By  on November 13, 2008

BOSTON — Wall Street’s implosion has blown a hole in the $700 million development of the former Filene’s site in the heart of the city.

The One Franklin project — retail, upscale condos and a hotel — was to anchor a revitalized Downtown Crossing, a district that 130,000 people pass through daily. But developers Vornado Realty Trust and Gale International are unable to meet financing goals and are suspending activity at the site, where a crater several stories deep has been excavated.

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