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analytics general info

Boston’s Record Breaking Development

Great post by Scott at Boston.com

The Numbers Behind Boston’s Record-Breaking Year in Development

March 31, 2015 2:53 PM

Boston’s building boom is poised to shift into overdrive over the next few months as two big new tower projects come up for approval at City Hall.

A revised proposal to replace a four-story garage next to the TD Garden with a 46-story residential tower is working its way through the Boston Redevelopment Authority’s vetting process, said Brian Golden, director of the Boston Redevelopment Authority.

And the first of four towers that will replace the Government Center garage eyesore is also moving towards a final approval vote by the BRA’s board, Golden noted.

The progress on the big projects is the latest sign that the handoff of Boston’s development boom to Mayor Marty Walsh has apparently come off without a hitch.

During Walsh’s first year in office in 2014, the Boston Redevelopment Authority gave a green light to 62 projects across the city totaling more than $3 billion.

So far in 2015, City Hall’s development arm has approved another 16 projects, totaling more than $677 million, according to numbers complied by the agency.

“It quite literally has been one of the most active periods for building in Boston’s history.”

All told, 20 million square feet of new development has been green-lit by City Hall over the last few years but have yet to break ground, representing dozens of projects that are coming soon, according to BRA officials.

“That presents a very promising picture about all the projects that are in the pipeline and that will bear fruit in the coming two or three years,” Golden said.

Meanwhile, the amount of new office, lab, residential, and retail space currently under construction has also grown dramatically.

That number has nearly quadrupled to 15.6 million square feet, up from 4.5 million in 2012, according to Nicholas Martin, the BRA’s spokesman.

Projects that have won the blessing of city officials this year include the $290 million Fenway condo and apartment tower, The Point, and an $85 million plan to transform the Chain Forge Building in the Charlestown Navy Yard into a hotel.

“It quite literally has been one of the most active periods for building in Boston’s history,” Martin said.

The numbers also include thousands of new homes, condos, and apartments, with Walsh, like the late Mayor Thomas M. Menino before him, having pledged to make new housing a top priority.

Overall, the Walsh Administration has racked up numbers during its first 15 months in office that appear to match up favorably with Menino’s record — no small matter given Boston’s longest serving mayor’s intense focus on development issues in the city.

Under Walsh, the BRA signed off on plans for 4,158 residential units in 2014, rising to a total of 5,100 if the first three months of 2015 are included.

By comparison, City Hall’s development arm approved 3,898 residential units in 2012 when Menino was mayor. The $3.4 billion in overall development OK’d by the agency that year was on par with the $3 billion under Walsh’s first year.

Behind Boston’s development boom is a diverse economy that is spinning off jobs in a range of sectors, including high-tech, life sciences, and financial services, real estate experts say.

The Hub’s residential, hotel, retail, and office markets are some of the most highly rated in the country when it comes to interest by real estate developers, a new survey by PwC and the Urban Land Institute finds.

There is also pent up demand for new housing amid steady growth in Boston’s population as an eclectic mix of millennials, young families, and empty nesters rediscover urban living.

The big numbers should put to rest early concerns expressed by some in the business community that Walsh might slow down the pace of development in Boston, notes David Begelfer, chief executive of NAIOP Massachusetts, a trade group that represents developers from across the state.

“Things have been moving along,” Begelfer said. “Boston is in boom time right now and it’s not a bubble but a real boom. It is very rational development.”

 

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general info

Buyers Brave Snow Banks

Buyers Brave Snow Banks and Cold to Find a Home in Greater Boston

Buyers are braving snowy streets and clambering up slippery steps to look at the relative handful of homes on the market right now, brokers say.
Buyers are braving snowy streets and clambering up slippery steps to look at the relative handful of homes on the market right now, brokers say.

AP

 

The Alaskan-style winter that has swallowed Greater Boston threatens to deep freeze spring home sales as well.

Droves of buyers are braving snowy streets and clambering up slippery steps to look at the relative handful of homes on the market right now, brokers say.

But sellers who have been gearing up, in some cases for months, to put their homes on the market in March, are now looking to April or even May, according to listing agents.

The one upside is that when the spring market finally takes off, it is expected to sizzle, with frenetic sales activity extending well into the summer – a time when the market typically takes a breather.

“It’s going to go crazy,” said Deborah Heffernan, broker and co-owner of Avenue 3 Real Estate in Arlington, of the projected warmer months. “I have had a number of people who have held back listing their homes because it is physically too challenging. They are dealing with ice dams and you can’t even see outside the property.”

Massachusetts sales dropped 2 percent in January after rising through the fall and holiday season, with a 10 percent jump in sales in December amid a chilly but snow-free month, according to The Warren Group, publisher of Banker & Tradesman.

The onset of heavy snow and arctic cold was a key factor, and one that will likely result in another drop in sales for February when those numbers are released in late March.

Buyers have proved to be especially hardy this winter. The few open houses that haven’t been canceled due to epic storms of the last few months regularly have attracted crowds, brokers say.

Redfin’s Nancy McLaughin, listing specialist for the western suburbs, said she was stunned to see an overflow crowd show up at an open house she was putting on in Framingham on a recent snowy Sunday.

“We had 30 people in 90 minutes,” she recalled. “They were traipsing through the snow with the most determined looks on their faces.”

Some sellers are also showing similar grit amid an unrelenting winter that has already broken local records for snowfall.

Hans Brings, an agent at Coldwell Banker Residential Brokerage, said he is working with sellers in Waltham who were so determined to push forward with their open house that they decided to take municipal snow clearance into their own hands.

The couple, after digging out their driveway, went to work shoveling out the entire street, trying to widen it enough for buyers to drive down without getting stuck, according to Brings.

Streets effectively turned into one-lane roads by towering snow banks on both sides have been a major problem for buyers trying to get out and see homes, Brings noted.

But many other sellers are deciding to put off listing their homes until the snow melts.

McLaughlin said she has had to push out one listing into April as the sellers scramble to deal with water damage caused by ice dams on the roof.

The same thing is happening in Boston as well, said Neda Vander Stoep, an agent in the Back Bay office of Coldwell Banker Residential Brokerage.

“Many sellers are holding off on listing their properties with the hopes that it will be easier for all to navigate the city as the temps hopefully begin to rise,” she wrote in an email.

In Arlington, Heffernan said she has had clients who were ready to put their homes on the market on April and are now looking to May instead.

Sellers are concerned that buyers simply won’t be able to get a full feel of their homes and what they look like, she said.

One would-be seller in Boston decided to delay for similar reasons, noting buyers wouldn’t be able to see the deck out back, a potential selling point.

“You can’t see the foundations of the house let alone the flowers in the yard,” Heffernan said.

Categories
architecture style

Micro Units

Love these micro units in Boston. Small spaces can be efficient and comfortable…we dont call them micro units here in Provincetown – we call them charming and authentic Cape Cod cottages.

Five Newer Greater Boston Buildings with Micro-Apartments

Micro-apartments have been popping up by the dozens in Greater Boston in the last few years, going by such aliases as innovation units and micro-lofts. However you dub these roses and where you plant them, they smell generally the same rent-wise: that is, they’re comparable, if not more expensive than, studios and even 1-BRs of similar age and size. Still, micro-apartments! From the Seaport District to East Cambridgethey’re the trend that won’t die. And we’ve got the five buildings in the region with sizable amounts of ’em. Let’s start with one opening in a matter of weeks.

100Pier_4_E1B_Studio_1000x800.jpg

100 Pier 4
The 359-unit development, part of a much larger project in the Seaport District, includes 50 innovation units spread over two floors. Above is a 3D rendering of a 460-square-foot studio asking $2,574 a monthThe complex opens next month.

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seaportsquare-thumb.jpg
[Rendering via Elkus Manfredi]

One Seaport Square
The 832-unit Seaport District behemoth, which includes both the Benjamin and VIA towers (and a ton of retail space), officially broke ground in November. Some of its 96 innovation units, which will be concentrated in the VIA spire, are due to be as small as 365 square feet. The rents for these are not yet clear.
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[Photo via Bargmann Hendrie + Archetype Inc.]

Factory 63
This 38-unit conversion of an old Fort Point shoe factory dropped in early 2013, and its apartments quickly leased up, including 23 innovation units. Some of these were asking well north of $2,000 a month.
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315 on A
Another Fort Point creation, 315 on A held its grand opening in January 2014. It included studios as small as 464 square feet renting for well over $2K a month. It also fostered the concept of 20-Minute Living,which you can’t put a price tag on.
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o.jpg

Avalon North Point Lofts
The 103-unit East Cambridge complex carved from an old hot-dog factory (yup) opened in late 2014, and includes what are called micro-lofts. The available 450-square-foot ones now ask at least $2,285 a month.

Categories
analytics trends

Boston Metro Winners And Losers In The Pricing Game

Interesting post by Scott from Boston.com.

Mass.’s Biggest Winners, Losers in the Home Pricing Game

<br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br />
iStock

 

By Scott Van Voorhis, Boston.com Correspondent |

 

 

 

 

The difference between the biggest winners and losers when it comes to home prices across Massachusetts can be summed up in a single word: jobs.

Cambridge and nearby cities and suburbs dominated the 2014 list of the top ten gainers in home values over the past decade, reports The Warren Group, publisher of Banker & Tradesman.

The epi-center of the tech and life sciences boom, Cambridge led the way with an 80 percent increase in its median home price since 2005, which hit a lofty $1.2 million in 2014.

By contrast, the top 10 losers in value were all beyond the 128 and 495 beltways in economically struggling parts of the state, distant from the wealth and jobs of Greater Boston and Cambridge.

“Proximity to good jobs seems to be the common thread among the top communities,” Timothy M. Warren Jr., chief of The Warren Group, said in a press release. “Location matters in real estate, and here we see these key communities adding even more in terms of their home values.”

Top 10 winners
 Of the top 10, Somerville (No. 6,) and Belmont (No. 8.) both border Cambridge, while six others are with 5 or 10 miles of the city. Jamaica Plain was No. 2, having seen a 40 percent increase over the last decade that drove the median price of a home in the neighborhood to $700,000.

No. 3 was Lexington, at $950,000 after a 34 percent hike, and it’s practically next door to Cambridge and Somerville, separated only by high-flying Arlington.

After Lexington, there’s South Boston, Brookline, Concord, Newton, and Winchester.

By contrast, hard-hit old industrial towns and cities along Route 2 in North Central Massachusetts took the biggest hits to their home values.

Athol led the way down with a 36 percent plunge that lowered its median price to $115,000, followed by Fitchburg, Orange, and Gardner.

Top 10 losers
Top 10 losers

The Warren Group

 

 

“The extreme decline in median prices in these communities is unfortunate and indicative of the underlying factors occurring in each of these communities,” Warren said.

Three towns from Central Massachusetts also made the losers list: Warren (No. 4), Southbridge (No. 3), and Barre (No. 8).

Rounding off the list were Randolph, the only town in Greater Boston to make the list of the biggest decliners, and New Bedford.

However, rock bottom prices for homes and other real estate could provide some of the ingredients for a comeback for these communities as well, Warren noted.

“In order for prices to rebound, an economic revitalization in these areas needs to occur,” he said. “With low-cost housing abundant, these communities should be able to attract business relocations and start-ups.”

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style

Boston’s Best New Building?

Great post from Curbed.com.  Don’t you just love John Keiths comments on The Troy?  Enjoy!

What Was Greater Boston’s Best New Building of 2014?

315A112.jpg
[315 on A]
Paul McMorrowBoston Globe op-ed columnist and CommonWealth magazine associate editor: There are so many! The Burnham building on the Filene’s block is obviously the best thing to happen downtown in forever. Sasaki’s Ferdinand building looks incredible and it’s getting private developers to take a look at a neighborhood they’ve been ignoring for decades. ADD Inc.’s 315 A Street manages the neat trick of being on the waterfront without looking like a glass box that snuck in from Houston. The Lawn on D is not technically a building, but it has swings and ping-pong tables and Wi-Fi so it wins everything.
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Lara Gordona broker in Cambridge and Somerville: Could it be anything OTHER THAN Millennium Place? Speaking not from an architectural or design perspective, but purely for its contribution to the Downtown Crossing renaissance.

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[Troy Boston]
John A. Keitha Boston broker: I’d have to go with the Troy, ready for occupancy in early 2015, purely for the huge balls the developer must have, building a 400-unit apartment building across the street from New England’s largest homeless shelter (and a Mobil station) and, literally, in the shadow of an eight-lane interstate highway. I also like the new 100 Pier 4 apartment building in the SBW Seaport neighborhood, also to be delivered (late) 1st Quarter 2015. Perhaps a step up from the existing Waterside Place down the street, 100 Pier 4 is the first building to be completed in the Pier 4 mixed-use development. It has the best views of the new residential buildings in the neighborhood and is the closest (so far) to downtown Boston. Of course, neither of these were completed in 2014, so may not qualify as “Best of 2014”.
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Charles Cherneya broker in Cambridge and Somerville: If only there were new condo buildings in Cambridge and Somerville.
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Jonathan Berk, real estate attorney, founder of the BuildingBOS blog and member of Boston’s Onein3 Council: My wink goes to Ink; Ink Block by National Development: Ink Block will be opening in the coming few days and will serve not only as it’s own self contained live, play environment but will also spur growth and redevelopment of the Harrison Ave and Washington Street corridors. It will provide the South End the necessary connection between Downtown, South Boston and the South End. Game-changing retail activation (Including a 50,000SF Whole Foods) coupled with a pool, outdoor BBQ’s, grass courtyard will make Ink a catalyst for necessary neighborhood reinvestment and a destination unto itself.
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handelrendering-thumb.jpg
[Millennium Tower on the Boston skyline; Handel Architects]
Nick Warrenpresident and CEO of Warren Residential: Millennium Tower … by far. I don’t know if it officially qualifies for 2014 since it currently only has a few floors of concrete and rebar’ but it’s certainly the most exciting. There has never been a building in Boston that has received so much buzz and attention like Millennium Tower has. From their $37.5M PH to the amount of units they put under agreement right out of the gate, it truly stands out against its competition.
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David Batesa Boston broker and our Bates By the Numbers columnist: 315 on A – the building located in a cool area that is getting cooler. It’s green and sustainable construction. The developers put a lot of thought into the features and amenities, like the best bike storage room in the city, the indoor pet refuse area, the conference rooms, the on-site art. Plus, the rooftop common area is among the best amenities I have seen.

Categories
trends

Real Estate Trends That Defined 2014

Below is an rundown of real estate trends we saw in 2014 and a look forward to what we might see in 2015. This post provides a terrific national overview that is meaningful for our local markets as well.

The year 2014 saw a steady build-up of housing momentum that is expected to carry the market into 2015 gains, according to a realtor.com® report released today.

The 2014 Housing Review points to significant improvements in the U.S. economy overall and low mortgage rates as fueling the housing market. However, there are also factors that continue to hold back a recovery, including tight credit restrictions and a limited supply of homes for sale.

“The strong outlook for 2015 is based in part on the improvements and momentum experienced by the economy and housing in the second half of 2014,” said Jonathan Smoke, realtor.com®’s chief economist. “With several key factors turning strongly positive, 2014 was a turning point and sets the stage for a stronger recovery in 2015.”

Here are the top 10 trends of the past year, with five indications of growth and five limiting factors.

Realtor.com®’s Top 10 Real Estate Trends of 2014

Indicators of a stronger housing recovery

1. Improving economic fundamentals: After an especially harsh winter, the economy picked up steam this spring and produced a banner year for new jobs. The GDP this year was higher and is still trending higher, resulting in stronger consumer confidence.

2. Historically low mortgage rates continued: Mortgage rates declined despite the end this year of quantitative easing, a monetary policy intended to stimulate the economy. Global weakness, along with actions by the European Central Bank and central banks in Asia, kept our Federal Reserve from raising the Federal Fund Rate, which kept mortgage rates low.

3. Return to normal price appreciation: After two years of abnormally high levels of home price appreciation in 2012 and 2013, price increases moderated throughout 2014. We are now experiencing increases in home prices consistent with long-term historical performance.

4. Decline of distressed sales: Foreclosures and short sales declined throughout the year, and while total home sales decreased year over year, normal (non-distressed) home sales increased over 2013. Foreclosure inventories also fell substantially and are forecasted to be down 30% year over year at the close of 2014.

5. End of the era of major investors active in purchases: Related to the drop in distressed sales opportunities, and against a backdrop of higher home prices, portfolios of single-family homes for rent may have reached their peak this year. Large-scale investor purchase activity in the single-family market sector continued to decline, leaving more room for traditional first-time buyers.

However, we still have a ways to go back to normality.

“Despite the positives, several factors were far from normal this year,” Smoke said. “The limiting factors held back demand and even supply in 2014, but economic gains and late 2014 government housing policy actions brighten the potential for even more positive change in 2015.”

Factors holding back recovery

1. Tight credit standards: Despite historically low rates, many households were prevented from capitalizing on mortgage access because of overlays lenders added to qualification standards in order to limit their risk. As a result, mortgage credit availability did not improve in 2014.

2. Limited inventory: While absolute inventories increased as the year progressed, supply did not outpace demand. Monthly supply of new homes and existing homes remained beneath normal levels, and the age of inventory was down year over year.

3. Depressed levels of first-time buyers: The share of first-time buyers fell to the lowest level in more than 20 years, according to the National Association of REALTORS®. “But the first-time buyer share is showing signs of modest improvement by the year-end,” said Lawrence Yun, NAR Chief Economist. Federal policy actions, such as revised regulations for lenders and new low down-payment programs introduced in December are anticipated to have a positive impact in 2015.

4. Record levels of renters and ever-increasing rent prices: Continued declines in homeownership rates resulted in record numbers of renting households. Rent increases became an inflationary concern this year, and looking ahead, the pace of these increases is not slowing down.

5. Lack of recovery in homebuilding and low share of new home sales: Single-family starts barely increased in 2014 over 2013. New home sales remain far from normal share levels – typically near 16%, they are now around 9%. New home prices increased substantially again this year, revealing that higher priced product is limiting the demand.

Categories
analytics

Boston Is 7th Most Valuable Market

A repost of Scott’s Zillow findings.

 Boston is Nation’s 7th Most Valuable Real Estate Market

 

Boston’s real estate market jumped $28 billion this year, according to Zillow.
Boston’s real estate market jumped $28 billion this year, according to Zillow.

The Boston Globe

By Scott Van Voorhis

Boston.com Correspondent

 

Feeling any richer? You should be. The total value of all homes and condos in Greater Boston came in just under the $600 billion mark in 2014, a new report finds.

 

 

Boston area residential values have jumped $28 billion this year, for a nearly 5 percent gain, according to Zillow.

The Zillow Home Value Index, a blend of property assessments by local officials and market prices, pegs the median home value for the Boston area at $364,900. (Zillow pegs the median rent at $2,137.)

The increase makes Boston the seventh most valuable real estate market in the country, behind Los Angeles ($2.2 trillion), New York ($2.1 trillion), San Francisco ($1 trillion), Washington ($943 billion) Chicago ($738 billion) and Miami/Fort Lauderdale ($717 billion).

Boston edged out Philadelphia ($573 billion) and San Diego ($538 billion) and smoked Seattle ($465 billion) and Minneapolis-St. Paul ($292 billion).

However, for buyers, there are two bits of good news.

First, the pace at which home prices are rising appears to be slacking off a bit. This year’s 4.9 percent jump in overall home and condo values is a step down from 2013, when Boston area real estate values hot up 8.1 percent, or $46.5 billion.

Second, inventory, or the number of homes on the market, also shows signs of improving, with 8.2 percent more listings this year compared to 2013.

Categories
trends

Boston Is Market To Watch In 2015

Great story from Boston Magazine

 

Boston Ranks as a Market to Watch in 2015

After analyzing real estate markets around the country, both Boston and Middlesex County are listed in the top 10 housing markets to watch next year.

Photo provided by Shutterstock.

Real estate search database Trulia has released their 2015 Housing Outlook report, including the top 10 housing markets to watch in 2015. After analyzing market potentials and trends throughout the country, researchers selected 10 markets with the capacity for real estate growth in the upcoming year. Factors like job growth, vacancy rate, and the amount of millennials ready to enter the work force influenced their report.

According to the report:

Our 10 markets to watch have strong fundamentals for housing activity. These include solid job growth, which fuels housing demand, and a low vacancy rate, which spurs construction. We gave a few extra points to markets with a higher share of millennials. These young adults are getting back to work and that will drive household formation and rental demand. We didn’t include markets where prices looked at least 5% overvalued in our latest Bubble Watch report.

Here are the Top 10 Housing Markets to Watch in 2015, in alphabetical order:

•  Boston, MA
•  Dallas, TX
•  Fresno, CA
•  Middlesex County, MA
•  Nashville, TN
•  New York, NY-NJ
•  Raleigh, NC
•  Salt Lake City, UT
•  San Diego, CA
•  Seattle, WA

Despite low inventory rates, over-asks, and bidding wars, the Boston market has a slue of new luxury apartments aimed at millennials, who are predicted to be one of the highest groups of home buyers this year.

Categories
architecture style

Newbury Street’s Chanel #6

 
Incredible new development at 6 Newbury Street – and  interesting thread of stories from CurbedBoston.com. 

New Twists for Two Raw Spaces at Back Bay’s Chanel No. 6

by Tom Acitelli, December 8, 2014

new2.jpg

 

 

The conversion of a garage at 4-6 Newbury Street in Back Bay is undoubtedly one of the most ballyhooed luxury redevelopments in Boston in eons. We’ve dubbed it Chanel No. 6 (there’s a two-story outlet for the iconic perfume peddler at the building’s base) and the handful of condos above (four or five, depending on whom you read at this point) have commanded some of the biggest Boston sales prices in recent memory. Yet, a lot about Chanel No. 6 remains mysterious.

A titanic part of the mystery stems from the condos being sold as shells. Take Units 301 and 302, the husks of which are pictured above. They traded together in mid-October for a cool $7,250,000 total. The purchaser, Boston Property Development, plans to turn the raw space into “two high-end residential condos for sale in 2015.” In other words, the luxury condos are going to be developed into luxury condos. May you live in interesting times. (H/t Buzz Buzz Home.)

· Chanel No. 6 Coming Into Its Shells Nicely [Curbed Boston]
· Our complete Chanel No. 6 coverage [Curbed Boston]

Categories
trends

Boston Seaport Buildings May Rein In Rents

 

Good post by Scott at Boston.com. Check out the gorgeous renderings.

One Seaport Square May Rein In Boston’s Runaway Rents

 

Rendering of One Seaport Square, slated to open in 2017.
Rendering of One Seaport Square, slated to open in 2017.

Elkus Manfredi
By Scott Van Voorhis
Boston.com Correspondent

Take that, rising rents. More than 800 new apartments are poised to take shape near Boston’s waterfront in a massive project so large it might just help rein in the Hub’s runaway rents.

Developers of the $600 million One Seaport Square broke ground Friday on the 1.5-million-square-foot project, just across the street from Fan Pier and the new ICA in Boston’s Seaport/Innovation District.

A centerpiece of the new development will be a pair of new towers, 20 and 22 stories tall, that will be packed with 832 apartments ranging from tiny “innovation units” to spacious luxury digs.

Slated to open in 2017, the new development will put more new apartments on the market in Boston than any single project in decades.

The two towers, named VIA and The Benjamin, will come with an array of shared spaces, including gardens, places to grill, lounges, and a heated outdoor pool overlooking the skyline.

“When you bring so many new apartments, the market will adjust,” predicts Vivien Li, executive director of the Boston Harbor Association and a long-time observer of development along the city’s waterfront. “What we may find is that rents may start to level out.”

The new development will also feature oodles of new places to eat and shop, with 250,000 square feet of retail space planned for the largest shopping and dining venue yet in the Seaport. Coming attractions include the upscale ShowPlace ICON Theater, a Kings Bowl, and an Equinox fitness center.

The project is the work of a trio of high-powered developers. Veteran tower builder John Hynes, son of legendary newscaster Jack Hynes and grandson of one of Boston’s influential mayors of the last century, snapped up the sprawling collection of parking lots nearly a decade ago.

He later teamed up with the Berkshire Group and WS Development, which has rolled out a number of suburban life-style centers, including The Street in Newton and Legacy Place in Dedham.

“One Seaport Square will be our largest project in Boston,” Hynes said in a statement. “It will set the tone for just how dynamic this new neighborhood will be in all categories: commercial, residential, shopping, dining and entertainment. We cannot wait to bring it to life.”

While Hynes and his partners are mum on what rents will be for the new apartments, the developers say they aren’t looking to do just another luxury rental high-rise, but are aiming to have a wider range of apartments.

The innovation units in particular, will be aimed at young professionals, with relatively tiny apartments featuring just a few hundred square feet of space aimed at offering a more reasonable rent. But the luxury apartments are likely to draw a wide range of prospective tenants, including wealthy empty nesters attracted to the cachet of Boston’s vibrant and growing waterfront, Li said.

The apartments will join a neighborhood that’s seeing billions in new construction take shape, from office and hotel towers, to luxury condos and a $1 billion expansion of the Boston Convention & Exhibition Center.

Just across the street at Fan Pier, waterfront developer Joe Fallon has been selling dozens of multimillion-dollar condos.

“The market has really made this area hot,” Li said.

 

Aerial view of the One Seaport Square location.
Aerial view of the One Seaport Square location.

Hannah Cohen for Boston.com

 

Approximate views from the One Seaport Square location.
Approximate views from the One Seaport Square location.

Mike Diskin

 

Approximate nighttime view from the One Seaport Square location.
Approximate nighttime view from the One Seaport Square location.

Mike Diskin