, a development company out of New York, to do a top to bottom review and see if there is any way to rescue the project.

"We're attempting to come up with a solution which may save the project and substantially reduce the cost," said Bruce A. Beal, chairman of the Beal Cos. "We believe we're headed in the right direction and may be able to do that."

Here's to hoping they can come up with a solution.  The project is a great idea in theory and has the opportunity to transform Boston for the better by enhancing the surrounding neighborhoods.  Neighbors contributed greatly and the developers have made some important revisions to make most of the local residents happy.  Now hopefully the market and financing will come together as well.....we'll see.....

Full story in the Boston Globe here.

 

*11 years is much, much too long, if you ask me - the development process in Boston MUST be completely streamlined because after so much time projects inevitably become stalled for market reasons, neighbor concerns (dare I say NIMBYism), financing reasons, and more...too much time = too many problems