10
December
2013

New Construction Boosts Boston’s Inventory

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Apartment vacancy rates in the region increased by 0.2% to 3.8 % in Q3 ,when 1,100 new apartment boosted the inventory, ARA Real Estate Investment Services reports. Boston is undergoing major additions to the residential Real Estate market. Many of our investors are banking the increase in apartments will drive-up prices by bringing more people to the area. However, some landlords are skeptical that the amount of rent will remain high with more supply coming to the market. I might side more with the latter: We are seeing signs of weakness, consider The Kensington offering free rent, times we have not seen since the recession of 2009. According to the BRA, here are some of the notable complexes that are currently under construction as of December 2013:

  1. 100 Arlington:    Rehabilitation of former Renaissance School at 100 Arlington Street into 128 residential condominium units.
  2. 120 Kingston: Proposal calls for 240 residential units with ground floor retail and 70 parking spaces.
  3. 1282 Boylston: Proposal for the McDonald’s site on Boylston for a 348,235 SF project with 322 residential units, 15,000 SF of ground floor retail and 295 parking spaces.
  4. 22-26 West Broadway Street: Proposal calls for the construction of a new, 6-story building for the provision of 31 rental units with an underground garage for 18 vehicles and 3,834 SF of retail space.
  5. 319 A Street Rear: Proposal calls for 202 residential units and 96 parking spaces.
  6. 35 Northampton Street: Proposal calls for the rehabilitation of the existing 29-story, 165,000SF residential building; existing office space within the building will be converted to 11 handicap accessible units, for a total of 245 affordable units.
  7. 375 Market Street: Proposal calls for the construction of 39 residential units and 58 parking spaces.
  8. 381 Congress Street: Proposal calls for 44 units, including 28 units of workforce and/or innovation housing at accessible rent levels and 16 short term rental units for nearby employers.
  9. 411 D Street: The proposal calls for 197 units of rental housing in two buildings and 129 parking spaces.
  10. 45 Stuart Street: Proposal calls for 404 residential units in a 29 story building and 198 parking spaces.
  11. Dudley Greenville Rental Housing: Proposal calls for the construction of 43 units of rental housing on two sites.
  12. Exeter Residences: Proposal calls for the construction of 188 residential units.
  13. Ink Block: Proposal calls for 471 units, 85,000 SF of retail, including a supermarket, and 411 parking spaces. Phase 1 calls for the construction of 385,000 SF (315 units; 65,000 SF of retail; parking of 107,000; 246 spaces). Total SF for all phases = 548,900.
  14. Old Colony phase II: Proposal calls for the demolition of existing buildings and the construction of up to 170 new housing units
  15. One Canal: Proposal calls for 320 residential units, 21,300 SF of retail and 159 parking spaces.
  16. Portside at Pier 1: Phase I calls for 176 rental units. Full build-out calls for 938,106 SF.
  17. Quincy Heights:  Proposal calls for the rehabilitation of 129 public housing units through renovation and new construction of 11 buildings located within a three-block radius in Grove Hall.
  18. West Square: Proposal calls for approximately 259 residential rental units and 143 parking spaces.

For more information on any of these properties, or to bounce ideas about the market, please contact Travis Sachs at Travis.sachs@WPBoston.com.

 

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