Gale, Vornado finalize agreement to redevelop Filene's block in Downtown Crossing
Gale International and Vornado Realty Trust said today they have signed a joint agreement, formalizing previously disclosed plans to redevelop the Filene's complex in Downtown Crossing.
The joint venture said it will purchase the property for about $100 million from Federated Department Stores Inc., which bought Filene's parent last year, with the sale to the joint venture expected to close early next year.
The Gale-Vornado team has previously proposed a $620 million project that includes building a 38-story tower over the four-building complex, the Globe has reported. The hope is that construction can begin in June on plans envisioning office space, luxury stores, condos, and a hotel.
"This historic redevelopment will not only restore this site to its former glory but will transform and revitalize downtown Boston," said John B. Hynes III, chief executive of Gale International.
Mack-Cali Realty Corp., a real estate investment trust in New Jersey, said it will "co-venture" Gale International's investment in the project.
(By Chris Reidy, Globe staff)
Rendering (above) of proposed redevelopment of Filene's block in Downtown Crossing courtesy of Elkus/Manfredi Architects.
