Boston is expanding at a rapid rate with countless plans for new office buildings, business districts condo and apartment buildings. Mayor Menino has been making a strong push to help redevelop many of Bostons neighborhoods with projects that should get underway within the next year. The waterfront in East Boston has been one of these areas of particular interest, and now South Bostons waterfront is taking flight with exciting developments of its own. We recently blogged about the East Boston Real Estate Redevelopment Project.
Boston real estate is taking off and now more than ever there is an extremely high demand for living space. Due to the vast amount of universities and young people surrounding the city and looking for work, its vital that these bright minds beginning to live on their own have a smaller place all to themselves. With the tech-sector increase, these young individuals are looking for places to simply commute from that perhaps gives them a small space to do work in. Well, this is the hope and expectation that the developer John B. Hynes III is counting on.
So, with that said, Hynes and his team will soon break ground on three buildings as the Seaport Square project in South Boston with 150 total units that will all be roughly 400-500 square feet and would garner a rent of $1,500-$2,000 per month. Furthermore, there are places to be built in the often mentioned Innovation District as well. These smaller studios, also known by many as micro-apartments, are set to get underway by architect, ADD Inc. The locations for these projects are at 63 Melcher Street, 381 Congress Street and 411 D Street. Some of these units will only be reaching 375 square feet and will still be going for $1,500 every month.
These seem like staggering figures, especially when taking into account that John Henry, owner of the Boston Red Sox and Liverpool Football Club in England, has a pool three times the size at his Brookline mansion. However, it must be known that Boston has the highest percentage of young residents, aged 20-34 years old, of any city in the United States! This number, at 35% of our population, coupled with the lack of housing aspect that the city is facing makes it increasingly crucial that communities of smaller units be built, and in a hurry.
These smaller apartments will encourage those residents to branch out from their living spaces. This is because a plethora of communal spaces will be built that can even be rented out if people are hoping to host an event or entertain friends and family for an evening. Although the price per square foot seems generally high, these values are at least half the cost of a typical one bedroom unit in Boston. Young people do not necessarily always need such a vast expanse of square footage in a one bedroom, thus why these future communities will be far and away one of the most desired places to be for our younger generations.