$250M Jackson Square Project: Market Worthy
Jackson Square, where nearly 40 years ago homes and businesses were bulldozed for highway construction that never materialized, is finally being rebuilt. (The area just needed a little time to get some fresh air, clear its head, and figure out the kind of area it wanted to be.) The 103 apartments with retail in the first of 14 buildings planned for its $250M revival—225 Centre—are 80% leased just two months after construction was completed. Noah Sawyer (in front of the building and the Jackson Square T-stop), the project manager for the non-profit developer (The Community Builders) is in the early planning stages for the next property TCB will develop there at 250 Centre St, likely to be about 100 units.
This month, Urban Edge started site work on Jackson Commons across the street at 1542 Columbus Ave for another 37 apartments, and the Jamaica Plain Development Corporation hopes in 2015 to build 40 more units at Jackson Square. The neighborhood has attractions: Whole Foods, new playgrounds, shops, restaurants, night spots, and rents nearly half of new apartment buildings downtown. A 1,075 SF two-bedroom at 225 Centre rents for $2,300/month to $2,700/month whereas a luxury 800 SF two-bedroom in the CBD can be $5,300/month. People renting at 225 Centre are longtime neighborhood residents and newcomers who work at nearby hospitals and universities. (Now you know where to go if you want to meet some nurses.) Mass transit is an attraction and Boston’s strong multifamily market is good for renters who want value as well as those seeking luxury, Noah says.