The Hub’s New Hub
Prices in East Boston for new construction are now comparable to those in other emerging neighborhoods such as Allston and Brighton
According to the Boston Planning and Development Agency, there are currently 25 residential projects in East Boston’s development pipeline with an expected 10,000 units to be delivered within the coming years. This comes on the heels of 2,300-plus units delivered in the past 5 years.
East Boston’s extraordinary growth is being particularly fueled by a handful of developers: LendLease’s Slip65, a condominium phase of the Clippership Wharf; Trinity Financial with the recently delivered Boston East, and the currently under development Orient Heights Redevelopment project; and, HYM Investment Group has planned to redevelop Suffolk Downs Redevelopment, which was the City of Boston’s Amazon HQ2 contender.
On the rental side, there have been over 2,000 new apartment units completed within the past 5 years. The Eddy hit a high of $5.76 PSF for a one-bedroom and $4.60 PSF for a two-bedroom, a market-topper for East Boston.
Slip65, a recently completed condominium project sold all 80 units within two months–a record-setting pace further highlighting the demand for luxury residences just one stop away from Downtown Boston. Asking prices ranged from $700 to more than $1,000 per square foot.
The recent completion of The Eddy, Boston East and Portside at East Pier have added 910 units of luxury apartments into the market. The most anticipated project, Hodge Boiler Works by elite developer, The Davis Companies, will add 119 luxury condominiums further showcasing more home ownership opportunities across Boston Harbor. Regardless of Amazon’s decision, Suffolk Down Redevelopment is expected to bring at least 7,500 more residential units to this thriving neighborhood.
Prices in East Boston for new construction are now comparable to those in other emerging neighborhoods such as Allston and Brighton.However, with the lack of retail development in the upcoming pipeline, will East Boston continue to attract a strong demographics, or will they be drawn elsewhere?