While commercial real estate demand in the Boston area remains low relative to pre-COVID levels, developers are finding fruitful opportunities predominantly in the way of medical labs and affordable housing. Moreover, multiple developers are seeking approvals for waterfront projects in the Seaport district.
Harvard’s neighboring communities were not fond of a housing deal situated in Allston, deferring a vote to the BPDA (Boston Planning and Development Area) where the project was just approved.
Dallas-based Trammell Crow Company and Invesco are teaming up on a 6-story lab project in Lexington. Construction of the 335,000 square foot life sciences project is set to begin in August 2022 with an expected completion year of 2024.
Harvard University got the green light on the first phase of their sizable research enterprise campus in Allston. The project will bring a lab/office building, hospitality, and over 300 apartments, 25% of which will have income restrictions.