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).
