Mixed-use development projects throughout Boston are bringing excitement and new life into reshaping the city.
Older, more industrial areas of the South End, Seaport, Fenway and East Cambridge are all seeing new developments that are creating new personalities for these areas.
These large-scale projects have become feasible thanks to a number of factors, including rising rents and a strong demand for housing. In terms of investors, commercial property in Boston is considered relatively cheap in comparison to other global cities.
When picking the location for these new developments, many different aspects are taken into account, including infrastructure of the area and public transport.
There are still hurdles when creating these new developments despite how frequent they are happening and the transforming effect they can have on an area. The approvals process in certain areas can be difficult and some new development areas don’t have basic amenities people expect, like supermarkets.
One recent great example of these new developments is Ink Block in the South End. National Development and AEW built it featuring apartments, condos, retail and a long list of restaurants and amenities.
This development came in a once industrial part of the neighborhood and worked to establish a market for this type of luxury development.
Bisnow offers factors to consider when starting a development opportunity including, employment growth, replacement cost, transportation access and the competition level from others.
Right now the market is in a point of affordability that encourages these types of developments and allows them to flourish.Tags: Boston Commercial Real Estate News, Boston Real Estate, Mixed-use buildings, new developments