Atlantic Wharf (née Russia Wharf) | Atlantic Ave | Waterfront

Re: Russia Wharf

That's an interesting point, underground. Hynes' first building in the Seaport is all rental, for instance.
 
Re: Russia Wharf

I posted about this in the Filene's thread, but again, why are they nixing the residential component? Turn those condos into rentals, and they would all being taken up in a split second. It just completely baffles me that these companies think the only type of housing is CONDO. People rent in this area too. A lot of them. And they range from middle of the road to the highest of the high end.

Simply put, it's a management issue.
 
Re: Russia Wharf

today 12-13-08
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Re: Russia Wharf

same pix's different day!^ I did'nt get any comments either!
 
Re: Russia Wharf

Please don't let the lack of posts discourage you from posting pictures!! As a quiet member, I'm assuring you we appreciate em very much!
 
Re: Russia Wharf

It's probably due to the lack of progress. I have to say even with the facadectomy (however you spell it), it is taking a hell of a long time for this tower off the ground although the ICH did delay it with its bogus view argument.
 
Re: Russia Wharf

It's good to finally see this sucker start to rise.
 
Re: Russia Wharf

^^^ Agreed.

Riddle:
Q: When will it reach the Soaring stage though?
A: Never, it only caps at 400ft
 
Re: Russia Wharf

My Van Voorhis Dictionary defines "soaring" as anything over 150 ft....so you may want to check your facts.
 
Re: Russia Wharf

Yes - thanks to both of you!! All pics are always so appreciated!!! I think that due to the slow holiday weeks, there just ain't many people around at the moment to comment.

Does anybody have any clue what's going on with the residential portion of this project? Is it rentals? Still in limbo?
 
Re: Russia Wharf

that sign completely ruins the second picture. Although it does make a statement about bostons walkability.

And that concludes a random poetic observation.
 
Re: Russia Wharf

1/10:

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One month from now and the core should be visible!

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Boston's Russia Wharf project revised

Tuesday, January 13, 2009, 5:09pm EST

Boston's Russia Wharf project revised

Boston Business Journal - by Michelle Hillman


Boston Properties Inc. received approval from the Boston Redevelopment Authority (BRA) Tuesday to replace a large chunk of the residential portion of the planned Russia Wharf development with office space.

Instead of 215 residential units, the residential portion of the project has been reduced to 65 units of housing. Also, Boston Properties has added 5,000 square feet of artist work space to the $500 million, 854,000-square-foot development. Russia Wharf, which was previously approved by the BRA for 500,000 square feet of office space, will now include 700,000 square feet of office space. Close to 500,000 square feet of the office space has been pre-leased to Wellington Management.

In a press release, the city said the reduction in residential units and increase in commercial space was due to ?the change in the national economy? and the fact that the lower levels of one of the historic buildings being preserved and redeveloped as a part of the project ?proved to be unsuitable for residential space.?

As a result of the change, Boston Properties will make an affordable housing contribution payment of more than $650,000 and increase housing and jobs linkage payments. Also, Boston Properties will pay more than $5 million in a ?voluntary contribution? to be used for the city?s affordable housing program. Approximately $2 million will be set aside for an Affordable Housing Fund for artist space in the Fort Point Channel, according to the city.

In addition to the commercial, residential and 10 to 15 artist work spaces, the project includes 60,000 square feet of retail, restaurant and civic space as well as a public plaza.

Russia Wharf sits on the edge of Boston?s Financial District along the Rose Kennedy Greenway and Fort Point Channel. Construction on the site started early last year. Boston Properties, according to the city of Boston and the BRA, expects the project to be complete by 2011.
Source
 
Re: Russia Wharf

Between this and Filene's I'm beginning to wonder if the author of this Banker & Tradesman article knows what he is talking about:

Boston Has A Housing Problem, But It?s Not What You Think
By Ian B. Murphy
Banker & Tradesman Staff Writer

Boston?s housing market is suffering, but not from the same highly-publicized ills as residential real estate in the rest of the country.

Banks are well capitalized and lending, and interest rates are at historic lows. The buyers are out there, but in Boston and the city?s suburbs, the market is suffering from a lack of inventory.

Potential sellers are withholding their properties from the market and taking a wait-and-see approach, hoping property values will in-crease. Others have taken their homes off the market to avoid inconveniences over the holidays.

The November 2008 inventory of single family homes has decreased 17 percent in and around Boston compared to last year, accord-ing to the Greater Boston Association of Realtors. The condominium inventory has decreased 21 percent.

?As the market shifted, there were sellers that were looking to get a certain price, and they have withheld their properties because they?re not in a position where they have to sell,? said John Dulczewski, executive director of the Greater Boston Association of Realtors. ?That is a particular frustration now because of where interest rates are. Buyers are being drawn into the market ... and there are people who are actively looking, but they?re frustrated by a lack of inventory coming onto the market.?

John Ranco, the director of sales at Gibson Sotheby?s International Realty in Boston, said he has tried to combat the perception that the market is flooded with housing, and only slashed prices will bring in buyers. He said his areas of business, downtown and the Back Bay, are always in demand regardless of the economic climate.

?It?s a case of the national news versus the regional data, which is much different,? Ranco said. ?The biggest strategy were using is we?re calling all our past clients over the last five years, and letting them know that we want to be the market update, not CNN. Good properties tend to sell.?

Condo inventory can only get worse, Ranco said, as there are few new buildings going up during the down construction market, and many current developments are becoming rental properties or commercial space.

?Over the next two years, there is really nothing new in the pipeline,? he said. ?We?re going to see nothing new coming onto the market for residential. Eventually, that pipeline is just going to end.?

Kathy Lewis, president of the Greater Boston chapter of the Women?s Council of Realtors, said the lack of inventory doesn?t reflect a flight from the market. Lewis said the trend is consistent with the usual delisting of properties over the holidays, as potential sellers seek to avoid complications during the stressful season.

?There are some areas that really have a real problem, but Boston is not one of them, and Needham is not one of them,? Lewis said. ?If something is priced properly it will sell. It?s absolutely a seasonal thing.?

The housing inventory should get a bump after the holidays and some sellers will lower their price, but that won?t be a cure-all. Both buyers and sellers need more certainty in the job and real estate markets for inventory to start to rise again.

?We need to see that resurgence of confidence on both sides to bring that resurgence to the market,? said Laurie Cadigan, broker and owner of Barrett and Company in Lincoln, Concord and Carlisle.

Cadigan said because buyers use the Internet to be better informed than ever before, they know what they want, what it should cost, and many are willing to wait to get it at the right price.

?There are a lot of my agents who have buyers that are sitting in the wings waiting for something special,? she said. ?Today?s consumer is very bright. They want things that are in great condition and priced reasonably. They come in with all the data, before we even speak to them.?
 
Re: Russia Wharf

What a puff piece quoting people who want to pick up some listings.
 
Re: Russia Wharf

Would the increase in office space mean an increase in height?
 

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