“If you just look at land mass, there really isn’t much left,” said John Hynes, CEO & Managing Partner of Boston Global Investors, the master developers of Seaport Square, the 6.5 million-square-foot development to be built on 23 acres in South Boston. “Everything inside the central corridor is either built out or restricted though size or historic restriction, so there isn’t a lot of development opportunities left.”
The next frontier in Boston was one of the topics of the Boston: State of the Market panel on Tuesday sponsored by Bis Now that also included Justin Krebs, principal at Normandy, Peter Merrigan, CEO at Taurus Investments and Stephen Faber, executive vice president at Related Beal.
Merrigan said he believes adaptive reuse of industrial sites in the South End and Dorchester could be the next big thing as the master planned projects like Seaport Square get completed.
“There is not another huge piece of land like Seaport to play with,” Merrigan said. “As you drive around, you can see these underutilized pieces of real estate that are close to the urban core.”
Faber said Seaport still has lots of maturing to do over the next 20 years. But he said NorthPoint in East Cambridge and the South Boston Postal facility in Fort Point offer opportunities.
“NorthPoint is a significant site inside the urban core with tremendous access to the East Cambridge market — probably one of the hottest markets in the world today,” Faber said. “Another interesting site is the Post Office annex on the Fort Point Channel next to South Station. It has the potential for five to size million square feet. When you look at those, there are still lots of available potential sites right in the Boston area.”
Courtesy of Thomas Grillo at the Boston Business Journal