Will the Boston skyline elect to push heights in the upcoming years?
“Going higher is a fix to a lot of different things, from the housing shortage to taking the heavy load off the freeways into our city,” Perry Brokerage Director of Intelligence Brendan Carroll said.
Despite claims it has reached peak prices, Boston is still the third-most expensive city in the U.S. to rent. It has a cost of living nearly 40% higher than the national average, and low supply is keeping prices high. Cities around the world are in similar situations and have taken to building up as a way out of housing crunches.
Credit: Boston Globe
At the intersection of Huntington and Mass. Ave stands Horticultural Hall which will have a new owner, Marcus Partners. The building is 45,000-square feet and is scheduled for upgrades to the lobby and entrances.
According to the Boston Globe, “Horticultural Hall’s tenants include the Museum of Fine Arts’s William Morris Hunt Memorial Library, the New England Conservatory of Music, and the offices of Boston magazine.”
You can read more about the prospective updates to Horticultural Hall on the Boston Globe.
Back Bay could be getting some more height at 1000 Boylston Street from Weiner Ventures.
The parcel is a block away from the 254-foot Hilton Back Bay and 360-foot Sheraton North Tower as well as the 756-foot Four Seasons Hotel and Private Residences under construction. The 52-story Prudential Center tower is two blocks down Boylston. The complex would be on four different parcels, three of which are Mass Pike air rights plots.
If completed, 1000 Boylston will feature 182 apartments and 160 condominiums above a six-story podium composed of retail and parking. Its prominent location near the intersection of Boylston and Massachusetts Avenue is particularly complex due to the limited amount of ground the tower has for foundation.
Credit: The Daily Astorian
The roster of footwear brands with a headquarters or significant presence in Boston is vast and celebrated:
- New Balance
From The Daily Astorian:
“These companies cluster because they’re primarily looking for talent. You want to be where the people are,” said Matthew Powell, a sports industry analyst for the NPD Group, a New York-based market research firm. “They’re also trying to stay close to their consumer. Millennials are clustering in large cities, so it’s a great way to be plugged into where your consumer is.”
The moves also affirm New England – historically the nation’s footwear-making region – remains a viable center of the industry, said Nate Herman, a senior vice president at the American Apparel & Footwear Association trade group.
Seven new projects are scheduled to break ground in ’17 in Boston. Fears of a slowdown are not adopted by developers of Boston real estate.
Curbed, Boston outlines the 7 new projects slated for this year. Six of the properties are located in the Greater Boston area and one in Watertown, MA:
- 171 Tremont Street
- 700 Atlantic Ave
- A St & Necco Ct
- 660 Summer St
- Dorchester Ave & Hancock St
- Commonwealth Avenue & Brookline Ave
Trades continue in Boston’s Class B sector with the sale of 99 Chauncy Street and 101 Summer Street to TIAA from Synergy Investments for $75 million.
A recent article on the BBJ’s website notes, “Synergy sold the historic assets for a combined $75 million to a unit of TIAA, a New York-based teachers’ union pension fund with $889 billion in assets under management, according to Suffolk County deeds. Synergy’s ownership partner in the properties was Indepencia PE, a Chile-based investment advisor. The $75 million sale price is four times the combined $18.7 million Synergy invested in 2010 and 2011 to acquire the properties.”
Additional details about the class B office building sales are available on the Boston Business Journal, here.
Boston has not had a heliport since 1999 and City councilors plan to hold a public hearing November 16th to discuss the topic.
Credit: Boston Herald
From the Boston Herald:
Boston city councilors will hold a public hearing Wednesday on plans to create a commercial heliport in the Hub after a call for more information by the councilor who helped ground plans for a similar site eight years ago.
City and state officials promised to create a commercial helipad as part of their $120 million incentive package to lure General Electric to Boston from Connecticut. But the project has stalled among concerns about corporate incentives and MassDOT budget concerns.
“Establishing a helipad would likely lead to an influx of helicopters to the area, which would impact noise, air pollution and safety concerns in our neighborhoods,” the order reads.
Credit: Boston Business Journal
Due to the great recession we have fewer skilled labor working in the construction trade industry and as a result that cost has increased significantly. On a sampling of construction projects, the cost of labor could account for 40 – 60 percent of the overall project cost.
According to Bizjournals, “the result is a shortage in the supply of skilled labor in the building trades, a trend that’s enabled everyone from mechanical contractors to steel manufacturers to punch their ticket when it comes to selecting the most attractive jobs at the most competitive rates. That in turn is turbo-charging the cost of construction and, in turn, a preference among developers to favor big, luxury projects to better recoup their costs and lock in attractive returns.”
Additional information is available on the BBJ’s website.
Credit: Boston Globe
Boston’s iconic Citgo sign might go dark after the building is sold.
From the Globe’s website:
As several prominent development companies angle to buy the nine-building package [Boston University is selling in Kenmore Square], they are weighing a delicate question: how to redevelop them — as any new owner would be likely to do — without blocking or moving the sign so it is no longer so visible from so many places around the city.
Moving the sign and replacing 660 Beacon with a taller building wouldn’t be difficult, said Arthur Krim, a faculty member at Boston Architectural College and the sign’s unofficial historian. But move it much, and the views would be altered forever.
“Sightlines would be skewed,” Krim said. “Anything above 15 stories and it’d be hard to see up there at all.”
Credit: Boston Business Journal
Boston falls in the top 5 for best city for a job in the U.S. Some of the hottest opportunities are: nurse practitioner, applications developer and sales development representative.
A recent report from Glassdoor “ranked Boston the fourth-best city in the U.S. for jobs. Last year, Boston was No. 15 on the list, sandwiched between Dallas-Fort Worth and Minneapolis-St. Paul…According to the report, there are 121,498 job openings in the Boston area with a median base salary of $67,500 and a median home value of $387,400. Some of the hottest jobs in Boston include nurse practitioner, applications developer and sales development representative.”
At the top of the list for best U.S. cities for jobs was San Jose, California (No. 1), followed by San Francisco (No. 2) and Seattle (No. 3). Washington, D.C. was No. 5 on the list.