Gateway Cities Moving to Second, Third Tier
As in other gateway cities, demand for multifamily is so strong that Boston area developers are starting to build in outer ring locations, like Hanover's project breaking ground soon in Plymouth, says Goulston & Storrs director Deborah Horwitz. She’ll also be a speaker at Bisnow’s BMAC14, National Multifamily Conference and Expo, Nov 24 and 25 in DC. (Register here!) For the first time since ’07, projects are popping up as far out as Rt 495. Deborah tells us it’s a sign of investors’ confidence in Boston and the asset class—multifamily also still appeals to international investors, including from China.
Hanover is more than Pier 4 (above); it's also in Swampscott and in Watertown; Greystar is seeking entitlements in Watertown. Mill Creek is permitting in Hopkinton and building in Watertown and Natick. Toll Brothers permitted multifamily in Westborough, and New England Development is doing a major mixed use complex in Westwood.