10/11/2018: HUGE Development Regarding Boston Area College Dormitories

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shmessy

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(This popped up on the Globe website a few minutes ago and I didn't know whether to put this in the "Development Forum" or this one - - if I erred, please accept my apologies).

This is massive news for Boston on several levels - - economic, education and urban planning. The domino effect from this is mind potentially boggling:

https://www.bostonglobe.com/busines...sing-boston/7wBaD1dlvMs1IKB8K0NNcJ/story.html


By Tim Logan GLOBE STAFF OCTOBER 11, 2018
A British company that aims to transform the concept of college dormitories is making a major investment in Boston.

Scape, a firm that operates student buildings in the United Kingdom, Australia, and Ireland, says it will spend $1 billion over the next few years to develop privately run student housing in Boston, and it will also locate its North American headquarters in the city.

It’s a move that could help meet the huge demand for college housing in Boston, where an estimated 36,000 undergraduate and graduate students live in off-campus apartments, and establish a new model for student housing here — independent of any particular school and less taxing on universities’ already-tight budgets..........
 
i just found it and was also going to post.

Truly fantastic news development.

Boston is playing in an exclusive investment arena!!
 
You need proper infrastructure investment at this point. Massive investment in transit

The city and state continue to let sites like Harbor Garage and South Station just sit IDLE
instead of giving the developers incentives to build 1,000ft residential towers centrally located on transit and into the core of the city with the approval of the FAA.

Give the developers the height but keep the developers to 1-2 bedrooms per unit.
Boston is in an affordable and in the mist of a housing crisis as we continue to look at locations that would help to relive the congestion for both housing & traffic.

I just don't see the logic here. Build in the core on top of the MBTA--
Malden Center gets it.
 
Steve Adams tweets that the first parcel may be 1260 Boylston, but since it's behind the paywall of B&T I'm not sure why he thinks that.
 
How many units/beds result from $1 billion?

Also, one fear I have is that this housing will just turn into luxury student housing, and only a handful of the 36,000 living off campus will opt to go this route. The Edge apartments in Lowell is a private student housing development with the same idea, and it lies under the price of a dorm but over the price of a typical apartment in Lowell. It's approximately ~$4k/mo. for 4 beds, compared to the average ~$2500. Granted they are probably nicer, but I don't think the building has filled up much in the past 2 years.
 
Steve Adams article says they signed a 99 year ground lease at 1252 Boylston street in July.
 
stefalarchitect said:
Also, one fear I have is that this housing will just turn into luxury student housing, and only a handful of the 36,000 living off campus will opt to go this route.
Click to expand...

It's not 36,000 but I got out of school within the past few years, and there are definitely luxury students to put in these projects. Pick a new residential building around town from the last ten years, and there are 20-year old BU and Northeastern kids with Porsches living in it.

I'm excited about this, and I agree that broadly speaking students still require a lower price point. If it's done right this could ease some of the pain for the rest of us. Onward.
 
Sometimes i just want to fast forward the clock about 4, 5.... 10 years.

Excuse me for the metaphor but,

it's gonna be so cool seeing the Fenway going "Lincoln Park" urban.
 
stefalarchitect said:
How many units/beds result from $1 billion?

Also, one fear I have is that this housing will just turn into luxury student housing, and only a handful of the 36,000 living off campus will opt to go this route. The Edge apartments in Lowell is a private student housing development with the same idea, and it lies under the price of a dorm but over the price of a typical apartment in Lowell. It's approximately ~$4k/mo. for 4 beds, compared to the average ~$2500. Granted they are probably nicer, but I don't think the building has filled up much in the past 2 years.
Click to expand...

My daughter lives in a high rise similar to this concept at her school. IMO, the cost is minimally above the regular dorm cost. Almost all of the units are either 2 bedroom suites (with 2 students per room) or 4 bedroom suites (all singles). The units are rented per student, not per suite. The suites share a common room along with a full kitchen (well, a hot plate not a stove) with a microwave and fridge built in. 2 bathrooms per suite. Fully furnished. All units have a washer and dryer. The units are not exactly finished from the perspective that there are open ceilings and exposed concrete above 8 feet or so. Lots of perks - ground floor retail, study lounges with rooms that can be reserved, game room, small movie theater that can be reserved, fitness center, elevated patio with grilling area, and a lounge on the top floor. The building reverts to the college in something like 30-40 years.
 
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