No Boston
Olympics? No problem! The Boston 2024 Real Estate Committee
believes that the 83-acre plot of land in Widett Circle still has
the potential to add value to the future Boston Real Estate market.
The Midtown Development Planpresented by Boston 2024 emphasized in
their proposal the build out could “proceed with or without the
Olympics.”
Members of the Boston 2024 real estate committee constructeda
plan that would make Widett Circle the next Copley Place. As we
know, Copley Place connected the South End and Back Bay many
decades ago.The laid out plan for Widett Circle wasto connect the
South End, South Station and South Boston together creating a
booming area for future tenants. A site that runs alongside the
Redline, with the Olympics the idea was to create a mixed-use
development with 7.89 million square feet of office, residential,
and retail space creating a long-term benefit for the city.
Now that the Olympics are not involved, the decision on how and
if the development will move forward lies in the hands of the
Boston Redevelopment Authority. Many believe that this project may
be accelerated considering the stress of an Olympic stadium being
built is now removed. However, there is talk that the feel of this
development will change.
One other consideration is building a permanent New England
Revolution stadium. As we know, Boston is a tourist attraction in
itself and the in-town stadium would attract more international
visitors not only increasing the Revolutions sales but also an
increase for the businesses in the area.
Although the Olympic games would have added over thousands of
jobs, housing units and an increase in revenue, the city of Boston
is not at a total loss with the bid removal. The city has made it
clear that Widett Circle is still a priority.
Widett Circle is the citys next major scheme as the Boston
Redevelopment Authority continues to develop their proposal of
Imagine Boston 2030, its citywide master plan. This Midtown
areawill not go to waste as their planning department is now
studying the site to determine how best to catalyze future growth
along the road. This 80-plus-acre site on transit in the middle of
the city is extremely valuable for the future of Boston real
estate.
Source: Boston Business
Journal