If you’re looking for new multifamily construction in Massachusetts, then it’s a good time to take another look at Boston.
With a population density of 13,841 people per square mile, Boston is one of the most congested cities in America.
While New York City may reign supreme in terms of size and quantity of skyscrapers, you can get that same feeling walking through the streets of Little Italy and other neighborhoods.
With not too many places left to build downtown, where are developers going to construct their multifamily building projects?
The answer is simply to look elsewhere.
The Allston Neighborhood
Coming in as the 11th largest neighborhood in Boston, Allston has a population of about 29,000.
Obviously, there’s still a way to go before it catches up to the largest ‘hoods (Dorchester and Roxbury). This isn’t for a lack of trying, however.
There are multiple projects on the horizon in Allston, and we’ll be looking at two of the largest shortly.
The Back Bay Neighborhood
Back Bay is the 14th largest neighborhood, with a population of approximately 22,000.
With many great restaurants, shopping and Fenway Park, this is a place where there’s more transient residency than permanent residency.
That’s about to change.
The Back Bay Station project we’ll look at soon could start a multifamily construction trend in the neighborhood.
What’s the multifamily construction backstory in Boston?
As Boston enters 2020, the city is looking for ways to expand upon the architectural reputation it built throughout the 2010s with its modern skyscrapers and life science buildings.
One way is trying to make it easier for affordable housing developers to find public funding.
Two new petitions were signed by Mayor Martin Walsh at the end of 2019 that could generate more funds for affordable housing.
The first is a transfer fee on all commercial and residential real estate transactions over $2 million, which is projected to raise approximately $200 million each year.
The second will expand existing legislation which requires that developers contribute to an affordable housing fund.
With residences being constructed seemingly on top of each other, where are the new multifamily building projects in Boston going to be developed?
Let’s find out.
Back Bay Station
Neighborhood: Back Bay
|
Location |
145 and 165 Dartmouth Street |
|
Value |
Just over $1 Billion |
|
Schedule |
Still in planning, with work tentatively expected to begin in spring 2021 |
|
Details |
35 stories, 1.26 million square feet Office space Retail space Four towers with a total of 600 apartments |
1234 and 1240 Soldiers Field Road Mixed-Use
Neighborhood: Lower Allston
|
Location |
1234 and 1240 Soldiers Field Road |
|
Value |
Over $100 Million |
|
Schedule |
Still in planning, with a letter of intent having been submitted to the Boston Planning and Development Agency |
|
Details |
Two sites 220 underground parking spaces 255 hotel rooms 120 condominiums 535 apartments, with the highest point reaching 22 stories |
840 Columbus Avenue Mixed-Use
Neighborhood: Roxbury
|
Location |
840 Columbus Avenue |
|
Value |
$50-100 Million |
|
Schedule |
Still in planning, and the project is under review with the Boston Planning and Development Agency |
|
Details |
26 stories and 525,000 square feet Five stories of academic and office space Restaurant on ground floor 975 beds of student housing |
Dock Square Garage Apartments
Neighborhood: North Waterfront
|
Location |
20 Clinton Street |
|
Value |
$140 Million |
|
Schedule |
Expected to start in summer 2020 and be completed in summer 2022 |
|
Details |
Seven stories and 249,000 square feet 8,000 square feet of ground-floor retail space 209 condominiums 27 affordable units Rooftop deck |
Allston Square
Neighborhood: Allston
|
Location |
Harvard Avenue and Cambridge Street |
|
Value |
$121 Million |
|
Schedule |
Approved by the Boston Planning and Development Agency along with the Zoning Board of Appeal. Construction could start by the end of 2020 |
|
Details |
Four new buildings 100 apartments 244 condominiums 45 affordable units 9,000 square feet of art exhibition space Murals, sculptures and paintings |
To learn more about our insights on new multifamily construction projects in Boston, request a free trial to MultifamilyData.com or talk to an expert right now at 866-316-5300.