Towards the end of last month the Sepia Condominiums began closing located at 32 Traveler Street in Boston’s South End and more specifically the Ink Block neighborhood. This location which for decades has mainly been home to industrial buildings has had a burst of development within recent years. The large project at Sepia which is very visible of I-93 consists of condominiums as well as apartments. The neighborhood is also home to a state-of-the –art Whole Foods which was completed just over a year ago. While many in the real estate community were reluctant to think this location could achieve similar pricing to the more residential sections of the South End, the sales prices speak for themselves and they are very impressive. The 75-unit condo complex consists of a wide range of properties from studios to spacious three bedrooms. Of the 67 market rate homes in the building the average price per foot was $1,036/sf and the median sales price was $937,900. There were also seven units in the building trading for more than $2,000,000 with the highest sales being two penthouses which each sold for $2,205,000. With sales figures like this in a section of Boston which in years past would have been undesirable, it is no wonder there are cranes everywhere you look.
John Drew, whose development company built projects such as the Boston World Trade Center complex and the Seaport Hotel, has announced that the long delayed construction of a mixed residential and commercial project on Congress Street in South Boston will begin in the Spring of 2012. The project’s 236 apartments and retail stores will help catalyze the area’s development. The combined residential/commercial build strategy ensures daily activity and therefore confidence among potential retailers and restaurants that there will be sufficient business in the area, in turn sparking new development.
Although much growth is expected over the next few years in the area that Drew is targeting, it is certainly not devoid of life at present. Luxury condominium buildings in the area are highly sought after, such as the lofts at 25 Channel Center. Mayor Menino spoke promisingly about the South Boston Waterfront area, noting that 70 companies have moved to the area over the past few years, bringing 2,000 jobs with them. Menino added that he only thinks the area will prosper further, mentioning the popularity of many area restaurants.
If you would like more information regarding real estate in Boston, please contact CL Waterfront Properties today!