Parcel 12 | Massachusetts Avenue at Boylston Street | Back Bay

tysmith95

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Wow, that's a big vote of confidence in the economy, Covid be damned!
Low interest rates, and the stock market is doing fairly well.

Still office space, retail, and hotel are the last things that i'd expect developers to be building right now.
 

meddlepal

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How hard would it to be repurpose commercial real estate as residential in says 2 years time mid-construction if say it doesn't look like the office market is recovering? Obviously you'd have to run it through the city permitting process.
 

The EGE

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I'm floored that this is happening. Article and the render both indicate it will include the west-side entrance to Hynes station. I'm curious if that will include elevator access to the station as well.
 

fattony

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I mean, when is this going to open? 2022? Later? I don’t think Covid is going to be a significant factor by the time this is done. The financing seems perfectly reasonable to me.

Skate to where the puck is going to be...right? Hotels are in trouble today, but probably not years down the line. The commercial component might be iffy, but I’m not sold on the WFH thing. If commercial space clears out of companies that don’t benefit from being in the CBD, there are other companies lined up to pounce on the available space.
 

citydweller

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I'm surprised this thread isn't getting more posts. This is great news for the local economy in light of the everything that has occurred the past 6 months. I like the scale of the project and the design / renderings of the buildings as well. Very excited to see this one get started.
 

stoweker

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How hard would it to be repurpose commercial real estate as residential in says 2 years time mid-construction if say it doesn't look like the office market is recovering? Obviously you'd have to run it through the city permitting process.
next to impossible to do. the core of an office building doesn't work well for most residential conversion and the floorplates have a lot of central dead space that works for like, cubes, but doesn't work for a resi layout; ceiling heights are also a lot larger on commercial than resi so you end up losing floors. it's why you see bigger floorplates for office buildings than you do for resi. you can do the conversion with like, old outdated stuff but not modern stuff. You could, hypothetically, do it if you're the next owner and are buying it as a distressed sale at a discount to replacement cost that would allow you to spend a gazillion dollars on the conversion but the original developer isn't going to have make such a drastic change mid-project.

edit: also just didn't realize the thing is 50% preleased to a solid anchor tenant, the office won't be repurposed, it's an office building forevermore. office leasing will bounce back by the time this thing delivers, and back bay is pretty tight market. the office tower will do fine.
 
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stoweker

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I mean, when is this going to open? 2022? Later? I don’t think Covid is going to be a significant factor by the time this is done. The financing seems perfectly reasonable to me.

Skate to where the puck is going to be...right? Hotels are in trouble today, but probably not years down the line. The commercial component might be iffy, but I’m not sold on the WFH thing. If commercial space clears out of companies that don’t benefit from being in the CBD, there are other companies lined up to pounce on the available space.
hotel isn't expected to recover to today's EBITDA until like 2025. but who knows how demand will change. but yea, this thing is going to take so long to build who knows, it's far enough out there for delivery that it's a wild guess what the economy will be like. kind of same thing as SST, it's opening so far in the future it's anyones guess what the world will look like when it opens.

edi - also didn't realize it's a citizenM, they're a good operator for that neighborhood - lot of student mix, heavy transient, some business, not a lot of group booking - its like the perfect operator for that location and for travel post-covid, if the travel prognosticators are correct about long-term changes in the way people travel for work. if it was like a big box Marriott i'd think it's toast but CitizenM are all smaller rooms lower price point catering to transient business. this thing will be OK. the retail is a jump ball, retail blows in general (and especially at that end of newbury) but this project could be a good anchor to the street and help liven it up. great project, looking forward to this thing moving forward.
 
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cjbski

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Trees are all cut down and you now can realize how big the site is. Already feels much more urban with no trees!
 

Suffolk 83

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did they cut down the ones in the sidewalk planters? Hopefully not
 

bip05

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Trees are all cut down and you now can realize how big the site is. Already feels much more urban with no trees!
I have half a mind to ride down there and take some pictures! Can't wait to see.
 
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Deetroyt

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This is going to be one of the most impactful streetscape changes in decades in Boston.
I've always felt like this really should be one of the premier "squares" in the city once parcels 12, 13 (Viola) and eventually 15 close off the highway (would love to see Berklee bring back their concept for something at the southeast corner of the intersection and added excited if something cool comes to the Hynes parcel!). Intersection of two of the major commercial streets in the area, point where Fenway, Back Bay and to some extent South End neighborhoods meet, significant transit station and on top of all that its right in between Newbury street shopping corridor and the Prudential Center. This area has great potential and I'm very excited to see this project start to move forward. The square itself doesn't really have a defining name but the location is incredible.
 

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