2015 in review: Revitalizing Boston and beyond - by Laura Gregoriadis

Laura Gregoriadis, DiCicco, Gulman & Co.

As we reflect on this past year, the Greater Boston real estate market has experienced tremendous growth and many notable developments. The stars have certainly aligned in 2015 with historically low interest rates, a significant demand for residential units as a result of real population growth for the first time in many years and little or no residential development in the recent past, and a significant influx of domestic and foreign capital. Boston is quickly becoming a global city, with the likes of New York and San Francisco. In 2015, neighborhoods in the Greater Boston area have been transformed with projects like the Ink Block in the South End, Converse’s new world headquarters at Lovejoy Wharf,  Third Ave. in Burlington, The District in Burlington, and of course the Innovation District in the Seaport.

Uplifting Boston’s Neighborhoods Ink Block has revitalized an entire city block, the former home of the Boston Herald, into a vibrant walkable neighborhood complete with a Whole Foods, restaurants, and other amenities servicing the residents of Ink Block and surrounding developments. The project consists of over 300 residential rental units in 3 unique buildings, a much sought after 83 unit luxury condo development and ground floor retail. The term “live, work, play” encompasses the essence of this project and there’s still more to come with additional parcels in the planning stages.

This year Converse opened its new world headquarters at Lovejoy Wharf. The site had previously consisted of two dilapidated buildings and a neglected pier. Today the site boasts the 14 story, 200,000 s/f headquarters of the locally developed shoe company, complete with the Converse Rubber Tracks music studio that hosts free concerts featuring up-and-coming local artists. This project has substantially changed the waterfront with the completion of a harbor walk that connects Lovejoy Wharf, North Station and the Greenway to the Charles River Basin. Currently there are 175 condo units under development that are scheduled for completion in 2016. Upon completion, the site will include a publically accessible park, marina space and ground floor retail.

Development Projects Reach Beyond City Limits Downtown Boston isn’t the only local market being transformed with real estate development. Burlington and the surrounding areas have also experienced a tremendous amount of growth. The Third Ave. project in Burlington has brought the urban retail experience to the suburbs. What was once outdated commercial office space, is now a vibrant setting to eat, shop and be entertained. Complete with live music and yoga on the green, this has become a destination for people living and working north of Boston.

Similarly, New England Executive Park in Burlington has been rebranded to The District and is under development to bring state of the art work space, new amenities, restaurants and open space to area. Other suburban markets, such as Waltham, Quincy and Dedham, are also experiencing a significant amount of development and repositioning of outdated assets. There are even signs of real estate activity along Rte. 495.

No Slowing Down in the Innovation District Undeniably, one of the biggest transformations is the Innovation District in the Seaport area. It has taken years of planning and development, but the neighborhood is now rapidly taking shape. Just over the canal from the financial district, the Seaport project extends the city to an area that not so long ago was open parking lots. The Seaport has completely altered Boston’s skyline and waterfront. The Innovation District is full of life during the day with companies that relocated from other Boston neighborhoods and suburbs. With numerous restaurants and residential units, the night life has also come alive. Now if they can only fix the traffic problems!

This truly is an exciting time to be in real estate in the Greater Boston area. Looking ahead to the real estate development and renovation projects still in the pipeline, 2016 promises to be just as exciting.

Laura Gregoriadis, CPA is a principal specializing in real estate at DiCicco, Gulman & Co., Woburn, Mass.