Treasure buyout priced at nearly $93 million

Dollar figure convinces City Hall to abandon efforts for a conservation deal

by Jay Hamburger, THE PARK RECORD

The Treasure partnership has set a price tag of just shy of $93 million for its development rights on a high-profile hillside overlooking Old Town, City Hall said Wednesday afternoon, a dollar figure that has led the municipal government to abandon its efforts to negotiate an outright buyout.

The figure had been closely guarded since the Sweeney family delivered the price to City Hall on Dec. 12. It had long been expected it would climb into the tens of millions of dollars, and the approximately $93 million is likely within the range anticipated by many people who closely followed the Treasure discussions.

A prepared statement released by City Hall said the figure is “significantly higher” than an appraisal conducted on behalf of the municipal government.

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