The Boston real estate market is collectively on the rise, with six impending towers set to stand at least 300 feet. None of these projects are massive in scale on their own, but combined, they fortify Boston’s continued presence on the world’s real estate stage.
The combined projects include office, retail and residential space for lease.
Curbed Boston highlights the elements comprising the project’s relative stout within the traditionally ‘height-averse’ market:
One Congress – the tallest new office building in Boston since the 590-foot One Financial Center opened in April 1984
Bulfinch Crossing residential tower – residential spire is expected to stretch to 480 feet and 45 stories, and to include 368 apartments and 55 condos.
1000 Boylston – 484-foot, 32-story residential, retail, and parking tower over the Massachusetts Turnpike.
Hub on Causeway – 1.87 million mixed-use square feet on and around TD Garden and North Station—includes a 498-foot, 38-story tower.
Back Bay Station tower – 1.26 million square feet of residences, offices, retail, and other space around and atop Back Bay Station.
Fenway Center – Includes a residential-office-garage tower of 305 feet.
Vision, patience and persistence have given Steven Samuels high marks in the real estate community with his transformation for the Fenway.
Credit: Boston Magazine
Boston Magazine put together an editorial that tracks Samuels’s personal development along with that of Fenway. Here’s an excerpt:
But the Verb and the new Fenway also tell a story about how to amass power in the most elegant of ways. Since acquiring his first Fenway properties more than 14 years ago, Samuels has united the neighborhood’s middle-class residents with top-tier financiers and the city’s notoriously fickle bureaucracy to arrive at a workable vision of what this dump of a place could become.
The construction of Fenway Center in Boston over the Pike could be getting closer. Developer John Rosenthal is looking to partner up with Gerding Edlen to get the project in the ground.
Credit: The Boston Globe
The development of “Fenway Center calls for the construction of five buildings on 4.5 acres of land and air rights over the Turnpike. The 1.3 million-square-foot complex would contain about 550 homes, 80,000 square feet of stores and restaurants, and 167,000 square feet of office space. Multiple garages, including one straddling the Turnpike, will contain space for 1,290 cars. A revamped Yawkey commuter rail station has already opened at the edge of the property, according to the Boston Globe.
More information on the Fenway Center project is available on the Boston Globe website, here. You can also read more general information on office space in Fenway on our submarket page.
Mayor Walsh is looking to offer some reprieve to the Fenway Center Project. Will this stimulus be enough for the $550 million project to get off the ground? The residential and commercial market are both very strong and seem to be poised to continue upward; the real concern is the cost of construction.
The BBJ offered some underlying details on the tax agreement:
“The proposed 121A tax agreement, first reported by the Boston Globe Monday, is intended to provide property tax relief in a designated “blighted” areas. The Rosenthal tax plan is expected to be on the Boston Redevelopment Authority agenda at its board meeting on Thursday. The state would also have to approve the arrangement.”
The full article is available on the Boston Business Journal’s website.
Will the new mayor offer concessions where Menino wouldn’t? Fenway Center is an aggressive project that bridges the Turnpike between Fenway and Kenmore. Over the years, projects like this have fallen short due to the cost of construction and the inability to secure appropriate financing.
According to The Boston Globe, the developer of Fenway Center is asking for a significant tax break for the new project:
In a last-ditch effort to save one of the city’s largest construction projects, developer John Rosenthal is asking Boston Mayor Martin J. Walsh’s administration for a $7.8 million tax break to help build a massive complex of buildings near Fenway Park…“John’s a good man and I know he’s been working on this project for a long time,” Walsh said in a recent interview with The Boston Globe. “We’re going to look at [his proposal] and do what’s best for the city.”
Credit: The Architectural Team via Boston Business Journal
Does building over the Turnpike have to make roadblocks? Projects of this nature — like Fenway Center — simply take time and patience.
Amid a number of delays, the BBJ has directed it’s readers to one of the project’s positives to date:
“one part of the development is nearing completion. The new $13.5 million Yawkey Commuter Rail Station reconstruction project, a major component of the development paid for by the state, is underway and ahead of schedule and could be open in a few months.”