This past weekend, construction began on the East Boston waterfront. This project, known as East Pier, will bring 550 new luxury condos and apartments to the Boston market, and will offer fantastic views of the Boston skyline to a majority of the residents. Roseland Property, Co. purchased the rights to build on the East Boston location about six years ago. Many had wondered when the old rotten piers, and virtually obsolete structures that lined the Harbor's edge, were going to come down and a better use of the location was going to develop. Now is that time.
Roseland Property, Co. has teamed up with Lennar Urban Northeast for the project. They seem as though they will be a great team, because Roseland focus has been on rental apartments, whereas Lennar is a branch of the larger Lennar Corp., a national homebuilding corporation. The team will build seven buildings in two phases, on the 13-acre East Boston waterfront site. Many of the piers and a few of the large warehouse structures will be demolished prior to development. The first phase of the project will be on the landside of the site, and the second phase will be erected on massive concrete pilings, out into Boston Harbor. The first phase, anticipated to be completed in 2 years, will consist of three buildings, five to seven stories in height, and staggered throughout the property to maximize views of the Boston skyline. The second phase will be the remaining four structures, also five to seven stories in height, however completion is not expected until 2010.
Of the 550 units, about 177 are planned as apartments, with the remainder being a mix of one- and two-bedroom luxury condos. In addition, the ground floor of the development will include over 65,000 square feet of commercial and retail space. Restaurants, shops, service facilities, and meeting areas are planned for the space. For residents, and businesses alike, there will also be 800 parking spaces created, 640 of which will be underground.
As previously mentioned, Roseland purchased the rights for development of the site about 6 years ago. That was when the Boston condo market was taking off. Will the market be able to absorb another 373 some-odd units at a somewhat skeptical East Boston location? With plans to build a permanent water taxi which will transport residents, workers, and visitors from East Boston to the downtown waterfront, and prices for one-bedroom units starting in the $300,000's, I believe this project will do just fine. At first thought, you have got to think about every time you go to Logan Airport and back in the tunnel, or over the Tobin Bridge, and have to pay at least $3.00 just in tolls, that living in East Boston would become very uneconomic for those frequenting downtown Boston. With significantly lower sale prices than most, if not all, Boston waterfront luxury developments, and the additional forms of convenient (hopefully inexpensive) modes of transportation from the city to the site, East Pier has the potential to be a fantastic success, and an incredible luxury for those fortunate enough to take advantage of the opportunity of investing in a unit at this transforming waterfront location.
Source: "Change of scenery in East Boston: Building starts on luxe housing development as waterfront shows signs of renewal", By Thomas C. Palmer Jr., Globe Staff January 16, 2007
Labels: boston condos, boston waterfront, east boston condos, east pier
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