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Hotel builder changing up plans again

Written By Unknown on Sabtu, 21 Maret 2015 | 18.38

The company behind a proposed hotel in Boston's Theatre District has again switched its development strategy, this time reverting to plans for a microhotel, with increases in the number of rooms and the building's height.

Amherst Media Investors now is planning a 23-story microhotel with 346 smaller rooms and a rooftop bar at 240 Tremont St.

The microhotel concept attracts younger, mobile guests who rely to a greater degree on walking and public transportation, the Summit, N.J.-based outdoor advertising company said in a Boston Redevelopment Authority filing, arguing the project's effects on traffic and parking therefore would be "negligible" despite its increased size.

Amherst also has new development partners: Dallas' Highgate Capital Investments, which has a hospitality arm, and New York real estate investment firm Faros Properties.

"These changes are needed to allow a promising but challenging development site to become an economically feasible hotel," Amherst said in the filing.

The changes follow a string of project revisions since the BRA named Amherst as the city-owned site's developer in 2007, when it proposed a 14-story condo building.

The last changes came in August 2013, when Amherst said it wanted to reduce the hotel rooms from 240 to 202 to increase room sizes and increase the building from 19 stories to 22. Amherst's plans for a three-story, Times Square-like digital video billboard on the hotel's facade were consolidated to the building's corner at Tremont and Stuart streets, and the rooftop bar was removed from the design. Amherst never proceeded with permitting approvals for those changes, however.

The three-story corner digital video billboard remains in the current plans.


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Biogen drug boosts stock

An experimental Azheimer's drug from Biogen Idec dramatically slowed the disease's progression in a small study — a stunning finding that analysts and doctors say could save millions of lives and lead to a financial boon for the Cambridge biotech firm.

"The results are incredibly promising," said Ravi Mehrotra, head of Global Biotechnology Research at Credit Suisse in New York. "What's very interesting with Alzheimer's is it's obviously a huge market, and because of the aging population, that number is going to continue to grow."

The 166-person study showed a significant decrease in both cognitive decline and amyloid plaque — the sticky substance that builds up in the brains of Alzheimer's patients — in those who took the drug aducanumab rather than a placebo.

Biogen's stock soared after the findings were announced yesterday, spiking briefly to a record high of $480.18 per share, before closing up 9.76 percent.

If the drug's success holds up in later trial phases, Biogen has the potential to produce a $10 billion worldwide drug, and see as much as a 50 percent increase in revenue, said Michael Yee a San Francisco-based analyst at RBC Capital Markets.

"The big picture is that these results are very exciting," said Yee. "Obviously that's tremendous because it could be transformative for the company."

Biogen Idec said the initial results were so promising that it will skip Phase II and go directly to Phase III of the trial, which will involve a participant pool of at least 1,000 people.

This is "relatively rare" in the research world, according to Dr. Tinatin Chabrashvili, neurologist and director of the Dementia Clinic at Tufts Medical Center.

"Something like this only happens when there are quite convincing results," Chabrashvili said. "The results look very good."

There are more than 5 million Americans with Alzheimer's disease, and that number could triple by 2050 without medical innovations, according to Jim Wessler, president and CEO of Alzheimer's Association Massachusetts New Hampshire chapter.

It's the only disease on the list of the top 10 causes of death in the United States that does not have a treatment that slows or stops progression, he said.

"Alzheimer's is the most expensive disease in America, more than heart disease and cancer, because you have both medical care and care-giving requirements," he said. "People on average after diagnosis will live for eight years and the range can be up to 20 years. It's a long, slow, deteriorating disease."


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Marty Walsh, mayors to focus on finance

Mayor Martin J. Walsh will join mayors from around the country tomorrow to discuss wage inequality and financial literacy as City Hall says nearly half of Bostonians would struggle to live above the poverty line for three months after a job loss or significant medical expense.

"There's a tremendous need for this in the city of Boston as far as the literacy we have, but it goes deeper than that. People don't have the means for employment and we have to work on that," Walsh said in an interview. "It's a pretty big issue. You hear a lot about people being priced out of the city of Boston."

Close to half of Boston residents do not have enough money saved to survive above the poverty level for three months if they lost a job, Walsh's office said. That number jumps to 
69 percent for African-American households and 75 percent for 
Hispanic households.

"Our unemployment rate is about 5 percent, but in areas like Roxbury, Dorchester and Mattapan, our unemployment rate is higher," the mayor said.

Walsh, Seattle Mayor Ed Murray and others in town for a U.S. Conference of Mayors leadership meeting will speak at UMass Boston on a panel moderated by Boston Federal Reserve president Eric Rosengren.
"It's not just a Boston issue, it's a nationwide issue," Walsh said. "It's an opportunity to bring mayors to the city of Boston to be able to hear testimony from residents of our city, but also talk about sharing best practices on how different cities are handling the issue."


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Icy return of boats not all its quacked up to be

The launch of the duck boats is a rite of spring, but this year even the amphibious vehicles have fallen victim to the unseasonably cold and snowy winter.

Boston Duck Tours will begin its 21st season today, but with some special measures to avoid frozen feathers. The duck boats will either not go in the water at all or make an abbreviated swim thanks to ice still clogging the Charles River.

"Any time you go in the water with ice, it's not a good idea. The Titanic is a good example," said Bob Schwartz, a spokesman for Boston Duck Tours. "It would just not be the safe thing."

The land-water tour company actually pushed back its opening date this year to try to avoid an iced-over Charles, but it wasn't enough of a delay, Schwartz said.

The average temperature in February was more than 12 degrees colder than normal, according to the National Weather Service, and March temperatures have been below normal too.

Duck Tours will be 50 percent off until the amphibious vehicles can make the full water run, which usually lasts around 20 minutes, Schwartz said. For now, if the duck boats take a dip at all, it will last around 10 minutes. If the water is not frozen where the duck boats splash in, the vehicles will make the trip around the mouth of the Charles, but not up the river.

Schwartz said not going in the water will be tough for riders.

"It's such a big draw, that's who we are," he said. "It's the thing that people really want to experience when they come."


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Hot Property: Southie church split up into 20 luxury condos

Written By Unknown on Jumat, 20 Maret 2015 | 18.38

Luxury condos in the former St. Augustine's Church in South Boston have hit the market, offering buyers an opportunity to live in new, modern units amid high Victorian Gothic architecture, with soaring ceilings and arched windows.

Twenty two- and three-bedroom condos are taking shape in the former Catholic church on Dorchester Street — each of them two or three levels — and another nine one-bedrooms will occupy the attached former rectory. Prices range from $649,000 to $1.29 million for the roughly 1,000- to 2,000-square-foot units.

After four months of demolition work, the property is still under construction, with an Aug. 31 scheduled completion date by owner Brenco Construction of Milton.

Condo interiors won't have exposed brick or stained glass windows, but the ornate arched frames will be preserved and fitted with new custom windows — including a massive one in the penthouses' lobby that will provide views of the Boston skyline and landmark buildings such as the John Hancock tower.

"It's going to have a contemporary feel inside," said Jacob Carlin, the property's exclusive listing agent and the owner of JW Brokerage in South Boston. "The church was in such disrepair that it was hard to try and save some things."

Features will include hardwood floors, tile bathrooms, professional-grade, stainless steel appliances, granite kitchen countertops, surround sound, walk-in closets and in-unit laundry hookups. Master baths will have walk-in showers with glass surrounds, while the guest baths will have soaking tubs and showers.

Garage parking is being added underneath the church in its former function hall, and residents will have an elevator and access to a clubroom with a kitchenette, surround sound and a flat-screen television.

Built in 1874, the church was designed by Patrick Charles Keely, an Irish-born architect heralded as the most prolific designer of Catholic churches, with more than 600 to his credit, including the Cathedral of the Holy Cross in the South End and more than 30 others in Massachusetts. Under mounting financial pressure, the Archdiocese of Boston closed St. Augustine's in 2004, and the city's Landmarks Commission denied a petition to designate it as a landmark.

The former church's red-brick facade is being preserved and will be repointed, and the slate roof will be maintained. The massive center entrance with its wooden doors and ornamental iron fixtures also will be preserved.

"Obviously the architecture of the church is something we could never replicate now — it would be too expensive," Carlin said.

Carlin has two of the condos under agreement for $775,000 and $1 million — close or at asking prices, he said — and has offers for another four units.


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The Ticker

New Bedford inks 
casino, developer dealer reach casino deal

The developer of a proposed casino in southeastern Massachusetts has reached an agreement with New Bedford as the company competes for the state's final resort casino license.

New York City-based KG Urban Enterprises said yesterday that the agreement calls for a $4.5 million upfront payment to the city, followed by $12.5 million in annual payments once it opens its doors. The proposed casino would be managed and operated by Foxwoods in Connecticut.

The New Bedford development is among three plans vying for the southeastern region casino license. It's going up against proposals in Somerset and Brockton.

The Gaming Commission already has deemed Mass Gaming & Entertainment's initial application for casino on the Brockton fairgrounds "substantially complete."

Residents in that city are to vote on the casino proposal May 12.

Wonderland Ballroom for sale

The owner of the Wonderland Ballroom in Revere has put the property up for sale as a possible transit-oriented development site.

The 28,056-square-foot parcel, which includes the nightclub with available space of more than 30,000 square feet, could potentially accommodate up to 100,000 square feet of development, according to Boston broker TR Advisors.

Allowable uses include multi-family residential, general and professional office, hotel, restaurant and retail projects.

Owner Robert Merowitz previously eyed selling the site for a hotel development if a casino had been approved for the nearby Suffolk Downs.

The ballroom hosts mostly Latin and reggae music events on weekends.

FAA says Amazon can test drone

Amazon.com Inc. has won federal regulators' approval to test a delivery drone, as the e-commerce giant pursues a vision of speeding packages to customers through the air.

The FAA said yesterday that under the provisions of the experimental airworthiness certificate, the flights must be conducted at 400 feet or below during daylight hours.

The drone must also remain within the line of sight of the pilot and observer.

The person flying the aircraft, meanwhile, must have a private pilot's certificate and current medical certification

  • Nickerson, a full-service communications agency offering an integrated blend 
of marketing and public relations, announced that Kevin 
McMahon, left, photohas joined its growing team as director of social media and digital content. McMahon is responsible for developing and growing comprehensive social media programs to reach specific target audiences across a broad range of social and digital channels.

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Target breach settlement on track for $10M

A Boston lawyer, whose suit against Target Corp. over its staggering 2013 data breach was consolidated into a national class-
action complaint, endorsed a 
$10 million settlement that yesterday won preliminary approval.

Preston W. Leonard said the settlement in federal court in Minnesota is a "good result for consumers."

"This case and others like it hopefully will encourage retailers to do more to safeguard consumer data when they check out," Leonard said. "I was encouraged that under the settlement, Target will appoint a chief information security officer. That is a responsible approach to handling data in this climate."

U.S. District Judge Paul Magnuson scheduled a Nov. 10 hearing for final approval of the settlement.

Leonard and numerous other lawyers across the country filed class-action complaints after about 40 million Target customers' credit and debit card accounts were compromised by hackers between Nov. 27 and Dec. 15, 2013 — the height of the holiday shopping season.

"The criminal element out there is growing, it's sophisticated, and it's hard to stay ahead of," said Massachusetts Attorney General Maura Healey, whose office is continuing its multi-state investigation into the 
Target breach.

Under the class-action settlement, affected consumers can file for up to $10,000 with proof of their losses, including unauthorized charges, higher fees or interest rates, and lost time dealing with the problem.

John Chapman, undersecretary of the state Office of Consumer Affairs and Business Regulation, said its website, www.mass.gov consumer, will walk people through the process once the settlement is final.

The settlement would also require Minneapolis-based Target to keep a written information security program, offer security training to its workers, maintain a process to monitor for data security events and respond to such events deemed to present a threat.


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BRA chief touts disclosure rule

If Massport adopted the same policy as the BRA on requiring developers to divulge names of equity partners, it would shed light on the silent investors on bids to build an $800 million mega hotel in the Seaport District, the head of the city authority said yesterday.

"People should know who is having a significant development interest going in their neighborhood and how they have behaved.

There are community groups and neighbors who might be OK with a development proposal but not happy with the development team," Boston Redevelopment Authority Director Brian Golden said in interview after an appearance on Boston Herald Radio.

"They deserve to know what their reputation is, what their history has been, are they solid citizens, and solid performers."

Golden explained that one of the driving forces behind the disclosure requirement his agency adopted last year is that it aims to expose any conflicts of interest among investors in a development project, particularly among BRA staffers or their relatives.

"One important reason for that is to do a conflict-of-interest scrub," he said. "We need to know who is investing in projects for our own parochial interests so we could identify conflicts of interest between investors who might be related or have some kind of connection to BRA staff."

Massport is overseeing the bid process for the proposed 1,200-room headquarters hotel on Summer and D streets that is part of the $1 billion expansion of the Boston Convention and Exhibition Center.

The authority has not released the six bids by developers to build the hotel and does not have a policy requiring equity partners to be divulged.

But Massport CEO Thomas Glynn told the Herald this week that the BRA edict is a "good idea" and he hasn't "ruled out" adopting a similar policy.

The Herald reported earlier this week that two former board members of the Massachusetts Convention Center Authority — former U.S. Sen. William "Mo" Cowan, who also served as chief of staff for former Gov. Deval Patrick, and developer Dean Stratouly — are part of a development team looking to land the hotel deal.

The MCCA board and Massport's board will each vote to choose the winning bid.

Golden, while appearing on Herald Radio's "Morning Meeting," also blasted the controversial deal that gave the Boston Red Sox the right to use Yawkey Way forever as the "consummate behind-closed-doors, opaque transaction."

Golden said a new policy, requiring the agency to hold public meetings and a 10-day open comment session before giving away city-owned land, will greatly increase transparency and prevent what happened in September 2013, when the agency kept the public in the dark on the terms of its deal with the Red Sox up until just before the board's vote on the $7.3 million pact.

No public forum was ever held.


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GOP defense hawks, fiscal conservatives battle over budget

Written By Unknown on Kamis, 19 Maret 2015 | 18.38

WASHINGTON — A battle between GOP defense hawks and fiscal conservatives prompted the GOP chairman of the House Budget Committee late Wednesday to delay a vote on his party's budget blueprint.

Rep. Tom Price, R-Ga., called off a vote on a move by GOP leaders to loosen restrictions on using war funding to skirt tight limits on the Pentagon budget. That delays a vote on the underlying budget, which would set up a veto struggle over the fate of the health care law and promises a whopping $5 trillion in spending cuts to erase deficits by the end of the coming decade.

Billions more for the Pentagon were Republican priorities in both House and Senate, but pushback from fiscal conservatives against spending increases appeared to force Price's hand.

At the same time, there were significant differences between the day-old proposal in the House and the one unveiled Wednesday by Senate Republicans.

Defense spending aside, Medicare was chief among them. Senate Republicans, already eying the 2016 elections, balked at a politically sensitive House plan to turn health care coverage for seniors into a voucher-like program for those who enroll beginning in 2024.

Republicans claimed a balanced-budget, no-tax-increase approach, but the House Budget Committee had to scuttle a vote Wednesday. The Senate Budget panel was set to convene Thursday morning with a vote planned for the afternoon.

Senate Majority Leader Mitch McConnell of Kentucky said the Republicans promise a plan "that will support economic growth and more opportunity for hardworking families, while protecting our most vulnerable citizens."

By contrast, McConnell said President Barack Obama's budget from earlier in the year raised "taxes by nearly $2 trillion, and increased the national debt by more than $7 trillion. In other words, it was more of the same old tired, failed policies of the past."

Obama leaned in.

Claiming credit for the improving economy, he said Republicans offer "a path to prosperity for those who have already prospered." Reprising a criticism he leveled in his winning 2012 campaign against Mitt Romney, he said in Cleveland that the GOP budget "doubles down on trickle-down."

It will be weeks or months — if then — before Republicans can turn their non-binding blueprints into legislation and send it to the White House for Obama's signature or veto.

Before that, they will concentrate on pushing the rival budgets through the two houses. Next, they will try to agree on a compromise that they concede will stand as a test of their ability to govern.

Republicans promised during last fall's campaign they would try to balance the budget if they won power. They also said over and over they would work to eradicate the health care law that Obama has pledged to defend and the administration now says has provided coverage to more than 16 million individuals who previously lacked it.

Details contained inside the budgets make a veto struggle with Obama over the health care law a virtual certainty, although the Supreme Court could largely render that moot in a ruling is expected this spring on the constitutionality of a key portion of it. Senate Republicans said they intend to use legislation that Democrats cannot block to accomplish their goal of repeal.

Both budgets envision a significant campaign to cut spending, with much of the projected savings coming from Medicare, Medicaid, food stamps and welfare.

Defense spending remained a work in progress. The House proposal, if amended as pro-Pentagon members would like, recommended hiking existing funding by $38 billion next year along the lines of Obama's February budget. Parliamentary tangles blocked them from simply increasing core Pentagon accounts like Obama proposed; instead they pad an overseas account that has financed the wars in Iraq and Afghanistan.

As drafted, the Senate budget recommended the same total as Obama, although defense hawks including Lindsey Graham, R-S.C., worked behind the scenes to engineer a rewrite that would raise it to roughly the same level as the House and Obama.

Both Republicans and the White House have indicated they would like to ease cuts to the Pentagon and domestic agencies both for the next couple of years and replace them with longer-term cuts and, perhaps, new revenues, much as was the case in 2013.

To achieve their core campaign commitment, Republicans in both houses resorted to a series of sleights of hand.

Both budgets assume that dozens of popular tax breaks will be allowed to expire. One allows businesses to offset the cost of research and development, and another allows individuals and families to deduct the cost of sales tax in states with no income tax. Together, the cost of renewing all of them totals $900 billion, money not in either budget.

Both budgets also estimate large savings from the economic benefit of implementation of their spending proposals — $164 billion over a decade in the Senate, $147 billion for the House.

Without these amounts, the Senate budget would be unable to show even its minuscule $3 billion surplus for 2025, or the House its $46 billion in black ink in 2024 and 2025 combined.

In addition, the Senate budget offers no explanation for a sudden $191 billion jump in savings from benefit programs in 2025.

____

Associated Press writer Josh Lederman in Washington contributed to this report.


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USA Today offering buyouts to 90 veteran staffers age 55 and older

USA Today will offer buyout packages to about 90 employees who are 55 and older with more than 15 years of experience across all units, its parent company Gannett announced Wednesday.

The company said the buyouts are part of a cost-cutting measure in order to facilitate investment in more digital products. The move is part of a plan to spin off Gannett's publishing business as a separate company. Ninety of the newspaper's 600 staffers are eligible for what the company is calling an "Early Retirement Opportunity Program;" USA Today is not sure as of yet how many will accept the buyouts.

"Regardless of the acceptance level of the Early Retirement Opportunity Program, we cannot rule out other actions that we may need to take in the future because of economic and business conditions," USA Today publisher Larry Kramer wrote in a memo to the staff.

"To remain highly competitive and aggressively keep in front of shifting consumer trends, we need to continue to ensure that our resources are best applied across the organization," he wrote. "While we've accomplished much already to transition the business, more remains to be done and we need to continue to ensure that staffing meets our current needs."

According to USA Today, offers will be made to staffers across the paper who are at least 55 years old and have worked at Gannett for at least 15 years. The buyouts will include a maximum of one year of pay and health benefits.

The paper's print edition has been reducing staff in recent years. As TheWrap previously reported, USA Today cut 70 jobs in September, including 35 editorial staff, due in large part to decreasing ad sales. Its focus has instead turned to digital, where circulation increased more than 30 percent in just six months last year.

2015 TheWrap news inc. All rights reserved.


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