Caulfield Properties Seaport Spotlight 02/06/20
In early 2010, Mayor Menino launched a plan to transform 1,000 acres of underutilized land on the South Boston Waterfront into a live/work/play destination. The “Boston Waterfront Innovation District” aimed to attract and foster innovation within the city’s tech community. Nearly a decade later the neighborhood is unrecognizable and continues to grow with some of the largest projects just beginning to coming out of the ground.
In terms of sheer development volume, The Seaport is miles ahead of the rest of Boston. Between January 2014 and April 2019, 13.5 million square feet of development had been approved for the Seaport. The next closest neighborhood for development is Downtown Boston at 7.9M. Go just a few months without a visit to the Waterfront and you may not recognize the neighborhood when you return.
As the Seaport grows so does the population with an increase of 104% between 2000 and 2015. New condos like Twenty-Two LIberty and rental projects like The Benjamin & Via have opened to provide luxury housing options for these residents. The innovators Menino hoped to attract also came in droves. Commercial tenants like Vertex, GE, PwC, Reebok, and Amazon all have moved to the Seaport/Fort Point or will be arriving soon. Amenities in the neighborhood have also continued to improve with additions of a cinema, new restaurants, and craft beer destinations. The neighborhoods first grocery store is also in the works with Trader Joe’s showing interest in adding a location at Thompson Place in Fort Point.
121 Seaport, new home to PwC
With all of these changes, however, the neighborhood is far from complete, evident by the number of cranes spotted across the skyline. Several of the largest projects are under construction now including not just housing but additional office space (Amazon’s upcoming office on Seaport Square Block L4) and several hotels, the largest of which will be the Omni Seaport Hotel with over 1,000 rooms, expected to open in 2021.
Upcoming major residential projects include EchelonSeaport, which will offer 717 luxury residences (a mix of apartments and condos) along with an open-air pedestrian friendly courtyard which will provide access across the neighborhood and bring additional retail and restaurants. Across the street from Echelon will be The St. Regis Residences, Boston, set to offer 114 luxurious condo residences. The 106 luxury condos at Pier 4 are also nearing completion. As these new luxury buildings come online the median condo pricing, already at $1,065,000 as of Q1 2019, will only climb. Another sign demand is also growing is the decrease in days on market down by 22% in Q1 YOY.
St. Regis Residences, Boston
As part of the Seaport, The Fort Point neighborhood is also seeing dramatic change and high demand for space. Earlier this month, Related Beal acquired a parking lot along A Street for $218M. Many historic buildings in this area are also being renovated into a first-class office or luxurious residential space. Projects like The Muse offer an interesting mix of history with modern amenities and allow for easy access to everything the Seaport has to offer.
The Muse in Boston’s Fort Point features 38 condo residences
One major concern that cannot be overlooked for the Seaport is the risks associated with rising sea levels. The Climate Ready Boston initiative aims to deal with this issue and many developers are incorporating measures into their new projects to be prepared for this eventuality. As this neighborhood continues to grow and refine its identity the natural beauty of the waterfront combined with these luxurious modern homes and continually improving suite of restaurants, retail and open space, we don’t expect The Seaport to lose its status as Boston’s “hottest” neighborhood anytime soon.
For more information on The Seaport, Fort Point, or really any Boston neighborhood contact the Caulfield Properties Team, Boston’s condo development experts.
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