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TALKING POINTS

South Boston power plant sells for $24.25 million

REAL ESTATE

South Boston power plant sells for $24.25 million

The power plant that looms over South Boston sold Tuesday for $24.25 million, according to Suffolk County property records. A partnership of development firms Hilco Global and Redgate Partners closed on its purchase of Exelon Corp.’s New Boston Generating Station at the corner of Summer and First streets. Hilco — which specializes in redeveloping industrial sites — said it hasn’t yet determined what it will build there, but local real estate experts predict the 18-acre waterfront site will likely be turned into a mixed-use housing and office project, with some of the century-old complex itself reused. Additional environmental cleanup may be needed for some uses. Exelon rarely uses the plant and hired real estate firm Colliers to run an auction for it earlier this year. At least a half-dozen developers bid on the site, according to people familiar with the sale. — TIM LOGAN

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ENERGY

Power supply for summer should be sufficient

As long as weather conditions aren’t extreme and power systems function normally, New England is expected to have enough electricity this summer to meet consumer demand, according to the region’s power grid operator. However, ISO New England said natural gas deliveries to some power plants may be limited by an ongoing pipeline expansion project, requiring some plants to obtain fuel from different sources and potentially tightening power availability. If electricity supplies become squeezed as a result, the company said, it has several options to “maintain continued power system reliability,” including using imported power from neighboring regions, such as New York and Canada, and asking businesses and residents to voluntarily conserve energy. “As the grid operator, ISO New England has to manage power system conditions reliably every day of the year despite multiple uncertainties,” said the company’s chief operating officer, Vamsi Chadalavada. “Although electricity supplies should be sufficient, ISO New England will continue to monitor real-time system conditions.” — SACHA PFEIFFER

MEDIA

Tribune calls suitor Gannett ‘erratic,’ but talks continue

Tribune Publishing said Tuesday in a letter that USA Today owner Gannett was ‘‘erratic’’ and ‘‘unreliable’’ as the two newspaper companies tried to discuss a possible tie-up. Nonetheless, Tribune said it is still considering a takeover offer from Gannett. Tribune’s letter comes a day after Gannett made public its bid to buy the owner of the Los Angeles Times and Chicago Tribune. Gannett Co., based in McLean, Va., said Monday that Tribune refused to have meaningful discussions about a deal. In its letter Tuesday, Tribune said Gannett executives cancelled a meeting without reason and once asked it to make a decision about the proposal within 90 minutes. ‘‘Gannett has been playing games,’’ Tribune said in the letter, which was signed by Tribune CEO Justin Dearborn. Gannett responded with its own letter Tuesday, saying that the meeting was cancelled because a person from Tribune’s team who did not know about the offer would be there. — ASSOCIATED PRESS

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MEDIA

New York Times to close editing and print production facility in Paris

The New York Times Co. said Tuesday that it was planning to close its editing and prepress print production operations in Paris, a move that would result in the elimination or relocation of up to 70 jobs. The changes are part of a proposal to redesign the international print newspaper and simplify the editing and production process, according to an internal memo sent to the staff of The International New York Times. The Times will concentrate editing and prepress print production in New York and Hong Kong, according to the memo. The Paris news bureau and advertising department will not be affected by the proposal. And a print edition of The International New York Times will still be published and distributed in Europe. — NEW YORK TIMES

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ONLINE

Alibaba raises $4.5 million for electronic payment affiliate

An online payment affiliate of Alibaba Group, the Chinese e-commerce giant, said Tuesday that it had raised $4.5 billion from investors in an indication of its larger ambitions. The affiliate, called Ant Financial, is one of the world’s largest electronic-payments companies by virtue of Alipay, a payment service resembling PayPal that is commonly used in China. Like Alibaba, it is controlled by Jack Ma (right), one of China’s richest men. Ant Financial is part of a rising trend in online payments in China, where slow state-run banks and an initial lack of regulation allowed faster-moving private-sector companies to integrate themselves into many facets of Chinese life. — NEW YORK TIMES

PAPER MILLS

Chinese paper company to build $1b facility in Arkansas

The Chinese company Sun Paper announced plans Tuesday for a $1 billion mill in southern Arkansas, the paper company’s first facility in North America. Joined by Sun Paper officials to announce the project at the state Capitol, Governor Asa Hutchinson said the project will create 250 jobs and is one of the largest private investments in Arkansas history. Company and state officials said they expected the project to employ 2,000 people during its construction and create an additional 1,000 jobs indirectly in the timber industry. — ASSOCIATED PRESS

FAST FOOD

Chipotle continues to struggle

Chipotle Mexican Grill Inc. posted first-quarter sales that trailed analysts’ estimates and reported its first loss as a public company, reminding investors the chain faces a long road to recovery from the food-safety crisis that has engulfed it since November. Chipotle has struggled to regain its footing following an E. coli outbreak that sickened dozens of customers in nine states last fall, and a norovirus outbreak that sickened more than 100 Boston College students. Despite coupons and marketing spending meant to draw customers back, the chain once known for industry-leading margins has been unable to reignite growth. The steep decline in same-store sales didn’t come as a surprise: Chipotle had previously announced that sales plunged in January, February, and the first two weeks of March. Comparable-store sales fell almost 15 percent in the fourth quarter, and have now dropped for at least four straight months. Chipotle’s sales had started to recover last month before fresh reports that workers at a Boston-area restaurant got sick with norovirus. That location was shuttered for cleaning and no customers got sick. Still, the negative headlines once again sent sales plunging. — BLOOMBERG

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MEDIA

New streaming movie service launched

Turner and the Criterion Collection are teaming up to launch a movie-streaming TV service to cater to art house aficionados. The companies announced Tuesday that the new over-the-top streaming service, dubbed FilmStruck, will debut in the fall. It will make available art house, independent, foreign, and cult films for a not-yet-announced monthly cost. FilmStruck will be the new exclusive home to the Criterion Collection, which currently streams on Hulu Plus. Its library will also pull from other studios, such as the Janus Films library. The service will be curated by programmers from Turner Classic Movies, the cable network. — ASSOCIATED PRESS

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