Downtown Crossing to add six new restaurants
Jul 2011 15

While it looks as though Borders is going to close no matter what, all is not lost in the Downtown Crossing neighborhood of Boston.

At least six new restaurants are on tap for this, the city’s shopping district.

As well, Hayward Place, which will bring over 240 apartment units to the neighborhood, is scheduled to break ground within two weeks, according to Boston mayor Thomas M. Menino.

The Modern Phase II in the South End to be completed in July
Apr 2011 28

The first photos from The Modern Phase II project have been released. The new development, situated behind its sister, The Modern, Phase I, is located on Northampton Street between Tremont Street and Columbus Avenue in the South End. Its address is 265 Northampton Street.

The first listings from The Modern Phase II have been entered into our local MLS. The lowest-priced unit is a third floor one-bedroom, one-bathroom home with approximately 819 square feet of space. It is listed at $399,000. The highest-priced unit is a “sky-level” home on the seventh floor. It has one-bedroom and one and ½-half baths and approximately 863 square feet. It includes a ~706 square foot private balcony (!!) and a garaged parking space is included in the purchase price of $749,000. A two-bedroom, one and ½-half, third=floor unit is listed at $499,000.

Most units come without parking, which can be purchase for $23,000. Condo fees look to be in the under-$.60 per square foot range.

Phase II is to be expected to be completed this coming July.

When completed, The Modern project will have 62 units between the two buildings along with underground parking.

The Modern, Phase I was completed in 2006 with unit sales continuing to be made throughout 2007 and 2008. Coming at the end of the real estate boom, the developer had a bit of difficulty selling off the last units, although many sold for close to full asking and at prices seen in more-established sections of the South End.

This time around, the developer should have no problem finding buyers. There’s pent-up demand and the future looks brighter than it did, four years ago. I predict a fairly quick sales cycle.

The development team includes the Metric Corp., New Boston Ventures, and PEG Properties & Design. New Boston Ventures has a lot of experience with projects in and around the South End while PEG has been known in the past for ultra-quality renovations of South End, Back Bay, and Beacon Hill townhomes.

Ricardo Rodriguez of Coldwell Banker Residential Brokerage is the listing agent for all of the Phase II units.

The first open house for The Modern Phase II is this Sunday, May 1, 2011, between 11 AM and 1 PM.

Please contact me for complete details and to arrange a private showing or to arrange to meet prior to Sunday’s open house.

Below, three photos.

Development website: The Modern 2

Images above are of the model unit; finishes have not been finalized in all units.

New York lawmaker threatens Realtors with death
Apr 2011 26

A New York City lawmaker is threatening the very livelihood of real estate agents across the country by proposing legislation that would ban the invention of neighborhood names that have given us SoHo, TriBeCa, and DUMBO.

According to the New York Times, state assemblyman Hakeem Jeffries is writing legislation that “would punish real estate agents for inventing neighborhood names and for falsely stretching their boundaries. It would also require that name changes get city approval.”

That sound you just heard was a collective gasp from hundreds of thousands of real estate agents across the country who live and die by coming up with creative names for otherwise moribund and boring neighborhoods.

But, seriously, the obvious silliness of this should be obvious. No nickname has ever been forced on anyone, anywhere. No one has to call the area South of Houston Street “SoHo”.

Here in Boston, of course, we have our own nicknames. In the South End is “SoWa”, the work of Mario Nicosia of GTI Properties who thought it made sense to brand an area where he owned a lot of property. It only stuck because people thought it made sense. It narrows an existing neighborhood into an even smaller one.

You have to be a real pessimist to think that real estate agents spend their days just dreaming up new neighborhood names. It doesn’t work like that. And, when they do offer up suggestions, it’s mostly tongue-in-cheek, like when I wanted to call the area between the South End and South Boston “SoSo”, because the neighborhood is, eh, just kind of so-so.

I’m not sure how the assemblyman thinks he can punish the agents and developers. Put them in the stocks? Fine them? Send them to Long Island?

ProCro, SoBro, FiDi, BoCoCa: A Lawmaker Says, ‘Enough’ – Cara Buckley, The New York Times

Fort Point Channel / Innovation District / Seaport District / South Boston Waterfront apartments and condos available
Apr 2011 15

If you’re looking for an apartment or condominium home in the hot Fort Point Channel / Innovation District / Seaport District / South Boston Waterfront neighborhood, you have plenty of options, with more coming soon.

The Boston Herald had an article in today’s newspaper about the neighborhood, pointing out many of the options.

They talk about the new Atlantic Wharf apartments. Originally planned as condos, the developer of this new office / residential hybrid chose instead to take advantage of the hot rental market, building 85 “loft-style” units.

Boston Properties has just completed Atlantic Wharf, consisting of residential, restaurant and commercial space between the Rose Fitzgerald Kennedy Greenway and the harbor.

The Lofts at Atlantic consist of 85 luxury rentals priced from $2,200 to $8,000 per month with amenities including a clubroom lounge, a fitness facility and on-site boat slips.

Also in the area are the FP3 condos, priced from the $400,000′s to over a million. Further into the neighborhood is the Park Lane apartment complex, practically at the tip of Boston, facing its Harbor and near the new Liberty Wharf destination spot, complete with restaurants and bars.

There is also a wide selection of already-built condo projects in the neighborhood, including the Channel Center, along with attractive, spacious lofts in the Leather District, near South Station.

And, just a block from Atlantic Wharf are the Residences at the InterContinental and Rowes Wharf.

For more information about rentals and condos in these neighborhoods, send me an email.

Above, artist’s rendering of the lofts at Atlantic Wharf.

Fort Point Channel / Innovation District / Seaport District / South Boston Waterfront apartments on tap
Apr 2011 15

As many as 74 new apartments are coming to the hot Fort Point Channel / Innovation District / Seaport District / South Boston Waterfront neighborhood.

The Boston Redevelopment Authority gave approval to a proposal to renovate existing buildings into 74 apartments at 49/51/63 Melcher Street. The development team includes partners Archon Group and Goldman Properties.

The plans for these buildings have been modified over the years. Originally proposed as residential housing, the developers then wanted office buildings, which the neighborhood opposed, in the hopes that the neighborhood would become a “real” neighborhood and not an extension of the financial district.

The current plan is to include both residential and office space in the project.

Unique to this project, 38 units will be market rate and nine considered “affordable-rate”, meaning renters will need to qualify on income. The remaining 27 apartments will be “innovation units”, targeting those people who cannot qualify for the affordable units because they make too much money but do not have the means to pay market-rate. These units will be smaller than the other units in the building and have “flexible layouts”(?) but tenants will have access to shared common areas.

Construction on Phase I may begin this fall.

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