Word: retailing
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Some big projects are on hold, though, most notably the long-rumored plan to tear down the Harvard Manor House and replace it with a retail and office building...
...square-foot retail and office behemoth, home to The Limited and British record store chain HMV, sent its developer, Ivanhoe Ltd. Partnership, into bankruptcy. One Brattle Square was sold in foreclosure auction this summer for $30 million to Sumitomo Trust, the Japanese bank that financed the building, according to John P. DiGiovanni, vice president of Trinity Property Management...
...square-foot retail and office behemoth, home to The Limited and British record store chain HMV, sent its developer, Ivanhoe Ltd. Partnership, into bankruptcy. One Brattle Square was sold in foreclosure auction this summer for $30 million to Sumitomo Trust, the Japanese bank that financed the building, according to John P. DiGiovanni, vice president of Trinity Property Management...
Ivanhoe had failed to rent thousands of square feet of office space and some retail space on the first floor. By the time the building opened its doors last fall, it was destined for foreclosure...
...retail spots on the first floor remain glaringly empty, and DiGiovanni believes it may be more than a decade before the project ever shows a profit. DiGiovanni did add, though, that Sumitomo has the staying power necessary to wait out the bad times...