Re: Innovation Dist. / South Boston Seaport
Scotty Van Voorhis (remember him) wrote once that the Seaport was going to eventually bring in around $60 million a year in new property taxes. That was before any of Seaport Square was approved. I started to do a quick back of the envelope estimate during the weekend but got bored of it. Very hard to estimate what the taxes are on newly-built buildings because they haven't been assessed yet. My guess is $20 million a year, thus far. Not a bad start but you can see that, even at full build-out, it's not as if the Seaport will make a big difference (nor, for that matter, will either Millennium Tower).
Yes, condos are a million or more, but there is currently just a dozen condo buildings completed in 02210, with only two in the "Seaport" proper (the rest being "Fort Point"); all the other projects are apartments. 50 Liberty will add another ~150 and then Pier 4 and the M parcels will come online.
There were just 68 condo sales in 02210 during 2016. There was 100 more in 2015 due to 22 Liberty closings. There's not a lot of real estate activity here, sales-wise.
But for property tax, apartments pay more than condos and commercial pays more than apartments.
Just clicking around the
Boston assessing map, 2018 property taxes look like this:
101 Seaport Blvd = $5.8 million
One Marina Park = $6.7 million
50 Northern = $7.5 million
11 Fan Pier = $6.9 million
110 Northern = $5.4 million
142 Northern = $2.3 million
That's just a sample...
I don't see any undeveloped lots that pay more than $1.5 million or so in taxes, and some of those lots are huge. For an example, the undeveloped lot at 10 Fan Pier Blvd will pay $366k in 2018 taxes while One Marina Park Drive next door will pay almost 20x that. It looks to me like a rough rule-of-thumb would be that each building increases annual property tax revenue by about $5 million.
We are well passed $20 million a year by my count, and probably approaching $60 million with all the stuff under construction now.
* But the difference between Seaport, which is all BRAND new, versus someplace like Davis Sq. which has gentrified substantially but at its root is OLD, is that there's still Sligo Pub in Davis...in other words, even for someone who is comfortably middle class, there's a time and a place and a comfort in grabbing an ice-cold PBR for 3 bucks on a hot summer day. I mean, think about it, Davis has a few enduring places (another example is McKinnon's meat market) that could never be replicated in the Sea Port.
I love Sligo as much as anyone, but the crowd that hangs out there is in no way "comfortably middle class". It's composed of "townies" who are well below "comfortably middle class" on the socio-economic spectrum, and millennial hipsters who are a whole 'nother demographic.
But besides this, I really don't get this whole line of criticism (in general, not from you bigpicture). Yes, everything in the Seaport is new and it doesn't have (very many) long-tenured establishments. So what? It's new. Anything that goes in there it will be, by definition, new. There's no way around that.
This is like saying that children suck because they're small, don't know very much, and can't give insightful opinions on politics and world events at dinner parties. Give them time! They'll grow and mature. Don't judge them now for their lack of history.