Boston is expanding at a
rapid rate with countless plans for new office buildings, business
districts condo and apartment buildings. Mayor Menino has been
making a strong push to help redevelop many of Bostons neighborhoods with projects
that should get underway within the next year. The waterfront in
East Boston has been
one of these areas of particular interest, and now South Bostons
waterfront is taking flight with exciting developments of its own.
We recently blogged about the East Boston Real Estate
Redevelopment Project.
Boston real estate
is taking off and now more than ever there is an extremely high
demand for living space. Due to the vast amount of universities and
young people surrounding the city and looking for work, its vital
that these bright minds beginning to live on their own have a
smaller place all to themselves. With the tech-sector increase,
these young individuals are looking for places to simply commute
from that perhaps gives them a small space to do work in. Well,
this is the hope and expectation that the developer John B. Hynes
III is counting on.
So, with that said, Hynes and his team will soon break ground on
three buildings as the Seaport Square project in South Boston with 150
total units that will all be roughly 400-500 square feet and would
garner a rent of $1,500-$2,000 per month. Furthermore, there are
places to be built in the often mentioned Innovation District as
well. These smaller studios, also known by many as
micro-apartments, are set to get underway by architect, ADD Inc.
The locations for these projects are at 63 Melcher Street, 381
Congress Street and 411 D Street. Some of these units will only be
reaching 375 square feet and will still be going for $1,500 every
month.
These seem like staggering figures, especially when taking into
account that John Henry, owner of the Boston Red Sox and Liverpool
Football Club in England, has a pool three times the size at his
Brookline mansion. However, it must be known that Boston has the highest
percentage of young residents, aged 20-34 years old, of any city in
the United States! This number, at 35% of our population, coupled
with the lack of housing aspect that the city is facing makes it
increasingly crucial that communities of smaller units be built,
and in a hurry.
These smaller apartments will encourage those residents to
branch out from their living spaces. This is because a plethora of
communal spaces will be built that can even be rented out if people
are hoping to host an event or entertain friends and family for an
evening. Although the price per square foot seems generally high,
these values are at least half the cost of a typical one bedroom
unit in Boston. Young people do not
necessarily always need such a vast expanse of square footage in a
one bedroom, thus why these future communities will be far and away
one of the most desired places to be for our younger
generations.
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