This developer wants a tax break for his proposed waterfront towers
Developer Don Chiofaro has been trying to build two towers on Boston’s downtown waterfront for years. Now, he’s raised the possibility of receiving a tax break from the city to help subsidize his development.
Developer Don Chiofaro has been trying to build two towers on Boston’s downtown waterfront for years. Now, he’s raised the possibility of receiving a tax break from the city to help subsidize his development, according to The Boston Globe.
The Globe learned of the request, detailed in an email sent by a senior Boston Redevelopment Authority official, through a public records request.
The tax break was broacehed during a July meeting with BRA officials. The meeting came several weeks after the city proposed new zoning that would increase the allowable size of development on the Boston Harbor Garage property, though not enough to allow Chiofaro to build his planned 1.3 million square-foot project, according to the Globe.
The new zoning would permit an overall development of 900,000 square feet, the Globe reports, and Chiofaro told officials that that would leave him with a “budget shortfall of $30 million.’’
Read the full Globe story here.
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