Last week, it was announced that a major investor in the Fort Point Channel neighborhood had put several of its properties up for sale.
This was seen as a sign of weakness in the market.
Which it very well could be.
However, many positive things are happening in that neighborhood, as well as in the Seaport District, which is next to it.
What ends up being built and/or renovated, for what purposes, and when, is open to discussion.
That the neighborhood will one day soon be vibrant and re-energized, is a given.
The Times published an article, recently, discussing developers’ plans for the neighborhood.
The area’s roughly 1,000 acres of waterfront property across the Fort Point Channel from Boston’s financial district served as rail yards for Boston’s working port until about 1955, when heavy industry there dried up.
After that, the land was used mostly for parking lots, which have passed through the hands of prominent businessmen including Nicholas Pritzker, the chairman of the Hyatt Development Corporation; Frank H. McCourt Jr., the owner of the Los Angeles Dodgers; and Rupert Murdoch, the chairman of the News Corporation.
[But now,] A confluence of factors has created a more favorable environment for developers.
Since 2000, more than 8 million square feet has been developed in the area, and an additional 20 million is under construction, approved or proposed, according to the Boston Redevelopment Authority, the city’s planning and economic development agency.
Seaport Square – John Hynes through his Gale International has proposed this multi-use complext to be built on a 24-acre parcel behind Fan Pier.
Gale’s plan envisions 6.5 million square feet of office, residential, retail and park space, including a school, cultural center and shops. If approved by the redevelopment authority, construction on the $3 billion project could start in the fall of 2008. (Er, better not let the Mayor hear about that school!!!).
Fan Pier – Joe Fallon commenced construction on the first building in this massive mixed-use project in September, 2007. First up, an 18-story office tower. Later, offices, residences, open space, and parking will be spread over 23-acres, at an estimate cost of $3 billion.
Waterside Place – Next to Seaport Square, this is an 11-acre parcel across from the convention center. The Drew Company of Boston has permission to develop a mixed-use retail, hotel and condominium complex totaling more than 1.2 million square feet.
Pier 4 – New England Development eventually plans to build a one-million-square-foot mixed-use project on 9.5 acres along Pier 4. The site abuts Fan Pier and is owned by the Athanas family, which has had a restaurant there, Anthony’s Pier 4, for four decades.
Harborside Pier – a new development by Cresset Development that will feature retail and outdoor dining facilities, including a new Jimmy’s Harborside restaurant.
From Empty Lots to Bustling Waterfront – By Amy Cortese
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Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
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137 Charles Street
Boston, Ma 02114