LESS THAN A YEAR AFTER BOSTON'S HISTORIC JOHN HANCOCK TOWER WAS SOLD AT PUBLIC AUCTION FOR A BARGAIN-BASEMENT PRICE, ITS NEW OWNERS ARE PLANNING AN AMAZING $20 MILLION REHAB OF NEW ENGLAND'S TALLEST SKYSCRAPER. THE NEW LANDLORDS, NORMANDY REAL ESTATE PARTNERS AND FIVE MILE CAPITAL PARTNERS, HAVE CITY APPROVAL TO TRANSFORM NEARLY 90,000 SQUARE FEET OF UNUSED SPACE ON THE HIGH-RISE'S GROUND FLOOR AND LOWER LEVELS AT 200 CLARENDON STREET, INTO THREE RESTAURANTS, SHOPS AND UNDERGROUND PARKING. UNDER NORMANDY'S PROPOSED PLANS, THE ICONIC EXTERIOR OF GLASS AND THE PLAZA WILL NOT CHANGE, BUT THE VACANT SPACE WILL BE FILLED WITH RESTAURANTS AND BOUTIQUES. THE LARGEST RESTAURANT AND RETAIL USE WILL BE LOCATED ALONG STUART STREET SIDE OF THE TOWER INCLUDING A TWO-LEVEL, 10,200 SQUARE FOOT EATERY. A SECOND CAFE AND SHOPS ARE PLANNED FOR THE ST JAMES STREET SIDE OF THE TOWER. THE PLAN CALLS FOR 1,960 SQUARE FEET OF SPACE FOR A SMALL RESTAURANT OR RETAIL TENANT WITH ANOTHER 8,800 SQUARE FEET OF RETAIL SPACE ON THE LOWER LEVEL. IN MARCH, THE FIRMS PAID $660.6 MILLION FOR THE 60 STORY BUILDING, ABOUT HALF THE 41.3 BILLION PRICE TAG BROADWAY PARTNERS PAID FOR THE 1.7 MILLION SQUARE FOOT LANDMARK IN LATE 2006. THE SALE WAS A MAJOR DEFEAT FOR BROADWAY, WHICH DEFAULTED ON IT LOAN AND LOST MORE THAN $100 MILLION OF EQUITY IN THE PROPERTY. NEITHER LANDLORD WOULD COMMENT ON THE PROPOSED RENOVATIONS.
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