Bayside Expo lawyer expects "positive resolution" despite foreclosure threat
The Bayside Expo Center on Columbia Point is being threatened with foreclosure and the property could be auctioned off next month, according to reports published today in Boston's daily papers. However, an attorney for the Bayside said today he expects a "very positive resolution" to the matter.
The Boston Herald first reported on the news this afternoon. The foreclosure action was made public in a legal notice published in today's Boston Globe.
The legal notice said that a public auction would be held at the property at 200 Mt. Vernon Street on May 28.
The expo center, once a busy site of conferences, concerts and week-long shows, has been hit hard by competition from new facilities in the area, most notably the Boston Convention and Exhibition Center in South Boston. The owners of Bayside, the Corcoran Jennison Companies, have laid out plans to re-develop their waterfront property into a sweeping, mixed-use community that would transform this section of Dorchester.
In a statement released by the Corcoran Jennison Companies on Thursday evening, John Mostyn- identified as an attorney for Bayside Expo Center- had this to say: "We understand that these are very tough and hectic days for real estate lenders. However, we want to assure everyone that we have been holding ongoing discussions with our lender and anticipate that there will be a mutually satisfactory and very positive resolution to this matter."
"Given these discussions, we find it very strange that the lender is suddenly publishing legal notices in newspapers without notifying us in advance," Mostyn stated.