New Developments Planned For Seaport District
Within the last few years, Boston has experienced unprecedented growth in its residential and commercial real estate markets. A number of districts throughout the city are now the sites of new property developments that promise to create new buildings for housing, restaurants, hotels, and more.
Among these Boston neighborhoods, the Seaport area remains popular with both commercial and residential developers. As one of the busiest and most accessible districts in the city, it provides the ideal location for developments that are designed to accommodate both residents and visitors to Boston.
Specifically, the new development projects in Seaport include the construction of one of the biggest hotels in New England as well as the largest number of for-sale housing. However, this new construction is but a few of the developments currently in the works for the Seaport district.
Recently Completed Seaport Developments
To get an idea of the appeal and luxury that can be found with developing the Seaport district, one need only look at some of the newest buildings in the neighborhood to open to the public. For instance, a recently built luxury hotel in Seaport boasts six floors that house more than 136 rooms and suites.
The hotel also offers a 4000-square foot bar for guests. It opened in September 2017, one year after developers broke ground on the project.
It joins recently opened buildings offering permanent housing to Boston residents. Located at 85 Seaport Boulevard, the newly built Watermark Seaport has been acclaimed as an ultra-green and ultra-modern development.
This apartment complex features a 17-story tower that houses the development's luxury apartments. The tower is paired with a smaller six story building that houses the complex's upscale lofts.
In total, the housing development offers 346 units including 44 micro-apartments. The studio micro apartments, which will offer basic accommodations like a kitchen, bathroom, washer and dryer hookups, and a small sleeping space, are expected to appeal primarily to commuters or busy professionals who do not need traditional home-like apartment settings. Nonetheless, some of the modern amenities that residents get access to while living in Watermark Seaport include 24-hour concierge services, indoor biking storage, and a shared 18th floor panoramic viewing deck.
Further, the rents for these move-in ready units are touted as among the most affordable for the Seaport district. A studio apartment rents for $2300 per month while a one-bedroom leases for $2700. The rent on a two-bedroom apartment in the complex averages $4200, and a three-bedroom apartment rents for $4300. These rental amounts make the Watermark Seaport one of the most reasonable complexes in which to live in the neighborhood.
With the appeal and accessibility to the district, it is little wonder that more developers continue to choose Seaport over other parts of the city in which to build. City authorities have given their permission for a number of other projects to get underway in the area. The hotels, apartment complexes, businesses, and other buildings in Seaport will soon be joined by these newest creations in the near future.
New Seaport District Real Estate Projects
On November 16, 2017, the Massachusetts Port Authority gave its approval for a long term lease on a new two-building project in the Seaport district. The two buildings will feature 304 apartment units as well as a 294-key hotel. They will be located at 315 Northern Avenue across from the Blue Hills Bank Pavilion.
The development was altered from its initial plans that included a major brand extended stay hotel. The extended stay option eventually gave way to the project that now encompasses both the apartments as well as traditional hotel accommodations.
Even so, the entire development will be constructed on raised platforms to allow for maximum use of space. Under the raised platforms, more than 450 parking spaces for the complex will be created.
Once the project is finished, it will offer more than 20,000 square feet of retail and restaurant space. It will provide comfortable and practical overnight accommodations for visitors to the pavilion as well as longer term housing for Boston residents.
This new development is viewed by many as a definite improvement for the 12.5 acre property. It currently is regarded as little more than a spacious parking lot. However, its planned improvement and construction bring to an end years' worth of planning for this location in the Seaport district.
Additional Upcoming Seaport District Real Estate Projects
The two-building development at 315 Northern Avenue is just one of the projects currently underway in the district. Another real estate developer has plans to create more than 3200 residential apartments and condominiums in the Seaport district. These units will be paired with a 500,000 square foot hotel, one of the largest to be found in New England, as well as buildings that will offer spaces for civic purposes.
Specifically, the upcoming projects include the creation of the Echelon Seaport, which will feature 733 residential units, 448 of which will be luxury condominiums located between the project's planned two towers. This development will offer the largest number of for-sale housing in the area.
Located at B Street and Seaport Boulevard, Echelon Seaport will have a 19,000 square foot community plaza and another 125,000 square feet of retail space for businesses and restaurants. Developers plan on creating hundreds of parking spaces for the area as well.
Another building being planned for 399 Congress Street will offer 414 modern, move-in ready units. The building notably has a sausage-like appearance. However, in addition to its more than 400 residential units, of which 63 will be designated as affordable housing, it will also offer 144 parking spaces located in its planned three-story garage as well as 12,000 square feet of retail and office space.
Yet another apartment complex, this one spanning three separate buildings, will be located between East Service Road and B Street. Once completed, the complex will offer 800 condominiums and 350 luxury apartments.
The development will also include more than 125,000 square feet of retail space, albeit with no grocery store for people who live in the complex. Residents and shoppers to the development will have access to a public courtyard and public walkways.
The three buildings will feature step-like staggering heights and maximize views of the city from within the complex. The profile of the new development is predicted to add variety to the neighborhood's skyline.
The planned project for One Seaport Square will also add an interesting dimension to this particular Boston district. This luxury development will consist of a single 22-story building.
The building will house 832 upscale apartments and offer more than 260,000 square feet of retail space. The developers also plan to add a 41,375 square foot movie theater to the building's third floor.
In total, the development will span 1.1 million square feet. It is predicted to occupy around 17 percent of the available space in the larger Seaport Square. However, it will also provide much-needed housing for Boston residents and should ease the housing crunch currently being experienced by the city.
Finally, a luxury hotel is scheduled to be built directly across from the the Boston Convention and Exhibition Center. This hotel, which is being built at D and Sumner Streets, will offer more than 1000 rooms and the a 25,000 square foot ballroom, making it the second largest in Boston. All of the rooms and public spaces will be housed in two 20-story towers.
The $550 million luxury hotel will also have 120,000 square feet of meeting space, 40,000 square feet of space for retail and commercial use, and a spa that spans more than 8500 square feet. It will also be close to the nearly finished headquarters for Reebok at 25 Drydock Avenue.
The hotel's creation is expected to remedy the area's problem of a long standing lack of accommodations and venues for trades shows. It also will facilitate the much anticipated expansion of the adjacent convention center to which it will be connected through an existing underground tunnel. The project will break ground in 2018 and be ready to open in 2021 if it stays on schedule.
Of course, not everyone who visits the Seaport district wants to stay in a luxury hotel. To save space, money, and time, visitors may fare just as well by staying in compact hotel rooms that span less than 250 square feet.
These mini-hotel rooms, referred to as cabins in this niche of the hotel industry, are now available in the Seaport neighborhood. These accommodations range from 149 to 250 square feet rooms. They come with the basic amenities like linens, a double bed, and in-room refrigerators.
They likewise have technological comforts like smart TVs and WiFi. Guests are also welcome to use the building's 24-hour gym, club lounge, and rooftop lounge.
Seaport recently welcomed its own mini-hotel or cabin facility, which offers 326 of these small spaces in an 11-story building. Interestingly, the building has a 1000-square foot VIP suite located on its top floor. Guests can take advantage of nightly rate specials on the VIP suite and cabins that are being offered to mark the business's opening in the Seaport district.
The emphasis and appeal of the hotels as well as other commercial and residential developments in the Seaport district is being placed primarily on offering both cultural and civic spaces that should benefit the entire city of Boston. Developers want to create a diverse neighborhood that will be appealing and accessible to people who live in the city as well as people who visit for business or personal reasons.
While many of the developments will undoubtedly fulfill the city's need for additional housing and retail and office space, the Seaport district may also become the home of what local artists refer to as a cultural corridor. In fact, Boston initially planned to build a massive 200,000 square foot performing arts center in this district. However, local artists and their supporters decried the decision, saying that such huge spaces are not necessary for artistic purposes and that smaller venues are in much more demand in major global cities today.
Critics of the city's decision to scrap the PAC argue that the approval of the cultural corridor was little more than a bait and switch to promote commercial development of the area. However, a 2010 plan for the Seaport district did in fact stipulate that the performing arts center development could be shelved if there was not enough local support or funding for it.
Regardless, the entirety of all of the projects currently underway, from the planning of apartment buildings to new hotels and businesses, will result in the creation of more than 5500 parking spaces. The median of Seaport Boulevard will likewise be redesigned to add to the modern appeal of the area.
Finally, amid all of this development, the Seaport district will also feature a one-third mile promenade, planned to be named Harbor Way. The Harbor Way promenade will begin as a staircase on Summer Street and will continue to progress down a 24-foot grade change through Seaport to Waterford. It is expected to become a major tourist draw in the Seaport district.
New real estate developments can be found throughout the entire city of Boston. Developers continue to create apartments and condominiums to relieve the city's housing market crunch. They are adding millions of square feet that will be occupied by hotels, restaurants, and other businesses that want to call Boston their home.
While Boston has a number of different districts that appeal to real estate developers, the Seaport district in particular holds a significant amount of appeal and value. It is located in the heart of one of the busiest areas of the city. It is also conveniently located to the major public transportation routes used by shoppers, commuters, and others traveling in and out of the area.
With that, it is little surprise that the Seaport district is currently the hub of innovative real estate development projects. These modern projects will offer housing, retail and civic spaces, and cultural venues.