"Columbus developers can’t pay for cleanup; Partners tell Mass. they have only $2m in assets" by Casey Ross, Globe Staff | March 17, 2010
Developers of the defunct Columbus Center development in Boston have told state officials they are running out of money and cannot afford to pay millions of dollars to clean up the abandoned construction site. In a letter released yesterday, a lawyer for WinnCompanies and the California Public Employees’ Retirement System told state officials the business partnership has only $1.5 million to $2 million in assets remaining, less than half what the state estimates it will cost....
WTF is the Californian retirement system doing investing in real estate projects?
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Also see:
Columbus Center developer pulls the plug
City looks at taking Filene’s propertyFor Boston hotels, a welcome return
