Everyone knows rental development in the Hub is enjoying a corking good run of late (just check out our Rental Heatmap of where the new apartment buildings are going!). What's not so busy, busy, busy is condo development, particularly in Boston. In fact, since spring 2011, there has been only one condo groundbreaking: the 256-unit Millennium Place on Avery Street in Downtown Crossing. Others are planned, surely, including Millennium Place's first cousin, Millennium Tower, also in Downtown Crossing and also a game-changer in its way. But ground-breakings? Not so much.
That's why news of a 130-unit condo building on Fan Pier in the enviable Seaport District is such a big deal. The 15-story glass building is expected to get under way in mid-2013, and will capitalize on its waterfront location, with each unit having its own terrace to behold the Harbor and downtown Boston in all its lonely glory. As developer Joseph Fallon tells The Globe's Casey Ross, "You can't get any closer to the water than this site."
New condos, of course, can't come soon enough to Boston, where prices have grown laughably expensive, in no small part due to low supply—though development of new condos at the tail end of the last decade, before the Great Recession drew a line in the lending sand, appears to have driven up condo fees and, in that Boston way, not driven down prices. The Fan Pier news is (or should be—this is Boston) good news for would-be buyers. Even better news? Fallon says his waterfront property has room for at least three other residential buildings. Bring it.
· Developer to Build Condos at Fan Pier [Globe]
· Our Rental Heatmap: Where the Hub's New Apartments Are [Curbed Boston]
· Millennium Place and the Rise of Gated Communities Downtown [Curbed Boston]
· If the South End Can Do It... Downtown Crossing's Changes [Curbed Boston]
· How Downtown Boston Lives: Alone [Curbed Boston]
· Back Bay 2-BR Condo Fees: Today Vs. 2002 [Curbed Boston]
· Boston Condo Inventory Is So Low [Insert Punchline Here] [Curbed Boston]