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Tuesday, July 19, 2011

More Contempt for Med Mart's Parent Company

Posted By on Tue, Jul 19, 2011 at 9:54 AM

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Last week we detailed how Vornado Realty Trust has left cities around the country cursing at holes in the ground where multimillion-dollar developments should be [“Vornado’s Path”].

The bad news for us: Vornado is the parent company of MMPI, the developer behind Cleveland’s $465 million Med Mart and convention center, which recently launched its hole-in-the-ground phase en route to a 2013 opening.

In Boston, Vornado leveled a downtown department store to build a 39-story complex three years ago, then decided it was no longer economically advantageous to follow through with the plans. No charge for the hole in the ground though.

Boston Mayor Thomas Menino went public with his distaste of Vornado, but declined to elaborate when contacted by Scene. A spokesman helpfully noted that the mayor probably wanted to let things quiet down a bit.

But one day after “Vornado’s Path” hit the presses, Menino was spraying bullets again before an assembly of retail execs. “They are a scurrilous group that should not be in the real estate business,” he said of Vornado, according to the Boston Herald.

But rest assured, hopeful Clevelander: There’s nothing to worry about here. — Maude Campbell

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