By now anyone interested in the Boston real estate market is familiar with the Seaport and what it offers in terms of new development. The growth of this area over the last six years has been nothing short of mesmerizing. In fact, the neighborhood is nationally recognized as one of the most prolific growth zones in the country. Although the growth in residential sales inventory has been remarkable, residents were concerned that this fast growth had stunted the cultural identity in the neighborhood. So, as the personality of the district began to emerge, the neighborhood took action to shape its disposition compared to other neighborhoods in the city. One of these efforts was an initiative to bring art to the community.
This summer, Spanish artist Okuda brings a new sense of life to Seaport Boulevard with his iconic “pop-surrealist” art. The story “Air Sea Land” discusses creation, which is fitting in the Seaport in the height of its development boom. The first sculpture placed on the Seaport Boulevard “Creation: Light” expresses light as a geometric star bursting with energy and life. Throughout time, stars have been a navigation signal, leading the way for people and growth. This star illustrates how the seaport will be a leader in Boston for years to come. Sister sculpture “Creation: Water” continues to explore this origin of the Seaport and asks questions about how the neighborhood has risen out of the sea to take on a life of its own.
So far this year, there have been 12 sales in the seaport in the $2M+ market. However, many more are closing later this year as both 300 Pier 4 and Echelon (with its 1.33M SF development) open their doors. Closings have just begun in Tishman Speyer’s 300 Pier 4. As of May 20, six units have sold with the price per square foot ranging from $1,500 to $3,000+. This averages out to $2,169. Many more closings in this property will be rolling in over the summer.
Later this year, Echelon will begin delivering over 700 residential units and 125,000 SF of retail space. Another new development known as Parcel K will include a 12-story residential tower with 304 rental apartment residences and a 12-story Hyatt Place Hotel. This new project will be almost 500,000 SF of mixed-used space across the street from Rockland Trust Bank Pavilion. Like we’ve been saying for several years, if you don’t visit the Seaport for a couple months, you might not recognize it when you go back. That trend will not change in the coming years.
Walk the Seaport Boulevard to continue Okuda’s story of Boston and the Seaport exploring diversity, mythology and natural balance. While you’re at it, don’t forget the always enjoyable Harbor Walk as the season and weather improve!