Boston’s Financial District is home to so many big names including banks and hedge funds (hence the name) that you may find yourself asking, “Should I set up my headquarters here as well?” There’s the convenient location allowing easy access to South Station, Government Center, North End, Seaport and Downtown Crossing. But let me help answer that question by examining what’s happening in the residential space in the neighborhood.
Developments to Know
From the rubble of a decrepit parking garage will rise Boston’s 4th tallest building – Winthrop Center. The $1.35 billion construction is the largest private investment for a single project in Boston. Leading the way in technology and sustainability, the 691-foot tower will feature close to 400 luxury residences, two floors of amenities, more fresh air, a proprietary app, and an electromagnetic-free zen room.
Construction is set to be completed in 2022.
Bulfinch Crossing’s Residential High-Rise tower will consist of 368 apartment units and 55 for sale condominiums. Given its prominent location and height, this tower is envisioned as one of the best-in-class residential properties in Boston. In the heart of Boston’s coveted network of open spaces and historic neighborhoods, this tower offers spectacular views and seamless access to regional highways and transportation options, making it an ideal location. Slated for September 2020 completion, the tower will feature luxury amenities, rooftop gardens and lounge areas, concierge and hospitality services, fitness facility and pool, clubroom, private dining and catering kitchen, golf simulator, pet spa, sky lounge and terrace, and yoga room.
Boulevard on the Greenway
Completed in January 2019, this mixed-use building overlooks the Rose Kennedy Greenway and Boston Harbor. Boulevard on the Greenway features 36 residential units including 31 market-rate residential condominiums and five artist lofts. Resident amenities at Boulevard on the Greenway include concierge service, a club room, a fitness center, and garage parking.
55 India Street
This board approved development will border the Rose Kennedy Greenway and consist of 44 luxury condos ranging from 600 to 1,500 square feet. Each unit will have storage for one bike. The project will not include a parking garage of its own; instead, the developer plans to secure rental parking in the nearby garages.
Inventory is extremely low which is contributing to the rising prices in the neighborhood. Here’s a quick snapshot from Q3 on the state of the market in the Financial District.
Median Price: $1,102,500
Median Price Per Square Foot (PPSF): $998
The median price is up 63.3% YoY and the median PPSF is up 13%, predominantly a reflection of closings at Boulevard on the Greenway. With bigger projects anticipating 2022 completion, it will be interesting to watch and see where the neighborhood grows from here.
Click the photo below for a collection of available properties in the Financial District. See something you like and want to set up a showing? Let’s talk!