The city of Boston has many thriving districts that support some of the top companies and talent across pharmaceutical, tech and healthcare industries. Many of the city’s neighborhoods have done a good job at balancing the commercial and residential aspect each city-suburb must maintain. Although, the corporate boom in and around Boston has put more of an industrial edge on certain locations.
Sitting alongside the Boston Harbor, the Seaport district is home to many popular properties such as the Boston Convention Center as well as new establishments such as the Omni Hotel a massive $550 million project that officially got underway in 2018. The inhabitants that drive this marine district’s economic and community development are mainly on the commercial side as residential real estate has not experienced the growth it needs to keep up with industrial development in the port. What has been related to as feeling like a Dallas Office Park with its sprawling office parks and parking lots, the Seaport district has certainly been a hub for investors in professional and retail development. New projects are being constructed and attracting both well-established and start-up businesses to expand or setup locations in the Boston city.
”Many of these new businesses to the area are pushing for stronger residential development to tie together the overall trajectory commercial growth has on the city.” shares rental property developer Marcus Hiles, a 30-year veteran in the residential development space. Trying to bring in the populations necessary to support business operations, companies that are referred to as new economy businesses are continuing to show the strong relationship that coexisting with both competitors and employees can have to create city wide success. This centralized network of talent and business is at the heart of today’s thriving cities including those in New York and California, a model that can ensure competitive diversity and long-term market demand for modern corporations. ”Creating more neighborhoods and community-enriched areas are becoming more of a top priority for property developers and real estate investors who are working to establish what they hope to call the next Kendall Square of the city.” adds Marcus Hiles who has helped transform other cities with residential development such as Houston and San Antonio that have now become key live and work in communities in the state of Teas.
Key areas of the Seaport’s infrastructure will require modernization with significant investments necessary to bring together a more residential community base. Along with additional public accommodations and amenities, Boston faces critical issues with its lack of transportation options and accessibility. Employees in the area today are pushing for alternate forms of transportation to both commute to and from and navigate within the city, something that will be crucial to attracting more residents inwards.
Along with transportation options and more neighborhood focused investments, Boston’s Seaport must make a transition from selling land and property for just commercial purposes to building out residential real estate. The incentive is there to build out the next professional and residential community along the Boston harbor, now it will just take some key investors and supporting organizations to make it a reality.