Every corner of Boston is realizing quite the growth pattern in the real estate industry in a variety of ways. From rising prices to an increased volume of sales, decreased average days on the market and more, much is to be optimistic about as the industry pushes forward into 2014. Another strong factor in the business is the drastic increase in development in the form of new retail, residential, hotel, and commercial spaces that have been rapidly breaking ground throughout the Hub. From the Seaport District, to Bostons Downtown, to the Back Bay, South End, and more, there is much activity that is slowly alleviating any worries of the lack of available inventory prolonging. Now, yet another project has just got underway, a new apartment facility on Miner Street in the Audubon Circle in the Fenway neighborhood.
Known as Fenway Diamond Apartments at 9 Miner Street, the Boston Redevelopment Authority just approved the development of this property during the Fall of 2013. What it will entail is the construction of a 5-story, 47,164 square foot building that will hold 49 luxury apartments all adjacent to the Green Lines D rail.
This marvelous location has remained vacant for years as an array of developers were unable to make a proposal a reality, especially given the previously more troubling economic times. That coupled with the fact that the property has changed overship four times in the last twenty years. Now, this project, which should be completed in the near future, is located near another substantial development, the soon-to-be-built Fenway Center. This $500 Million mixed-use development by John Rosenthal will see five buildings constructed including a 27-story office tower, 500 apartments, 150,000 square feet of retail space, and an additional 1,000 parking spaces. Indeed, the Fenway neighborhood will soon be something far more fresh and energetic. Its heightened attractiveness will pave the way for far more businesses and investment coming to the area going forward.
More Information: Boston Business Journal