Technology and real estate are not words that traditionally occupy the same sentence, but Jamestown has managed to make this happen at the Innovation and Design building in the Boston Seaport.
According to Promodo.com, “One of the powerful things about using technology to connect and inform tenants is that managers are able to understand their occupants on a much higher level. ‘By getting a look into what tenants are engaging with on the app, we are able to help landlords and property managers better serve their tenants and increase retention,’ Garbarino said. ‘We’re able to tell them how many tenants are actually aware of the property amenities, which they are engaging with, how often they engage with different content on the app and more.'”
The influx of GE jobs may bring Seaport improvements along with them. Traffic in and out the Seaport offers frustrations beyond which Waze can redirect. Let’s hope we see much need infrastructure upgrades.
According to the Boston Globe, “Tucked in the agreement to bring General Electric Co.’s global headquarters to Boston is a commitment from the city to spend as much as $100 million to reopen the Old Northern Avenue Bridge, while the state will kick in $25 million to improve roads, pedestrian walkways, and bike lanes throughout the Seaport District…The money, city and state officials said Tuesday, is beyond what they publicly pledged to encourage the industrial conglomerate to relocate about 800 employees from its home office in Fairfield, Conn. The GE deal, announced last week, included up to $120 million in state subsidies for property and infrastructure expenses and as much as $25 million in tax breaks from the city.”
You can read more on the financial overtones of GE’s move to the Seaport on the Boston Globe’s website, here.
Trades continue to happen in the Seaport with W/S Development buying 12.5 acres for $359 million.
Banker&Tradesman reports “the parcels, which stretch from Northern Avenue to Summer Street, are the last available developable tracts within the master-planned Seaport Square that is reshaping the waterfront…They’re preapproved for 2.8 million square feet of development, including 1.25 million square feet of residential buildings, 500,000 square feet of stores and restaurants, 400,000 square feet of office space and three hotels. The land also includes a park currently being built between Seaport Boulevard and Northern Avenue, and the completed Q Park on Stillings Street.”
You can read more about the final developable area within Seaport Square on B&T’s website, here.
The skyline in the Seaport continue to change with the approval of 3 more towers Boston Civic Design Commission.
According to a recent Boston Globe article, “the Boston Civic Design Commission gave its approval to the plans for three 22-story condo and apartment towers and retail along Seaport Boulevard. It’s the final city approval needed for the $700 million project, said Nick Martin, a spokesman for the Boston Redevelopment Authority…Unlike many developments in the Seaport, which have been criticized for being overly boxy, these buildings are designed with staggered heights and different shapes arrayed around an elevated podium with retail on the 3.5 acre site. It would include about 1,100 condos and apartments,- with the exact mix to be determined by market conditions – and 125,000 square feet of retail space. The buildings will be built on two blocks between Seaport Boulevard and Congress Street, between B Street and East Service Road.”
The BBJ is reporting that LogMeIn “plans to add 450 jobs during the next five years with the help of about $2.5 million in tax breaks from the city. It could begin housing the first crop of new employees at a 100,000-square-foot space at 333 Summer St. in early 2016…It recently struck a tentative agreement with the landlord to take over the vacant space across from its headquarters at 320 Summer St., where the company currently employs 400.”
Boston continues to expand into the Seaport. The once-famed $7-per-day-dirt parking lots have been replaced with corporate office space for the biotech industry, law firms, financial services and newly funded technology companies. Did this happen overnight? Well, no. The Ted Williams Tunnel to the airport, and onramp to Mass Turnpike East and West fostered accessibility and spurred new opportunity. That level of infrastructure was the catalyst of for our current development cycle, combined with demand for residential and office development.
The Boston Globe states:
“The new face of Boston’s Seaport is the old face of the city’s downtown. The lawyers and accountants who are financing the waterfront construction boom are abandoning Boston’s historic commercial center for something newer and more exciting. This exodus is opening up cheaper commercial space for creative firms and tech companies…Boston’s downtown and its waterfront are slowly swapping identities.”
The Seaport continues to attract tenants along with owners. Suffolk Construction has tossed its hat in the ring to file plans with the Boston Redevelopment Authority for a new 125,000 RSF facility.
According to Bizjournals.com, “Suffolk Construction Co. is planning to leave its longtime headquarters on Allerton Street in Roxbury for a new building it proposes on Harbor Street in Boston’s fast-growing Seaport…Suffolk is planning to build a 125,000 square foot building in the Marine Industrial Park to house the company’s 450 workers.”
Jump over to the original article from the BBJ Morning Buzz, for additional details.