Do you remember when North Station used to be a dump?
(What, two weeks ago? Ha ha!)
Truthfully, the minute they took down the elevated Green Line tracks, Causeway Street looked so much better.
The area is still in transit, however. The street is too wide, so you feel like the street is abandoned.
The same thing happened along Washington Street in the South End / Roxbury, I guess, when they took down the elevated Orange Line tracks. It looked a lot better, but the street was so wide that it ended up looking abandoned for several years, until residential real estate was built and life brought back to the area.
Within time, however, the street will be filled in. At some point (we pray), a new hotel / office tower will go up in front of the TD BankNorth Garden (along with residential towers, around the corner?). That will bring density to the block. Yes, it will probably result in more congestion.
That’s not necessarily a bad thing. People do better in more-dense spaces.
Meanwhile, around the corner, things have already improved.
The 66-room Shawmut Inn in the emerging North Station district has been acquired for $11.5 million by Gemini Real Estate Advisors of New York City in a deal negotiated by CBRE Hotels.
The property is located at 280 Friend Street.
The current owners bought it in 1995 and invested $2 million, converting it from offices to hotel rooms.
The part of the story I found amazing was this:
… the Shawmut Inn boasted impressive occupancy levels early on, with rents of $100 to $150 per night serving a constituency not willing to pay double and triple that commanded elsewhere in the city.
Gemini does hope to push the rate from a budget range to mid-priced product, Jariwala says.
Yes, in Boston, “budget” hotels are in the $100 – $150 range, and mid-range is apparently above that.
Gemini Pays Nearly $12M for 66-Key Shawmut Inn – By Joe Clements. GlobeSt.com
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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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