Suffolk Downs Redevelopment | East Boston/Revere

Aprehensive_Words said:
The leasing agents don't need optimism -- we're so under-supplied for housing I'd be shocked if the apartments don't lease up quite quickly.
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It won't be cheap. Cheapest available 2 at 500 Ocean, which is across the street from Wonderland, is $3375 currently. Figure rent at these new apartments will be more than that. For that kind of coin, presumably you are talking about shacking up which is doable with the Blue Line.
 
I was surprised to learn today that there is currently a concert venue at Suffolk Downs. Has anyone been? https://www.stageatsuffolkdowns.com/venue-info/. I'm considering seeing King Gizzard there but... yeesh, I've never seen a concert venue with so many negative google reviews. Complaints about visibility, poor lighting, unsafe crowding at the gates, and a 45 minute walk from the show to the T.

Looking at the master plan, there doesn't seem to be anything about a stage, so I guess this is just a way to make some money in the interim?
 

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kdmc said:
Complaints about visibility, poor lighting, unsafe crowding at the gates, and a 45 minute walk from the show to the T.
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Well that's just complete nonsense. It's a 6 minute walk from the T to the area marked as the entrance in that facility map.

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Looks like they stopped excavation/construction on the lab building at 100 Salt Street.
 
kdmc said:
I was surprised to learn today that there is currently a concert venue at Suffolk Downs. Has anyone been? https://www.stageatsuffolkdowns.com/venue-info/. I'm considering seeing King Gizzard there but... yeesh, I've never seen a concert venue with so many negative google reviews. Complaints about visibility, poor lighting, unsafe crowding at the gates, and a 45 minute walk from the show to the T.

Looking at the master plan, there doesn't seem to be anything about a stage, so I guess this is just a way to make some money in the interim?
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I haven't personally been, but a friend went and had those exact complaints. It's definitely a temporary stage for a few extra hundred thousand in the meantime. They showed up and were confused where they were supposed to go (turns out - just stand in the mud), then they couldn't really see the performance, and then leaving, there are no directions given or any staff to direct people, just a few thousand people guessing and going out one set of tiny gates. Apparently it's also easy to get lost leaving because they have temporary fences up that mislead a few hundred down the wrong dead-end path.
 
HenryAlan said:
Well that's just complete nonsense. It's a 6 minute walk from the T to the area marked as the entrance in that facility map.

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That's only halfway to the stage, and the comment also mentioned crowding and poor signage, which could bring it to 30 minutes. Add in a standard 50% exaggeration factor and I see how they got 45.
 
Is this the same building that you see from the airplane view above? The Turquoise green looks much darker and better from the plane. I wish this FIRST residential building that will anchor the development had the same quality as the one in the Fenway. Anyway, it sure seems to look better from above! LOL

Idyl Fenway | 60 Kilmarnock St | Fenway

Notice of intent for the Boston Cab space in Fenway, which may include 400 residential units and ground floor retail. Will also replace some nearby low slung buildings. http://www.bostonplans.org/getattachment/7d15f062-9ab7-439a-b993-fbc9cb4bd273
archboston.com

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Future construction stalled.
https://www.bostonglobe.com/2024/07...er-boston/?s_campaign=breakingnews:newsletter

Three years after Suffolk Downs won city approvals, there was supposed to be a lot more going on by now on the nearly four dozen other buildings that will eventually rise at the 161-acre property. But housing construction at the site is on hold until developer HYM Investment Group can hash out a complicated financing deal that has been pushed out of balance by an out-of-whack economy.
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Overall materials costs have jumped 43 percent since the start of 2020. Interest rates for construction loans have more than tripled. The investors who typically fund housing development are demanding higher returns, too.
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In Boston, for example, researchers at the city’s planning and development agency last year estimated there were nearly 23,000 units stuck in the pipeline. (For comparison, from 2017 through 2021, a little more than 20,000 units were built in Boston,
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The price of lumber and steel — major ingredients in housing construction — shot up during the pandemic thanks to international supply chain disruptions. They’ve since stabilized, but have not come back down to pre-pandemic levels.

Interest rates, too, shot up as the Federal Reserve moved to tackle inflation, which has made it more expensive for developers to secure construction loans. Interest rates on construction loans are roughly 5 percentage points higher than in 2022.

For an example, O’Brien points to a residential tower HYM built as part of the redevelopment of the Government Center Garage. When HYM broke ground in 2017, it cost the company around $680,000 per unit to build. Today, he said, that figure would be more like $1 million.
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Content trimmed under Fair Use doctrine.. The full article also mentions the stalled Riverside development.
 
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Jesus christ, I didnt realize it was that much

A 10,000-unit housing development at Suffolk Downs is on hold indefinitely. Here’s why.​

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“REVERE — If one image could summarize the state of housing construction in Greater Boston right now, it might be the vast open space at Suffolk Downs.

At 10,000 units, the former horse racing track on the Boston-Revere border will be the single largest housing development in the region’s history when it’s done. The first building will open this summer, an eight-story, 475-unit blue-and-red apartment building with a modern look near the Beachmont Blue Line station…..”

https://www.msn.com/en-us/money/rea...tely-here-s-why/ar-BB1ptcrH?ocid=BingNewsVerp
 
stick n move said:
Jesus christ, I didnt realize it was that much

A 10,000-unit housing development at Suffolk Downs is on hold indefinitely. Here’s why.​

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“REVERE — If one image could summarize the state of housing construction in Greater Boston right now, it might be the vast open space at Suffolk Downs.

At 10,000 units, the former horse racing track on the Boston-Revere border will be the single largest housing development in the region’s history when it’s done. The first building will open this summer, an eight-story, 475-unit blue-and-red apartment building with a modern look near the Beachmont Blue Line station…..”

https://www.msn.com/en-us/money/rea...tely-here-s-why/ar-BB1ptcrH?ocid=BingNewsVerp
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Revere was counting on the new tax revenue from the full build out of their portion of the project to pay for the new $500M high school project (at Wonderland site). Now it's in trouble!
 
I dont understand how everett can build a million 5 over 1’s but they cant do it here? Theres a massive shortage of housing and ppl are paying to get in something, I dont see how they cant make the numbers work here.
 
stick n move said:
I dont understand how everett can build a million 5 over 1’s but they cant do it here? Theres a massive shortage of housing and ppl are paying to get in something, I dont see how they cant make the numbers work here.
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Is Everett offering better tax breaks to developers than Revere or Boston?
 
Wouldn’t it be a boon if they locked in financing at a low interest rate…?
 
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