Monday Morning Winthrop Update

There’s been a lot of speculation in the last few days as to what happened to the Quigg group and his group of citizens, business people, and activists who hoped to convert the Winthrop into a hotel while building new affordable housing capacity.  Here’s the latest:

Last week’s negotiations between A.F. Evans and the Quigg group failed to finalize a deal.  The problem was apparently the mechanics of the deal – a rather complicated financial arrangement that changed week to week and day to day.  Plus, the speed at which the deal was moving made several key players quite nervous.  Potential partners, like Coast Hotels, simply needed a bit more time to understand what they were getting into. In the end, A.F. Evans made the necessary $750k payment and will close on the building. 

At this point the Quigg group is effectively pursuing a more standard real estate transaction with A.F. Evans.  An offer is on the table from A.F. Evans and a counter-offer will be made today. 

Where we are today isn’t significantly different from where we were last week.  On the plus side, the current owner will be eliminated from the equation and A.F. Evans will own the building.  It’s a touch risky in that A.F. Evans could pursue another buyer.  The general feeling is that Evans isn’t looking to do a long term affordable housing project at this point.  Whether it’s the political winds or the economics of the deal, Evans will probably end up flipping the property to another developer. 

So what’s going to happen?  We’ll probably know by Friday.  The path between here and there is a bit unknown.  The feeling in the room is that we’ll have a workable deal.  We’ll see.

Meeting at 5:45 am in front of Tully’s is dedication.  Thanks to everybody involved.