As reported yesterday by The Wall Street Journal, Chinese insurance firms are investing in the Pier 4 Condos to be built in Boston’s seaport district. China Life Insurance Group Co. and Ping An Insurance Co. are joining Tishman Speyer Properties in the $500 million development where the Chinese investors will have a majority stake according to the Journal’s sources.
It is expected that the residential portion of the project will consist of 100 condos. The preliminary timeline is for the Pier 4 Condos to open in early 2018 after the opening of the office-building portion.
These residences will join the Park Lane Seaport Apartments, Twenty Two Liberty condos among other new luxury living choices in the growing area. With the 2018 arrival set for Pier 4 condos, the area should already be booming with the massive development of Fan Pier already underway. Even the smallest of condos are likely to fetch seven figures easily 3 years from now. A 2 bedroom/3 bathroom unit at the Intercontinental just came on the market this week for $2.375 Million located in the same area at 500 Atlantic Ave.
With foreign money more interested than ever in the city of Boston, there is no doubt the local real estate will continue to grow.