Why 1M SF Of New Retail Is Just The Beginning For The Seaport
At Bisnow's recent State of the Seaport event, a crowd of more than 500 commercial real estate pros gathered to get a glimpse of future development plans.
Boston Realty Advisers CEO Janice Dumont (left with WS Development EVP Dick Marks) asked our panelists how they felt about the pace of the Seaport and if the area would soon begin attracting families.
Dick said the pace is dramatic, with a vibe and energy that draws a diverse demographic. And by adding art, music, food, fitness and all the things you will want to see in the public realm, the district still has a lot of room for growth.
He explained there will be more than 1M SF of retail space available at the Seaport starting this summer with 50 stores in the two Skanska projects alone.
Cottonwood Management founder Alex Shing (right) said the Seaport is indeed evolving to accommodate families. He said the company's vision with the M block was created to accommodate homeownership with condo products for families, empty nesters and young professionals.
Boston Global Investors EVP David Wamester (right with with Stantec VP Fred Kramer) said concerns over absorption, considering how many residential units are being built, are valid. But the projects being built are well thought out and the demand is there.
The Drew Co president John Drew (right) also is bullish on the future of the Seaport. "I hope our image of innovation and young strong talent signify the vibe and energy of the District," he said.
John said as the community evolves, we will see more interaction on the waterfront, with the use of water shuttles only a year away. In addition, the talk of seaplanes is creating enthusiasm, the parking port authority is building space for 1,400 cars in the next three months, and blocks B and C are about to get underway. "Good things are definitely coming for the future."