Seaport Vision Realized
Boston Global Investors Charles Reid, who was also a panelist at our event,says MayorMeninos vision for the Seaport is coming to fruition. By year's end, he expects 40% of BGIs JV with Morgan Stanley--the $3B, 6.3M SF Seaport Square--to be in construction or going under agreement. While the rise in construction costs has slowed after two years of rapid increases, Charles says that the expense makes all development really tough with projects constantly being redesigned. New approaches include producing smaller units with rents that young tenants can afford and modular construction, which he says everyone has to consider.
The Community Builders CEO Bart Mitchell, also a speaker, says the nations largest non-profit developer of urban mixed-income housing is busy building 1,136 units in 10 developments--including four in Chicago, three in Boston, and one in Philly--valued at $260M. TCB recently completed two historic rehabs in Gloucester and New Haven and purchased a Pennsylvania portfolio of five buildings with 229 units. Two recent awards of New Market Tax Credits--$25M each--have transformed the company into a new lender for projects like the Citys renovation of the Ferdinand building in Dudley Square.