It is clear from all of the new construction that something exciting is happening in the Seaport District. Luxury condo buildings, luxury apartment buildings, new restaurants and large corporations (including GE’s new headquarters) are now making their home in the Seaport District. With an abundance of businesses, including hotels, retail and outdoor recreational spaces located in this area, the Seaport is quickly becoming one of Boston’s most popular new neighborhoods.
To meet this rapid increase in demand for new homes, developers are pushing the definition of “luxury” in Boston to unprecedented heights. Below are a few of the most exciting new luxury residences that were delivered in 2015 or will be delivered from 2016 until 2018.
22 Liberty – 22 Liberty was sold out before delivering residences in November 2015. By January 2016 it was completely closed out. 22 Liberty has 106 market rate condos on the Fan Pier and was designed by CBT Architects. With views overlooking the harbor, penthouses fetching over $8.3 million dollars and world-class amenities, it is no wonder 22 Liberty was sold out without area broker participation. 22 Liberty was the pioneer in “luxury condos” in the Seaport District and set the “New Market” with resales and same-day flips all fetching more than $2,000-per-square-foot.
Pier 4 – Pier 4 is being developed by Tishman Speyer, one of New York’s most prominent real estate building and operating companies. Pier 4 is a luxury condo building with over 100 units set to deliver in 2017/2018. To be located where the iconic Anthony’s Pier 4 Restaurant once stood, Pier 4 is surrounded by water on three sides, which will allow for both city and harbor views. Residences will have access to various concierge services, a clubroom with an outdoor grilling area, as well as a fitness and yoga space. In addition, Pier 4 will host dining and convenient retail options and beautiful, open public spaces on the ground level.
50 Liberty – Following in the footsteps of 22 Liberty, 50 Liberty is an upcoming development that will reside on Fan Pier next to 22 Liberty. 50 Liberty is designed by Elkus Manfredi Architects and is expected to have 118 units and is anticipated to be delivered for 2017. Soaring balconies and harbor views accent this development.
50 Liberty, Pier 4, and 22 Liberty are sure to make an additional impact on the waterfront area in the Seaport District, continuing to add to the buzzing new construction happening each day in the area.
For the first time in history, Boston will host the 2016 Grand Prix of the IndyCar Series. May of last year is when city officials announced the Boston race had been added to the 2016 Verizon IndyCar Series season. The Grand Prix of Boston will be a three-day racing competition held in the streets of South Boston and specifically the Seaport.
The race will feature more than twenty of the world’s most talented drivers, and the event will span September 2nd – September 5th, 2016. INDYCAR and IndyCar Boston will offer multiple options of entertainment and activities before, during, and after the race for all ages.
Many different hotels and restaurants have partnered with Grand Prix of Boston to offer the best experiences for all fans and spectators. The Westin Boston Waterfront hotel is located at the heart of the event. You can enjoy the race from the luxurious suites that offer an amazing view or you can join the crowd right on the course. Either way the Westin is a top-notch spectator location. The Seaport Boston Hotel is located on the waterfront in the Seaport District, and offers beautiful city and harbor views, and convenient access to the main entry point of The Grand Prix, the Boston Convention Center.
It probably won’t be easy to get a table on this weekend but there are some great restaurant spots in the area including: Some of the restaurants in the area include Menton, Ocean Prime, and Strega Waterfront just to name a few.
If you are a part of the community that resides in the Seaport area you already have a front row seat or pretty close to it. Residents of the Twenty Two Liberty luxury condos and the 100 Pier 4 luxury apartments will be able to walk out their front doors to be a part of the action. And if all goes well and this becomes an annual stop on the racing schedule, future residents of 50 Liberty and Pier 4 will be right there with them.
The luxury condo market is poised for another record-breaking year. With an unprecedented number of high-profile new developments in the pipeline, buyers are snapping up the ultra-luxury inventory as soon as it hits the market.
Today the Boston Globe reported that ‘Boston can’t build ultra-luxury condos fast enough.’ The excerpt below highlights some of the projects at the forefront of the new luxury landscape.
While the new Millennium Tower won’t open until this summer, most of the skyscraper’s 422 condos are already reserved by buyers, with the recent announcement of the sale of the tower-topping penthouse, which had been on the market for $37.5 million, the icing on the cake.
The new Four Seasons tower (One Dalton) has opened sales office, with its 180 “ultra high-end” condos, some of which have the potential to break the $20 million mark, expected to go fast as well. Brokers representing the developer have already been quietly marketing the uber-luxury condos to “family and friends.”
On the Seaport/Innovation District waterfront, a trio of new super luxury condos high-rises is getting teed up. After selling out 22 Liberty, a 120-unit condo tower at Fan Pier, longtime waterfront developer Joe Fallon has begun work on his next project, 50 Liberty.
Next door at Pier 4, New York developer Tishman Speyer is hoping to break ground soon on a curved, glass 9-story super luxury condo building with 100 units.
Over in the Fenway, work is well underway on the Pierce, a 30-story tower with a mix of condos and apartments, while in the Back Bay, plans for a new condo tower that would soar over the Copley Place Mall and Copley Square have been in the works for years.
It’s no secret that the Boston luxury condo market has grown immensely in recent years with new projects being erected left and right and of course UP but could anyone foresee a price per square foot near $4,000!? That is the new reality after the most recent sale at the Mandarin Oriental was recorded this week at a price of $12.5M for the 3,222 square foot condo. The 2 Bedroom / 2.5 Bath home came in at a record breaking $3,880 per square foot which broke the previous record set last year by nearly $1,000. We aren’t even talking about a penthouse or a spectacular unit with private outdoor space, just your “average” 12th floor condo in the Back Bay.
This turn of events raises the obvious question: Where do we go from here?? Well the onslaught of new luxury towers doesn’t seem to be letting up so there will be plenty of new opportunities to match this recent Mandarin sale. The much anticipated Millennium Tower project being constructed in Downtown Crossing will certainly have something to say about it. Preliminary listings have a price per square foot under $2,000 but that seems to be for the “run of the mill” options. There is still the penthouse which is said to be listed for $37.5 Million, which obviously, depending on square footage, could surpass this.
There will also be the new Four Seasons Residences, Twenty Two Liberty and Pier 4 Condos all being constructed over the next couple years that will also bring even more opportunities for record breaking sales prices to the city. There is no question that we are in the midst of an unprecedented run on luxury condo sales here in Boston and it will be very interesting to see how many more times this record will be broken in the near future.
How much space does one really need to live comfortably? Evidently for many it isn’t much. Innovation Units or Micro Apartments are classified as being under 450 square feet and more and more are starting to become part of the local housing market. The Boston Redevelopment Authority is regulating this product niche, however. As of now, unless a unit was “grandfathered in”, new Micro Apartments are only able to be built in the Seaport’s Innovation District on the Waterfront. BRA is keeping a close eye on the tight living quarters before they decide whether or not to expand into other parts of the city.
If you are thinking that the smaller home footprint would result in a smaller monthly rent, that may not necessarily be the case, especially with the opportunities for the most part only existing in the Seaport. Some units can fetch $2,000+ for monthly rents and range in size anywhere from 280 to 450 square feet.
One of the biggest advocates for the Micro Apartment growth in Boston is the architect firm of ADD Inc./Stantec. They have designed 200+ Innovation Units in Boston and they hope for the restrictions on the apartment locations will be lifted and offered all around the city. Their design is being implemented at the Residences at 399 Congress Street that will be 414 total units of which 60 will be Micro Apartments ranging from 325 – 450 sq ft. ADD Inc./Stantec has had a hand in many luxury buildings around the city such as 315 on A, Pier 4 and The Victor.
Boston continues to to introduce unique and innovative real estate opportunities and Micro Apartments are just the latest in a long list.
The long thought out vision of the Fan Pier property is coming more and more into focus and Fifty Liberty hopes to be the next integral part. Fallon Co. and Elkus Manfredi Architects submitted plans to the Boston Redevelopment Authority and they are currently being reviewed by the Boston Civic Design Commission. A final vote could come as early as May 5th on this proposed project which would be a 252,000 square-foot L-shaped condo tower built on parcel D. It would be located directly next to the under construction 100+ units of Twenty Two Liberty which is scheduled to open later this year.
If the vote goes their way, shovels could be in the ground as soon as August of this year. Fifty Liberty would have over 100 condos as well as restaurant and retail space on the ground levels and would nearly complete the 21 acre Fan Pier area. Only 2 parcels will remain and it won’t be long until those are occupied by more housing, office space and/or hotels.
The ongoing transformation in the Seaport is truly a sight to behold and is very exciting to see the development of one of the city’s most beautiful areas. Spring has finally arrived so there is no better time to visit the marina, stroll on the Harborwalk and possibly choose your next home. Visit Advisors Living for more info residential options.
As if the Seaport needed another reason for people to want to be there, it is now the proud home to Mario Batali’s first Boston restaurant. Babbo Pizzeria e Enoteca is set to open its doors tonight at the ever-growing Fan Pier complex.
This new restaurant will be a reasonable choice for the local consumer with the most expensive plate coming in around only $35. It will join other restaurants like Strega, Empire and Sam’s at Louis at Fan Pier.
Add this to the growing list of amenities that will be at the doorstep of the many residential and corporate buildings being constructed in the area. Residents of Twenty Two Liberty and the future Pier 4 condos will be able to say they are neighbors with a James Beard award winner and a Culinary Hall of Famer. In combination with spectacular harbor views and state of the art luxury accommodations, Boston’s Seaport is a place to live the dream.
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.