The Urban Renewal of North Station
Boston’s North Station is overdue for some upkeep. Located between five thriving sub-markets and known as a central transportation hub in the Greater Boston Area, North Station has seen a surge in population growth and dramatic developmental progress.
- North Station’s connectivity to the West End and Massachusetts General Hospital is attractive to affluent renters and buyers because it provides a comfortable living space similar to the Longwood Medical Area.
- Rapidly growing demand produced by corporate users like Converse and TripAdvisor has facilitated rapid growth in North Station’s residential communities, leading to the addition of 1,338 apartments to its market since 2013.
- With another 916 units currently under construction, North Station could transform into a covetable residential community rivaling the Seaport.
Along with providing ease of access to the West End and Massachusetts General Hospital, North Station is also great for commuters working in Government Center, Financial District, North End, and Faneuil Hall because of the array of transportation methods, allowing nearby residents to cut down on both travel time and expenses. If commuters need to travel to areas outside of Greater Boston …
- North Station is the only station in Boston providing direct routes to Maine and New Hampshire.
Even though North Station provides ample transportation access, it has always lacked long-term owners. However, in the past five years, 237 condominiums have been constructed across two developments; Forecaster 121 and Lovejoy Wharf.
- Although 237 condominiums is not nearly enough to transform North Station into an owner-occupied market, it does show that there is a shift in demand. If future projects follow suit with these condo buildings, North Station could become an ownership market.
What is particularly shocking about this price average is that the condominiums do not provide parking to its owners. This may not appear to be a huge concern, but working professionals and empty nesters that plan on commuting daily are likely to be dissuaded from acquiring a condo that cannot provide this basic amenity without additional costs.
- According to Massachusetts Land Records, the current occupancy is under 24% (with just 37 condos sold out of 157)
- Just down the road, Pier 4 is providing at least one parking space with every unit purchased.
In the multi-family market, the 2018 opening of The Beverly has reached 82% occupancy and is currently asking $2,800 for a one-bedroom, an astonishing feat considering Fenway developments took over two years to reach stabilization. Meanwhile, One Canal, AVA North Station, and the vintage The Victor has been fully absorbed into the market, with average asking ranging rents ranging from $3.51 to $4.76 PSF.
Avalon North Station:
The Victor by Windsor:
Along with dramatic residential growth, North Station’s most anticipated project, The Hub on Causeway promises flourishing commercial growth.
- This mixed-use development bolsters a movie theater, 260 room hotel, and prime office space for Verizon and Rapid7.
- Down the street, Development titan HYM Investment is constructing 2.9 million square feet at Bulfinch Crossing; a 6-building development containing a 45-story residential high-rise and a 43-story Class A Office Tower.
The Hub on Causeway:
Bulfinch Crossing Phase One:
The combination of new residential and commercial construction in North Station makes it an ideal location for young and growing professionals. By bringing together an array of corporate users, in addition to ushering in a myriad of new retail firms, North Station is successfully building a ‘Work, Life, Play’ community.