Business Property Owners Declines to Fund Downtown Crossing’s Revitalization Plan

November 08, 2010 / Elizabeth Buckley, Commercial Property Analyst
A number of the prime business property owners in Boston’s Downtown Crossing are declining to help fund the shopping district’s revitalization plan, which means 25 per cent of its budget for public festivals, stepped-up maintenance, and aesthetic upgrades are going to be cut down.

In August, about 80 percent of the area’s business property owners have signed the plan that was approved by City Council in August. Several of the business property owners in the area are among the ones that owns majority of Downtown Crossing’s largest establishments.

Business Property Owners Declines to Fund Downtown Crossing’s Revitalization Plan

About $1 million in annual funding are expected from the owners to finance the revitalization plan, but now, they had notified the city council that they will not continue with the plan, which made a big budget deficit.

Downtown Crossing’s mayor, Thomas M. Menino said that the business property owners are being selfish by their actions, and it’s not quite neighborly.

Mayor Menino has made the shopping district’s revitalization plan one of his top priorities.

The business property owners’ rebuffs emphasize a major obstacle in the attempt to create Downtown Crossing’s initial improvement district and to be made a role-model for other communities around the city.

Massachusetts is the only state with an organizations that allows businesses inside the region to decide on paying the fees to sustain it.

The executive director of the Downtown Crossing Partnership, Rosemarie Sansone said that is totally unfair that some business property owners chose not to participate with the plan, while others take responsibility to finance for the organization and its programs.

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