2 Financial Center

Some issues were raised at our Feb LDNA meeting regarding Lincoln Properties' purchase of the 2 Financial Center building project from Rose Associates. This project is slated to be built at the site of the above-ground parking lot located at the corner of South/East/Essex streets (across from o-ya restaurant). The upshot of the sale is that the project will now be an office building and not a residential building. This actually is the third interation of the building since it has gone from office to residential now back to office. I have confirmed with Lincoln Properties that it is going to build the same office building that was previously approved by the Boston Redevelopment Authority ("BRA") approximately 7-8 years ago. That building from my recollection was going to be 12 stories high. I have also confirmed with Lincoln Properties and the BRA that it is their position that the process (i.e. BRA, zoning etc.) is "all complete". [Note: I am not expressing an opinion on the topic -- just reporting their position]. Essentially, Lincoln Properties contends it has purchased a "turnkey" project that just needs to be built. Nevertheless, Lincoln Properties has expressed a willingness to come to the LDNA meeting in April and make a presentation regarding its project. Stay tuned...