0 Boston’s Untracked Development Tax Breaks

Much time and energy is spent discussing property taxes in the city of Boston. I firmly believe if the city is offering any tax concession then they should track them and be accountable for giving them.  By no means should we stop them, rather let’s have a better understanding of how they’re used to benefit the greater good.

Boston development property tax breaks in a map

Credit: Boston Globe

From the Boston Globe:

A Globe review found that city records are incomplete for most of the tax breaks the city awarded during the past four decades. It appears that only recently did the city begin to project how much deals would cost taxpayers.

City Hall could provide cost projections for only 10 major tax deals signed since 2008, totalling an estimated $78 million in lost tax revenue. These include the $9.7 million awarded for the new State Street Corp. office and adjacent garage on A Street, and $7.8 million for the bottom floors of a tower planned for land next to TD Garden.

After the Globe inquired about the city’s incomplete records, the Walsh administration pledged that it would keep better track of the costs of tax deals, almost all of which were signed by previous mayoral administrations.

 

0 Millennium Tower in Downtown Crossing Gets Unique New Restaurant

Millinnium tower restaurant downtown crossing Boston

Credit: Bizjournals.com

What’s for dinner at you new condo in the Millennium Tower in Downtown Crossing? The BBJ had this to say on Millennium Tower’s new restaurant:

The developers of the luxury Millennium Tower in Downtown Crossing have settled on a restaurant to serve the kind of residents who buy units selling for the millions and tens of millions of dollars — the first New England venture by San Francisco chef Michael Mina and sushi chef Ken Tominaga…Mina’s company also will operate the residents-only club in the 685-foot tower…PABU will be an izakaya, which is a casual bar for professionals, essentially, and sushi bar. The opening of the restaurant on the first two floors at the corner of Franklin and Washington streets is set for fall 2016; residents are set to being moving in during the summer of 2016.

0 Burnham Building in Millennium Tower Lands Fashion Retailer

Burnham office Building at the Millennium Towers Complex

Credit: Banker & Tradesman

Another new lease for the Downtown Crossing, this time its retail.  Headquartered in Dublin Ireland, www.primark.com was founded in 1969 and today operates 250 store in eight countries.

From Banker & Tradesman: “Fashion retailer Primark has signed a long-term lease for 112,000 square feet at the Burnham Building in the Millennium Tower complex at Boston’s Downtown Crossing…Dublin-based Primark’s first U.S. store will occupy four floors in the eight-story Burnham Building, including 70,000 square feet of retail floor space.

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