You can still make money in Boston real estate
In today’s Metro, Mayor Menino is asked why the Hynes Center can’t be put to more productive use. In his reply, the Mayor says:
…friends at the Hynes tell me in 2007, the center generated $10.1 million in revenue — the highest in the history of the building….
Ten Point One Million Dollars! 175,000 square feet of state-owned prime real estate that, in its best year ever (no inflation adjustment, please) barely makes $10 million! I bet there are a bunch of stores in the Pru mall that make that kind of money, and they pay taxes too.
Imagine what another 175,000 square feet worth of clothing stores – or donut shops, or sports bars – could earn on Boylston Street!
Actually, I’m going to stop right here. Follow this line of reasoning too far and where will we end up? The Hynes Memorial Casino, of course.