Caulfield Properties: Boston's Historic Fort Point 02/06/20
Boston’s Fort Point neighborhood has a long and unique history dating back to the 1830s when it was home to the fort of battery cannons that protected the Inner Harbor. As the industry grew in Boston, The Boston Wharf Company built out the streets of Fort Point along with most of the buildings, primarily warehouses at the time, now many converted to luxury condos or office space. As time went on, Fort Point became home to a large portion of Boston’s artist community, which continues to thrive to this day. With its ideal location along the waterfront so close to Downtown Boston, the booming Seaport, and South Boston; Fort Point has become a prime location for development.
In recent years several projects have been completed bringing both residential and office space to the neighborhood. On the residential side, projects include the recently completed condo building The Muse a collection of 38 unique residences offering modern finishes in a historic warehouse building where there are only 4 units available at this time, along with other condo projects 10 Farnsworth, and 319 A Street. Amazon has an office here on Melcher Street as does, Log Me In who expanded their footprint several years ago. With its wealth of restaurants and hot spots including the recently completed Trillium Beer Garden, Fort Point has plenty to offer both residential neighbors and the 9-5 crowd. With talk of a Trader Joe’s being added on Thompson Place, this neighborhood really will have it all!
Along with these completed projects, several recent transactions showcase what developers think of the potential of this area. Originally planned as their new Boston Headquarters, GE scaled back plans at Innovation Point and the parcel was acquired by Alexandria Real Estate Equities in May for $252M. Alexandria also purchased the neighboring property, a garage at 10 Necco St. in March for $81M. Alexandria is locally known for their work creating a life science and tech hub in Kendall Square. However, with extremely limited availability across the river in Cambridge, Fort Point could provide another option for these companies to put down roots. This type of innovation hub would also further increase the need for housing in the area.
Also in May, Related Beal acquired the property at 244-284 A Street adjacent to Innovation Point for $218M. The 6.5-acre Channelside lot is part of the 100 Acres Master Plan which calls for one third housing development with an expansion of artist housing and on-site affordable units and the creation of The Fort Point Park and Channel Park. These parks will not only provide outdoor space for residents and visitors to the neighborhood but will play a key role in protecting the neighborhood from sea level rise and flooding. Related Beal is in the early stages of planning and is currently meeting with neighborhood groups to solicit feedback on what is sure to be a large scale project.
These two major developments would certainly change The Fort Point landscape however within the guidelines of the master plan are sure to also maintain waterfront access along with the historic feel of the area that makes it so unique. Existing residents would also benefit from new parks and new dining and retail as part of these projects. As developments move forward, Fort Point will continue its transformation from warehouse district to a live, work, play destination not just connecting Boston’s hottest neighborhoods but becoming one itself.
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