STATE SPOTLIGHT
HOUSINGNEWS REPORT
BOSTON BUILDING BOOM LIFTS HOUSING BY OCTAVIO NUIRY, MANAGING EDITOR
A massive building boom in Boston is underway.
worth about $7 billion — going up in 19 of the city’s 25 neighborhoods, according to The Boston Globe. Simultaneously, new home building permits are also growing rapidly. Since 2011, the number of new home building permits has grown steadily, moving upward from 6,139 permits in 2011 to 15,036 in 2015, according to the Census Bureau. In the first five months of 2016, developers had issued nearly 4,000 new home building permits.
starting at $7 million — and topping out at $37.5 million for a 13,000 square foot penthouse.
“There’s 14 million square feet of construction underway right now,” said Brian P. Golden, director of the Boston Redevelopment Authority . “It’s a remarkable transformation in just a couple of years.” Boston is undergoing one of the biggest development booms in decades, with a new generation of luxury residential towers being built in Greater Boston. It’s a multi- billion dollar transformation that stretches from the heart of downtown outward toward the suburbs. Shiny glass and steel high-rise and mid-rise residential towers are sprouting up across Boston’s once- neglected neighborhoods, as Beantown becomes a more international city, reports The Wall Street Journal . The flurry of new construction includes 83 major projects —
Further south, in Boston’s historic and emerging Seaport district, One Seaport Square , a massive three- acre development with plans for 832 apartments, is under construction and slated to open in 2017. Over in Boston’s Back Bay neighborhood, a 61-story condo- hotel — One Dalton — will be the tallest residential skyscraper in Boston.
And the unfolding transformation is widespread.
The building buzz is luring some big-name corporations to relocate to the Boston area.
Boston Condo Boom At Downtown Crossing, the Millennium Tower , a 60-story condominium building, will open this summer; its 442 luxury condos are already 95 percent sold, according to developer Millennium Partners . Prices range from $1.1 million for a one-bedroom condo to penthouses
GE: Boston, Here We Come In January, General Electric decided to leave its longtime home in Connecticut and chose Boston’s fast-growing waterfront district for its new headquarters. GE is the biggest company ever to relocate to the city and it is expected to be a boost to the
CONTINUED ON NEXT PAGE
P11
Made with FlippingBook Online newsletter