million luxury apartment project on the East Boston
waterfront
With a great deal of development occurring all
throughout Downtown Boston, the
Seaport District,
Waterfront, Back Bay, South End, Cambridge and more,
one of the next hot spots is undoubtedly East Boston. A place that
is touted to create big buzz for the future of Boston real estate,
East Boston,
sometimes referred to as Eastie, is a location
with immense potential where some fantastic deals can be had today.
One area in particular where this takeoff is expected to occur is
the waterfront portion of East Boston.
Two large residential projects are already in the
pipeline with one having started construction. ‘Portside at Pier
One’ is a $67 Million luxury is an apartment complex backed by the
developers out of New Jersey known as Roseland Property Co. This
endeavor commenced construction just over the past year.
Furthermore, ‘Boston East’ is another initiative at East Bostons
waterfront will see a $87 Million project encompassing two hundred
apartments along Border Street to be built. This second development
is slated to gain its permit from the State of Massachusetts by
December. The positivity does not end there in East Boston as
Trinity Financial are now closing in on the purchase of a 7.5 acre
former marine rail and shipyard for $2 Million with plans to
develop in the near future.
Trinity Financials Project Manager, Abby Goldenfarb,
came forward to comment on this purchase and East Bostons
noticeable strides in real estate and development as of late by
stating, East Boston is the
next frontier in the city of Boston for development. A combination
of Roselands project and the market coming back created the perfect
timing for us. The question is whether we can create a project that
will attracts those rents. We think we can, we just need to
convince investors.
The rents being sought for East Bostons new
developments is anywhere from $3-$3.50 per square foot. Figures
like this have yet to be achieved in Eastie, as this would
translate to roughly $2,800/month. With the market upwardly
trending as it is throughout Greater Boston and the broader United
States in this economic and housing rebound, it seems inevitable
that prices both for the purchase and leasing of real estate are
due to continue rising. For East Boston, this
optimism will only attract further investment and development in
the area going forward. As a result, the job and real estate
markets in East Boston will
thrive, with local businesses experiencing a new level of
prosperity previously unbeknownst to them.
More Information: Boston Business
Journal