New Downtown Crossing development proposed
A New York developer plans to build a $200 million housing-retail development in Downtown Crossing, a key milestone in the city’s effort to revitalize the central shopping district, Mayor Thomas M. Menino said today.
Midwood Management Corp. said it plans to build 200 luxury apartments, in addition to three floors of retail space at the corner of Bromfield and Washington streets, where it has acquired several buildings.
The development would replace buildings that are currently home to several stores, including Payless ShoeSource and City Sports.
The company, which is expected to file formal plans for the 28-story building with the Boston Redevelopment Authority this week, said it hopes to begin construction in 2010.
"We believe rental housing has a role in downtown Boston's continuing growth," said Paul Davis, a senior vice president of privately owned Midwood Management. "We looked at condos, but we think rental housing is more appropriate for us."
Menino used the news to highlight the stream of development projects underway in Boston. He said that there are $4 billion in projects under way.
"Despite the national economic (slowdown), Boston's economy is strong," Menino said.
Midwood Management, which generally keeps a low profile, owns 100 properties with more than 3.5 million square feet nationwide, but the development would be the firm's first for the Boston area.
Midwood Management normally retains properties that it develops, rather than selling them to other investors, and it plans to do the same with the project proposed for Downtown Crossing.
Davis, the Midwood Management executive, said that the firm hopes to work with several tenants, including City Sports and the Bromfield Pen Shop, to accommodate them in the new building, which is expected to have 60,000 square feet allocated to retail space.
"We will try to accommodate tenants if we can," Davis said. "There will be new tenants and there will be relocation of tenants."
(By Todd Wallack, Globe staff)
