Can you imagine saying that you are living higher up than anyone ever has in the city of Boston? Well, you soon will have that very opportunity as the plan for a 47-story luxury real estate building to be built in Bostons Back Bay neighborhood has been approved! The location of this project will be at Copley Place, above the Neiman Marcus store and once completed will be Bostons tallest residential building. At 569 total feet and only five stories shorter than the citys famed Prudential Center, one can only imagine the views these units will have, it will be truly breathtaking to say the least.
Designed by the Elkus Manfredi Architects, the $500 million dollar tower has been allowed to start construction sometime early in the new year by the Boston Redevelopment Authority. The developers, the Simon Property Group from Indianapolis, promise that it will alleviate 35 percent of the unemployment rate for building trades in the state of Massachusetts and will pump $7 million dollars into the city annually in tax collections. The plan proposes 318 condominiums to be built with an additional 10 affordable housing apartments, expanded and updated spaces to Neiman Marcus, a public winter garden, and the creation of other shopping areas.
Additional important approvals by city officials in the past couple of weeks were for a smaller building to be built with 404 apartments on Stuart Street near Bostons Theater District developed by the Abbey Group; a mixed-use plan to be built on Boylston Street with shops, offices and 210 apartments; and an additional 35 units of affordable housing to be built in the South End of Boston. Although these proposals from various groups have received much scrutiny, their overall ideas and hopes of improving our neighborhoods has won over those officials empowered with making the decisions on these matters.
We look forward to following along with these exciting projects closely as they will certainly be affecting our real estate market and economy as a whole a great deal. For further information, please visit the websites below.