Suffolk Downs Redevelopment | East Boston/Revere

dshoost88 said:
RE Life Sciences space--be it at Suffolk Downs or anywhere else in Boston--Boston Business Journal had an article about this recently: What lab glut? Boston’s 'only scratching the surface' of biotech demand, panel says

I know a lot of it's behind a paywall, but here are a few highlights:
  • "Developers say the region is just getting started — in fact, that it hasn’t grown fast enough for the nearly 7 million square feet of demand from life-science users. That's up from the 1.9 million square feet of demand from just a year ago, according to a panel this week hosted by real estate industry group NAIOP Massachusetts."
  • "The Greater Boston metro area has captured 31% of all venture capital dollars going to U.S. life-sciences companies since the start of 2020 — and more money was invested in the region’s biotechs in four months than in any other year before 2020, according to JLL research."
  • "Some 8.1 million square feet of lab development is in the pipeline in Greater Boston. For projects that will deliver this year, 73% is pre-leased."
The switch to life sciences space isn't speculative or some kind of bubble--it's market driven. And given the uncertainties for many employers on longer term traditional office space needs post-COVID, pivoting to more life sciences real estate is a fiscally responsible move for many commercial developers. In many cases, it's the only viable path for them to secure financing. To HYM's credit, if they are successful leasing these life sciences spaces quickly at Suffolk Downs, it will not only accelerate the pace at which new housing can come online there, but may have a spillover impact on adjacent, non-Suffolk Downs real estate demand in Revere and Eastie. Say what you want about gentrification, the fact is that there is no shortage of neglected, older housing stock in the neighborhoods around here and an employment cluster at Suffolk Downs will only concentrate more reinvestment in the community.

This is good planning.
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"Biotech" research is fueled largely by a subtler form of induced demand that most people have no idea actually exists: the induced demand for pharmaceuticals and the medicalization of society.

Just to step back from what's going on across the city, all specifics and particulars aside, what does it say about our value system that we have been in an ever-worsening housing crisis the woes of which could be readily solved by construction of homes for (mostly poor) people, yet project after project is approved for lab space (and of course, expensive condos)? Say anything you want about the details of our government and how we can't regulate things to achieve more housing "that easily"; that's bullshit. We regulate everything here and it would not take anything beyond simply political will to resolve these issues and change priorities to address the needs of real people suffering real problems, rather than enriching life sciences executives etc. Radical change is possible and people should be demanding it.
 
FK4 said:
Just to step back from what's going on across the city, all specifics and particulars aside, what does it say about our value system that we have been in an ever-worsening housing crisis the woes of which could be readily solved by construction of homes for (mostly poor) people, yet project after project is approved for lab space (and of course, expensive condos)? Say anything you want about the details of our government and how we can't regulate things to achieve more housing "that easily"; that's bullshit. We regulate everything here and it would not take anything beyond simply political will to resolve these issues and change priorities to address the needs of real people suffering real problems, rather than enriching life sciences executives etc. Radical change is possible and people should be demanding it.
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I'd have to see what the future of Boston would be without this lab boom when Real Estate executives are freaking out over WFH.

As for housing costs, I think they need to start encouraging cohousing or however you want to call it. They really should change the zoning to encourage/force dense housing in the Urban Core but that won't change a 1 income household having a tough time competing against a 3-4 one.
 
FK4 said:
"Biotech" research is fueled largely by a subtler form of induced demand that most people have no idea actually exists: the induced demand for pharmaceuticals and the medicalization of society.

Just to step back from what's going on across the city, all specifics and particulars aside, what does it say about our value system that we have been in an ever-worsening housing crisis the woes of which could be readily solved by construction of homes for (mostly poor) people, yet project after project is approved for lab space (and of course, expensive condos)? Say anything you want about the details of our government and how we can't regulate things to achieve more housing "that easily"; that's bullshit. We regulate everything here and it would not take anything beyond simply political will to resolve these issues and change priorities to address the needs of real people suffering real problems, rather than enriching life sciences executives etc. Radical change is possible and people should be demanding it.
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You could regulate that housing prices be low, but you can't regulate those homes into existence. In fact, the former discourages the latter. It's only getting built if the costs can be recouped, which means you either need a lot of it, or you need to pull in high-spending clients.
 
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Officially underway with a groundbreaking of the biomanufacturing building yesterday.
JZYRUBTGBYFUJI7RFE7IYAGQAM.JPG

...... included in Suffolk Downs’ first phase is a 280,000-square-foot biomanufacturing and lab building near Beachmont at 100 Salt St. Cathexis Holdings LP, the Houston-based investment office of Texas billionaire William Bruce Harrison, is partnering with The HYM Investment Group to finance that $350 million facility.
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Washington, D.C.-based National Real Estate Advisors said Tuesday that it has committed $775 million in equity financing to develop 4,200 housing units over the next eight years at Suffolk Downs. The first of those projects will be a 475-unit apartment building, called “Amaya,” near the Beachmont MBTA station in Revere.
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Beyond the life-science lab, HYM also plans a limited-service hotel as part of the first phase. Douglas Manz, HYM’s chief investment officer, declined to name a brand, but said it was “well known.”
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www.bostonglobe.com

Money, projects starting to flow at Suffolk Downs - The Boston Globe

Developers at Suffolk Downs, the 161-acre former horse racing track that straddles East Boston and Revere, have landed major financing deals to move forward with a lab and biomanufacturing facility and several thousand housing units.
www.bostonglobe.com www.bostonglobe.com
 
Following along on Twitter and it’s up to a 6th alarm as of a few minutes ago and they’re reporting fire through the roof of the grandstand building and limited water supply in the area.
 
Wouldnt this site have been a great place to relocate Gillette and the Postal Service from next to South Station into new modern green facilities to free up the land along Fort Point Channel for South Station expansion and general redevelopment?
 
I assume that sheet piling is for an abandoned project. Otherwise it’s the most depressing water feature of any recent development.
 
RandomWalk said:
I assume that sheet piling is for an abandoned project. Otherwise it’s the most depressing water feature of any recent development.
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It may be for this project. With the water table so high, it's reasonable that they'd need to pump as they dig.
 
^So I guess they aren't going for timeless and instead chose chaos. The form is fine but the colors and the details 😐.... anyways cheers to more housing!
 
I dont really mind that style in basically a huge greenfield development. At least the windows aren't offset.
 
goody said:
^So I guess they aren't going for timeless and instead chose chaos. The form is fine but the colors and the details 😐.... anyways cheers to more housing!
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To the developer, it’s just a warehouse for livestock.
 
I think it fits well with the rest of Revere Beach - it is a brand new bright and beachy development under 0.5 mile from the beach and a boardwalk. Restaurants/retail a block from a Stop&Shop, and right next to the very dense Beachmont neighborhood, and built to integrate well with the upcoming surge in commercial development.

Only regret here is they could have gone taller to get some awesome views. There are no neighbors affected by height, and it's right on top of the train station.
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