Credit: Curbed Boston
Could the Midtown Hotel site be the home to the next office or residential tower in Boston Back Bay? Speculation says Back Bay would be most receptive to height.
A sale of the one-acre site would likely lead to a much larger building in the 159-room hotel’s place, per the Globe’s Tim Logan. And that sale would likelier be on the pricier side, reflecting the skyrocketing land values of prime development sites in downtown Boston in general.
For instance, the MidTown site’s lease could go for as much as $80 million—$15 million more than developer Carpenter & Co. paid in 2014 for the smaller site that became One Dalton, which is on its way to being one of the five tallest towers in New England.
Additional information is available on Curbed Boston.
Credit: Boston Globe
The South End is not known as a large office market with only 13 buildings totaling 928,626 square-feet, according to CoStar; however, a new 11-story office building at 321 Harrison Ave. overlooking the Massachusetts Turnpike was recently approved.
From the Boston Globe:
The $80 million project, to be built by Burlington-based Nordblom Development Co. and New York-based investment firm Rubenstein Partners, would be the first new office building in a section of the South End that has seen a flood of housing development in recent years — more than 1,000 apartments and condos within a few blocks.
The mid-rise, with 230,000 square feet of office space on eight floors above a three-story garage, would stand alongside and share a lobby with an existing office building next door at 1000 Washington St. that houses state agencies.
Credit: Banker & Tradesman
Growth is inevitable, but where and when it happens fosters much debate. Dot Ave appears to be in the crosshairs of the next development boom for Boston.
According to Banker and Tradesman, “the South Boston Dorchester Avenue plan sees potential for up to 16 million square feet of new development on 144 acres of predominantly industrial parcels over the next two decades. The product of a 10-month study and community review, the plan will go to the Boston Redevelopment Authority board of directors for approval this summer…The study anticipates that the forces of gentrification that have swept through other sections of South Boston and the South End will transform the corridor, which is bookended by the Broadway and Andrew T stations.”
You can read more about the development of Dorchester Avenue on B&T.
The new norm is ‘where can we build more options?’ 1000 Washington Street could be the new home of office space on top of the existing garage.
A BBJ report notes, “Nordblom Development Co. has proposed building the office space at 321 Harrison Ave., a parcel that’s adjacent to an existing 11-story office building and 300-space parking garage. The existing office, located at 1000 Washington St., is primarily leased by the commonwealth’s division of capital asset management and maintenance…Nordblom’s proposal states it would build the office as “an addition to the existing parking garage… with a new lobby and significant pedestrian realm improvements.” The project would take 60 spaces away from the garage.”
You can read the full BBJ article, here.
Credit: Boston Herald
What’s in a name? In short, research. The goal is for the name to project the building’s identity and brand to its current and future prospects.
From the Boston Herald:
Krista Bourque, creative director of Branding Iron, a real estate branding studio inside Boston architectural firm Stantec, says a lot of research and thought goes into a name, including the history of a site, the surrounding neighborhood and an evaluation of the strengths and weaknesses of the competition. She says a building’s name is a big part of its brand identity and how a property is perceived by its investors, potential buyers or renters.
“Giving a building a name is about giving it a personality and creating an image that differentiates it from the competition,” adds Brenda Adams, owner of Adams Design, who has been naming projects since 1990, including the South End’s Penmark and North Station’s Strada 234.
Credit: Boston Globe
The city of Boston continues to expand by building more residential and office buildings in areas once thought too far from the mainstream. Industrial and flex users have felt that impact along with office tenants that occupied old industrial buildings that have gone through complete renovations. $12 PSF office rents in the Boston Wharf portfolio from 15 years ago are now in the upper $40’s PSF.
From the Boston Globe:
Yet as real estate prices surge and development pushes into places that were long neglected, the pressures are rising on industrial space all over the city. Boston has just 3.6 square miles of land zoned for industrial use, less seemingly every week. Two prominent properties in the South End, for example, Quinzani’s Bakery on Harrison Avenue and the Flower Exchange on Albany Street, are being sold to developers.
“Not everybody works for Fidelity or Vertex,” said Michael Vaughan, a development consultant who is helping the food wholesalers in Widett Circle negotiate a potential move. “This is how people earn a good living and stay in the city of Boston. The challenge is how do you make sure there’s room for them in a very land-poor city.”
The Church of Scientology of Boston has decided to sell — rather than renovate — the Alexander Hotel on the corner of Mass. Ave. and Washington Street in the South End. The asset was acquired in 2008 for $4.5 million and is no longer large enough to accommodate the church’s needs to in excess of 50K square feet.
A BBJ article notes “the property has not yet been listed for sale, but several developers have already been in touch with the church…A listing broker was not disclosed.”
You can read the Boston Business Journal article on its website.