City Hall Plaza Sold: $51.2M Price Called "Generous"

From the violent busing protests of the late 70s to the twist ending of The Friends of Eddie Coyle, City Hall Plaza has provided the backdrop for many events in the tumultuous history of Boston. It is the vein that carries the lifeblood of the city. But it's also a valuable piece of real estate.

Today, the Globe reported on an initiative the city had been trying to keep under wraps: the sale of City Hall Plaza.

According to the Globe, Dunkin' Donuts will pay $51.2 million for the property, which will become known as Dunkin' Donuts Plaza at Government Center on August 1. Under terms of the sale, companies competing in the sale of "donuts, coffee, flatbread sandwiches, pizza, and other comestibles strongly associated with the Dunkin' Donuts brand" will be banned by zoning restrictions from the area immediately surrounding the Plaza. Another Starbucks fallen.

"Dunkin' Donuts has long owned the hearts and minds of the people of Boston," Jon L. Luther, CEO was quoted in the Globe. "Now we will own one of the city's treasured landmarks, too."

The move is widely regarded as a push to produce more food-based sales for a
company with strong drink revenue.

An unnamed source in City Hall was quoted calling the $51.2 million price tag "generous."

"I won't go so far as to say [Dunkin' Donuts] was ripped off," he added.

What do you think about these developments? It's much needed revenue for the city, sure, but is it worth looking into Rachel Ray's eyes every time you need to get a permit?

Jon Petitt and Caroline Roberts contributed to this post.