Bostons Seaport District has come out with a great deal of news
over the past year regarding Boston
Real Estate. These positive headlines are all detailing the
various development projects that are soon to reach completion and
add to Bostons already gorgeous skyline. Joseph F. Fallon of The
Fallon Co. is the man behind the masterpiece for what will be a
15-story Luxury Real Estate building with multi-use purposes as
there will be condominium, retail and restaurant dedicated spaces
all located near the John Joseph Moakley United States
Courthouse.
CBT Architects have been hired for the job which will be the
first of many residential projects Fallon plans to construct on
this 21-acre property. Expected to break ground in the middle
months of 2013, it may come as quite a shock to many individuals
about why this and other projects have suddenly erupted of late.
Well, as of 2009 there was literally a complete halt in the
development of new residential or business buildings. This, which
can be easily deduced, is largely because of financing issues due
to the economic recession. However now, with rising rents and with
a shortage of housing options yet an extremely pent-up demand for
property, investors are seeing this as the ideal time to build.
A peak at a recent moment from the end of June of this summer
shows that there were only 531 condominiums available within
Bostons core neighborhoods of the city. This, it must be shared,
was less than half of where that number stood a year ago to the
same corresponding date. Furthermore, this has caused quite the
battle for many buyers as one might imagine. Also when looking to
one-bedroom units, the median sales price over this time period
rose by 8.5% to where it stands at $410,000.
This establishment will be one of the first ownership buildings
in the Seaport District for many years and will comprise of roughly
130 residential units. However, Fallon does not stop at this. He is
also in the works with building two structures for Vertex
Pharmaceuticals Inc. which will be completed by the end of 2013,
one of which is being topped off at 50 Northern Avenue.
These and more Luxury Real Estate projects are slated for the
Seaport or Innovation District as termed by Thomas M. Menino in the
coming years. Just recently we blogged on a similar topic about
Silicon Valley
investors who are now flocking to the Seaport to develop there.
In addition, even a blog from April informed readers of all of the plans
destined for this ever-changing portion of the great city of
Boston. All in all, it must be taken as an immense sense of
accomplishment and pride for residents and the city as a whole that
investors have that needed trust and dedication to Boston for the
prolonged future. The attention we are garnering is almost
unrivaled throughout the nation. It clearly shows a strong backing
for the future economy and the Boston Real Estate industry and it
is becoming more evident that we are on the right path because of
the unshakeable demand for property that there is within our
diverse neighborhoods.