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MASSPORT AIMS TO BECOME LEAD DEVELOPER FOR BOSTON MEGAPLEX
Published June 15, 1995
The Massachusetts Port Authority is trying to edge out the state's Convention Center Authority and be named lead developer of the proposed megaplex, according to Meg Vaillancourt and Richard Kindleberger of the BOSTON GLOBE. Massport said it would form a public-private partnership to secure at least $90M in private investment for the project. The GLOBE reports that while Massport Exec Dir Stephen Tocco declined to discuss corporate partners, one leading candidate is reportedly London-based Peninsular and Oriental Steam Navigation Co., which owns the Boston Wharf Co., a major property holder in the South Boston area designated for the megaplex. ITT Corp. has been identified as the best corporate sponsor, but "sources differed" on whether ITT was still interested in the project. Massport's bonding authority and ownership of 26 acres of the proposed 135-acre megaplex site could give the it an advantage in helping speed the project's development. House Ways and Means Chair Thomas Finneran, after meeting with Tocco: "I'm not ruling it out, but I'm not sure their charter includes such real estate development and financing activities" (Vaillancourt & Kindleberger, BOSTON GLOBE, 6/14).