Development Updates in Boston:
Steady job growth, rising home equity, and growing demand for homes among an aging millennial population leave real estate developers hopeful that Boston’s market will remain strong this year. Given strong fundamentals, commercial developers have begun working on several mixed-use and office projects in the area. Check out the exciting projects in planning, underway, and recently completed in the Boston Metro Area.
New Project Over the Massachusetts Turnpike
Boston-based real estate developer Samuels & Associates has teamed up with New York general contractor, Suffolk Construction, to construct two new buildings over the Massachusetts Turnpike. Called Parcel 12, the development is the first air rights project of its kind in the area and will be a headquarters for CarGurus Inc. and a CitizenM Hotel. Parcel 12 is in the early stages of construction and, once completed, will include a public plaza and improved transit infrastructure for those who live, work, and vacation in the area.
60 First Street Mixed-Use Project Completed
Anchor Line Partners, a Boston-based investment firm, recently completed a mixed-use project at 60 First Street in East Cambridge, Kendall Neighborhood. The project is part of the Cambridgeside Galleria redevelopment and will include 650,000 sq. ft. of lab, office, residential, and retail space.
Planning Continues for South Station Tower
Global real estate firm, Hines, is planning a 51-story South Station tower that will stand approximately 700 feet tall. The project will include the construction of 166 luxury condos on the upper 16 floors of the tower, a new bus terminal, and an expanded outdoor concourse, which will be completed in the summer of 2024. Hines will prioritize sustainable design and historic preservation throughout construction.
Tag(s):
Massachusetts Digest