05/08/2020
A Chapter 11 bankruptcy can help distressed companies, including commercial developers and business owners, before the bottom falls out. We know that funding has essential dried up for commercial developers and, therefore, there is a change in plans for the market. “I do a lot of mixed-use work,” Bailey says. “Any prospect of doing any sort of new build — restaurant or retail — is nonexistent. I had a couple of retail deals that died in March and probably aren’t coming back.” In the Boston market, Devereaux says it’s notable that developer Millennium Partners recently scaled back its $1.3 billion Winthrop Square project due to the loss of financing at the beginning of the pandemic. Changes to the project included making planned apartment space into condominiums. She says she won’t be surprised to see other developers scale back their plans in light of the changing economic environment. “That’s the tip of the iceberg,” Devereaux says. “You are going to be seeing more project changes.” Since 1993, our Law Firm has assisted business owners in reorganizing their companies and bringing them back to financial health.
While the pandemic has triggered a surge of legal work over the negotiation of rent relief for tenants trying to survive the crisis, commercial property attorneys say the long-term impact of COVID-19 on brick-and-mortar retail and the demand for office space remains to be seen. Boston attorney Thoma...