As the days of the Menino administration come to a close, the BBJ reports that the Boston Redevelopment Authority has approved projects that include hundreds of new housing units in Boston.
Eight hundred of them (800) would be at the redeveloped Government Center Garage. But that’s a 10-year project.
Of more immediate interest is the other 193 units recently OK’d by the BRA:
– A $9 million residential development at 50 Symphony Road — 20 condos.
– The Forecaster Building, a vacant building in the Bulfinch Triangle at 121-127 Portland St. — 80 residential units.
– An $8 million mixed-use project at 11 Dorchester St. – 30 residences.
– A $12.5 million renovation of a South Boston church — 29 condos.
– A second project adjacent to the above Residences at St. Augustine — 34 condominiums.
File under: More, please
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Thanks to FEMA’s new flood-zone map for Boston, there’s going to be a lot of shocked and angry landowners in the city when they get slapped with demands that they have to buy flood insurance.
How many properties are we talking about?
From the Globe:
The proposed maps, released Friday by the Federal Emergency Management Agency, could more than double the number of residences considered in danger of flooding to about 18,000 from 8,000. The number of businesses affected would also balloon from 250 located primarily along the city’s wharfs to nearly 4,000 stretching as far inland as downtown Boston.
The FEMA maps are here, if you can figure them out. The Boston Globe map, which can’t be accessed from behind its firewall, shows virtually the entire Seaport area now within a flood zone.
And, no, Noah’s Ark isn’t going to save them.
File under: Get your own ark.
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Jennifer Athas is asking: Where have all the condos gone?
From her Herald piece:
Boston is in the middle of a historic residential building boom — but where are the condos?
Tracy Campion, owner of Campion and Company, a Boston luxury residential brokerage, said inventory in the city is dramatically low.
“Many buyers come to town and we don’t have enough products for them to buy,” she said.
Boston’s condo inventory is down to anemic levels with only 617 condominium units on the market for sale, according to MLS PIN. The last time the Hub went below 1,000 available condominiums for sale was in the 1990s.
Unfortunately, a slew of new condos won’t be coming on the market for a while. Hopefully, that will change, as builders realize the demand now is just as much for condos as it is for apartments.
And what the heck. Below is The Searchers singing “Where Have All the Flowers Gone?”
Enjoy. And have a great weekend!
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The proposed Government Center Garage redevelopment was approved by the city yesterday.
The good news: It will have 800 housing units by the end of all the 10 years of construction.
The sort of bad news: The units will be mostly, if not entirely, apartments, not condos. At least that’s the way we read the article.
Not complaining too much. The city and state need any type of new housing these days. But there’s also a need today for new condos as well. See above post for more on this topic.
Read other posts about: Boston apartments, Boston Real Estate
It seems Suffolk Downs has what might be called a Plan C, not to be confused with Plan A and Plan B, if it can’t build a casino in Revere and if its racetrack falters, which may well happen if a new gambling resort opens soon in the Boston area.
From the Herald:
Sterling Suffolk Racecourse’s new preferred plan is to build its casino entirely on land in Revere and preserve the racetrack as a separate East Boston operation, according to Chief Operating Officer Chip Tuttle. But it has three alternate plans for mixed-use projects encompassing both sites should the casino and racetrack prove unfeasible.
“They’re based on the reality that this is 161 acres of very attractive development opportunity that could be a massive mixed-use (project),” Tuttle said, referring to the combined East Boston and Revere site. “There’s a lot of options.”
It makes sense. That property is indeed hugely attractive for development, as long as they can hide the hideously ugly oil tanks near the entrance to Suffolk Downs.
Now the big question: How much do you want to bet that a mixed-use development is going to happen?
We’d say it’s now highly likely, in the long-term, if the racetrack can’t secure a Revere casino deal. The state has already signaled it doesn’t like the Revere idea, so Plan C may be Suffolk Downs’s only option down the road.
The map above, via Suffolk Downs, shows the footprint of the racetrack, with it’s proposed Eastie casino just to the left of the track. That deal, the original Plan A, is now history due to the rejection of a casino by East Boston voters earlier this month.
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Westwood’s massive mixed-use development, known as “University Station,” will finally break ground soon, after years of municipal negotiations and subsequent financial woes caused by the 2008 Wall Street debacle.
The plan includes more than 600 new housing units, every one of them desperately needed in Massachusetts.
But here’s the hitch: They’re all one- and two-bed room units.
Scott was definitely on to something when he noted that most towns now require no more than 2 bedrooms in units, as way to keep families out of their schools systems.
But we’ll still take the 600 units. They’re definitely needed in Massachusetts.
Design sketch via the University Station web site.
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Suffolk University this week plans to break ground on its new 10-story classroom building at 20 Somerset Street later this week.
Fear not: It doesn’t include dorms.
That anti-dorms battle was won years ago by Beacon Hill residents, who feared the neighborhood was being overrun by college students, aka like Allston.
Read other posts about: Beacon Hill Real Estate
Many banks, including TD Bank and Bank of America, are loosening credit standards and are now making loans with down-payments as low as 5 percent.
The reason is somewhat simple: Rising home prices.
There’s simply not as much risk to lenders if they know they stand a reasonably good chance of recouping their money — and the best way of recouping their money in the event of default is rising, not falling, home prices.
Read other posts about: Finance-Mortgages
Talk about a real-estate sea change: Downtown Crossing, aka the Midtown, is suddenly a hot market.
Wasn’t it only a few years, if not months, ago that it was derided as the home of the Big Pit and condos that couldn’t sell?
Well, condos at 45 Province are selling swiftly and there’s more developments in the pipeline for the area.
Let’s be clear: It’s not the same as the Back Bay real-estate market, even if prices currently seem to favor Downtown Crossing (propelled by recent 45 Province sales, mostly).
Still, what a turnaround.
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You read a lot about how the city of Boston is truly leading the state when it comes to building new housing, with literally thousands of new units either being constructed or currently in the planning pipeline.
You can’t say the same about other communities across the state.
But you have to hand it to Somerville: It’s doing its part to relieve the housing crisis.
The latest example: Berkeley Investments’s plan to build a new 34-unit apartment building/complex at 625 McGrath Highway. Its a modest number of units, sure, but it’s just one of many projects approved by Somerville in recent years.
File under: More housing construction, please
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