Chiofaro Floats Tax Break Idea for Next Tower
This summer, when the Boston Redevelopment Authority recommended that the city increase the height and density that current zoning allows around the Boston Harbor Garage, it meant Chiofaro Co CEO Don Chiofaro (whom we snapped in his office) would be allowed to build a 900k SF project at the site, not the $1B, 1.3M SF two-tower mixed-use complex Chiofaro has been planning, the BRA’s Nick Martin tells us. So Don has floated the idea of the city granting him a tax break.
Eight years ago, Chiofaro and his partners at Prudential paid $155M for the 1,400-car garage overlooking Boston Harbor. Ever since, he’s been fine-tuning his plans to redevelop the rare site. But until Chiofaro presents a formal proposal to the BRA, it’s premature for the authority to discuss the tax relief. It has been discussed informally—as these matters often are—and must be seriously considered when the time is right, Nick says.