We all agree, finding garage parking in Boston can be a challenge. What about parking under the Charles River or under the Fort Point Channel?
Image Credit: Curbed
In a recent article the Boston Globe notes, “in a city like Boston, where the most parking-starved areas are surrounded by water, the payoff could be significant: helping to reduce the pollution and traffic caused by drivers circling the block hunting for spot, making parking more affordable, and freeing up more street-level space for other uses.”
The Globe article also includes the following comment of the feasibility of such an undertaking:
“It’s definitely very possible,” said Arthur G. Stadig, vice president of Walker Parking Consultants, who said a client of his Boston firm — whom he declined to identify — recently toyed with the idea of extending part of a planned parking garage into the harbor…It’s just a matter of is there that right combination of a development that’s close to the water, needs the parking, and is feasible from all different aspects,” including cost and securing regulatory approvals.”
GE on Thursday said that it has reached a deal with Procter & Gamble to buy a roughly 2.5-acre piece of Gillette’s South Boston campus along Fort Point Channel, near the Summer Street Bridge and a short walk from South Station.
There, the company plans to rehab two empty brick warehouses — relics of the industrial waterfront — and construct a new building on a portion of an adjacent parking lot. There will be a large sign visible from downtown and public space that will showcase GE’s storied history. The location is firmly in Fort Point, a funky neighborhood full of smaller tech and creative firms that GE wants to tap as it transforms its business.
Best eats in the Seaport/Innovation/Fort Point area of Boston for startups. What does where you dine say about where you work? Bostinno.Streetwise.co has put together a handy reference to reflect the “favorite spots to hit after a long at the office” in the Fort Point neighborhood.
The article includes the following venues, and is available on the Bostinno website:
The Seaport continues to show the market that it’s going to remain a dominate force in the Boston office market. Rents are up, vacancy is down and demand is strong. The challenge is the only new construction is Class A, so if you are seeking updated brick-and-bean, wait in line or be prepared to pay for it.
Indicative of the Seaport neighborhood’s appeal, BostonSF.com reports HFF recently closed a “$105.625 million sale of 3-building office portfolio Boston’s Seaport District…HFF announced that it has closed sale of three best-in-class, creative office assets totaling 221,064 square feet and 35 parking spaces.”
You can read more about the significant, three-building office space sale in the Seaport on Bostonsf.com.
“Lease agreements have been reached with each of the new tenants to occupy more than 21,450 square feet of existing space on the lobby level of Fifty Northern Avenue, one of two build-to-suit towers – along with Eleven Fan Pier Boulevard – housing Vertex Pharmaceutical’s global headquarters…Starbucks Coffee Company’s Fan Pier location will occupy 2,100 square feet of street floor space, which is expected to open in the summer of 2014.”
The skyline along Atlantic Avenue overlooking the Seaport/Innovation district will have some new company in 2014.
The Boston Business Journal is reporting potential development on the former James Hook & Co.’s waterfront building:
the Hooks are proposing a building of undetermined size on the site at 436-440 Atlantic Ave. to house a “rustic” lobster restaurant on the ground floor. It is unclear whether the building would contain offices or apartments.
Connecting North Station to South Station would be great, but better would be Back Bay to the Seaport. Boston is on track to continue to invest in infrastructure that better our places to work and live. The use of track 61 will be a welcome addition to those that travelers to and from the Seaport/Innovation District.
The Boston Globe is reporting that “the state, with no fanfare, has set aside tens of millions of dollars to launch an innovative train service on a dormant rail line between a pair of the city’s most vital neighborhoods: the Seaport District and the Back Bay…The service should be ready to go in just two years.”
Office tower at 100 Summer St. in Boston’s Financial District
Why are tech tenants looking at the Financial District? Value, access and availability. Currently the Financial District is the only submarket that has it all. Rents within the Class B segment can still be achieved in the mid to upper $30’s PSF while comparable spaces in Back Bay would trade in the mid to upper $40’s PSF.
A Banker & Tradesman article explains the attraction of the Financial District, quoting Ben Heller, a managing director at Jones Lang LaSalle:
“Tenants increasingly view the Innovation District, Fort Point Channel and Financial District interchangeably when scouting office locations…the infill of residential and destination retail is really making an impact on office space there.”
Since Commonwealth Ventures has secured State Street for Channel Center their next focus will retail and rental apartments to cap off their 13 year project.
A report in The Boston Herald notes that “the State Street office project may effectively cap off Channel Center, but the developer still has work to do to bring more residents and retailers into the Fort Point Channel complex…renovations will begin soon in two buildings to create 39 apartments, 33,000 square feet of office space and additional storefronts.”