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BRA Approves Ashkenazy To Hold Lease Of Faneuil Hall Marketplace

Sep 08, 2011

Mayor Thomas M. Menino and the Boston Redevelopment Authority have announced the approval of Ashkenazy Acquisition Corporation’s acquisition of the lease on Faneuil Hall Marketplace from General Growth Properties (GGP).  The approval comes after an extensive city-led review of the company’s financial standing and its capital improvement plans for the Marketplace.  Ashkenazy was also required to meet with Faneuil Hall Marketplace merchants to ensure a strong working relationship with local business owners. “My number one priority is to support the merchants of Faneuil Hall Marketplace,” said Mayor Menino.  “Our merchants, artisans, pushcart vendors, and well-known retailers provide a variety of local gifts and specialty items and create an engaging and exciting atmosphere at one of Boston’s most unique landmarks.  Faneuil Hall will continue to be a landmark destination for our residents and visitors from all over the world.” “The Merchants at Faneuil Hall Marketplace would like to thank Mayor Menino for his continuous support of each of us and our businesses.  We are blessed to operate our shops in the City of Boston where small business owners concerns and issues are heard and taken seriously,” said Carol Troxell, shopkeeper and President of the Faneuil Hall Marketplace Merchants Association. Faneuil Hall Marketplace which includes Quincy Market, North Market, and South Market is owned by the BRA.  In 2004 GGP assumed the existing long-term lease for the property’s management from the Rouse Company.  Recently, amid bankruptcy concerns GGP sought to sell its interest in the lease. Under the 1974 lease agreement, the BRA must approve any new leaseholder of the Marketplace.  Therefore, the agency conducted a due diligence review of Ashkenazy’s financials to guarantee that it has the finances to manage the property, including its capital plans for the Marketplace.  In addition, the BRA considered Ashkenazy’s plans to retain and attract local merchants and initiated a dialogue between Askenazy and the Faneuil Hall Merchants Association. “We are thankful to the BRA who has worked hand in hand with the Merchants Association to help keep our doors open during these tough economic times and through the unstable periods of GGP's bankruptcy,” Troxell said.  “It is a new day for Faneuil Hall Marketplace as we welcome Ashkenazy Acquisitions to Boston.” ****** Faneuil Hall Marketplace fell into disrepair and was targeted for demolition in the early 1970s, but Bostonians rallied to preserve it. In 1975 the property was leased to The Rouse Company, which rehabilitated it, helping to turn it into one of the top tourist destinations in the state. Rouse managed the property for nearly 30 years before transferring the lease to GGP. For over 35 years the historic landmark has offered Bostonians and the city’s visitors a festive and truly-engaging one-stop shopping experience in the historic downtown area.  There are 49 shops, 18 restaurants and pubs, 35 Colonnade eateries and 44 push carts in the 6.5 acre Faneuil Hall Marketplace, which attracts 18 million visitors a year.

Related Tags

Boston Economy Downtown Boston Retail 

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