Monthly Archives: September 2013

Infrastructure: A Winning Investment for the City

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The City of Boston is on a roll with an enormous volume of new construction in many of its neighborhoods. Much of that development was dependent on the ability of the owner to provide funds for local public infrastructure. Unfortunately, that reality can, at times, delay a worthwhile project for many years, missing out on a strong market.

However, a city can be the catalyst for an area, by investing ahead of the market and setting the stage for growth. Through city investments, it can also enhance the efforts for attracting new companies to the area.

A good example is the Seaport/Innovation District. The city can play a very important role by investing in the basic streetscape of this area. Here is a photo of Seaport Boulevard, the main artery running through this district:

seaportblvd

Now, imagine the impact of creating public spaces similar to Commonwealth Avenue or Park Avenue in New York City:

parkave commaveBoston is a world class city and it has the very unique advantage of 100 acres of prime real estate being developed adjacent to its downtown market, allowing it to expand its residences, offices, and shopping. As a result, tens of millions of dollars will make their way into the city’s coffers.

Now is the time for Boston to make a solid investment by making Seaport Boulevard a true boulevard with a wide, tree lined sidewalk with trees, benches and art. Let’s make this area the envy of every other city and a true attraction for families, tourists, and businesses, alike.

The Changing Face of Downtown Boston

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The following blog post was submitted by Ally Quinby, Account Executive at Solomon McCown.

Real estate professionals gathered last week to discuss the significant transformation happening in our city’s core. The office, retail and residential sectors are all growing and working together to create a true 24/7, live, work, play environment in downtown Boston.

Even with the boom in the Seaport, Downtown is seeing an influx of new office tenants who want to be in the heart of the city. David Greaney of Synergy Investments told us that of the 70 leases his firm has completed this year, 59 of them were located downtown. And these tenants are looking at more than just the office space. Mark Smith said that Equity includes the amenities of the surrounding area on tours with potential tenants. He also told the room that tenants want comfortable, communicative environments.

All these companies have employees who want to be within walking distance of work. Despite the thousands of apartment units that are planned and currently being constructed, Bill McLaughlin of AvalonBay Communities said that the demand is there because young people aspire to live in the city; we are well-positioned to absorb the deliveries we will see in the next five to six years.

Retail is growing too. Andrea Matteson of CBRE/Grossman Retail Advisors highlighted Walgreens, Equinox, Scholars and the coming Legal Seafoods as game changers who have helped Downtown Crossing look better than ever. She said that first floor tenants are key in providing character for downtown buildings.

Foreign investment and continued development make Boston one of the U.S.’s most dynamic cities, and our panelists agreed that downtown is going to be an integral part of Boston’s growth in the coming years.