The Kensington | 665 Washington Street | Downtown
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JohnAKeith
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Re: Residences at Kensington
Kensington rental office sent out flyer to real estate agents saying they were paying a $1,000 incentive to brokers who brought in clients who signed a year's lease.
Not out of the ordinary in a typical market but here in Boston perhaps a surprise given it's September 1 and the theory exists that there's always more demand than supply in the city.
Kensington rental office sent out flyer to real estate agents saying they were paying a $1,000 incentive to brokers who brought in clients who signed a year's lease.
Not out of the ordinary in a typical market but here in Boston perhaps a surprise given it's September 1 and the theory exists that there's always more demand than supply in the city.
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Re: Residences at Kensington
I still wonder when saturation of "luxury rentals" will hit... at some point the number people who can afford to pay really high rents will run dry. Places like the Kensington will have a hard time filling up without dropping rents. I'm not under any illusion that that's happening here, but it must happen eventually. Maybe I'm just naive about the Boston real estate market...
I still wonder when saturation of "luxury rentals" will hit... at some point the number people who can afford to pay really high rents will run dry. Places like the Kensington will have a hard time filling up without dropping rents. I'm not under any illusion that that's happening here, but it must happen eventually. Maybe I'm just naive about the Boston real estate market...
fattony
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Re: Residences at Kensington
The good news for lux rentals is that Boston supports a lot of good jobs. A lot. Remember how this is one of the most wealthy and successful cities in the country? Sure we don't have the bling and glamour of NY and LA, but there a hell of a lot of wealthy people here.
Doctors, Lawyers, Financiers, Engineers, Professors, Accountants, Institutional Administrators (hospitals, universities, etc), municipal government big-shots, State government big-shots, Hotel managers, Restaurant owners... Please feel to add to the list...
Those are all 6-figure jobs. Many ten's of thousands if not hundred's of thousands of job's in metro-Boston pay 6-figures. Two of those people get married, you can easily hit over a quarter million. I'm talking about working people here. I'm not even talking about the RICH, of which Boston has more than its fair share.
While many such people have not chosen to live in the city in past, the trend among upper-middle and high income earners is that more of them (certainly not all of them) are choosing to remain in or return to the city.
Think of luxury new construction as slowing the pace of gentrification. Those people where here/coming anyway. The Kensington and the like just give them one more option of where to live rather than buying something older and renovating the hell out of it.
The good news for lux rentals is that Boston supports a lot of good jobs. A lot. Remember how this is one of the most wealthy and successful cities in the country? Sure we don't have the bling and glamour of NY and LA, but there a hell of a lot of wealthy people here.
Doctors, Lawyers, Financiers, Engineers, Professors, Accountants, Institutional Administrators (hospitals, universities, etc), municipal government big-shots, State government big-shots, Hotel managers, Restaurant owners... Please feel to add to the list...
Those are all 6-figure jobs. Many ten's of thousands if not hundred's of thousands of job's in metro-Boston pay 6-figures. Two of those people get married, you can easily hit over a quarter million. I'm talking about working people here. I'm not even talking about the RICH, of which Boston has more than its fair share.
While many such people have not chosen to live in the city in past, the trend among upper-middle and high income earners is that more of them (certainly not all of them) are choosing to remain in or return to the city.
Think of luxury new construction as slowing the pace of gentrification. Those people where here/coming anyway. The Kensington and the like just give them one more option of where to live rather than buying something older and renovating the hell out of it.
AmericanFolkLegend
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Re: Residences at Kensington
That's a really interesting point. Usually I think of luxury developments as speeding gentrification. But your point seems logical.
That's a really interesting point. Usually I think of luxury developments as speeding gentrification. But your point seems logical.
Re: Residences at Kensington
That's part of the equation, but it also depends on where the development is. In the case of the Kensington (and ArchStone across the street), these kinds of luxury units will make further upscale developments in the area more likely. Retailers, restaurants, nightclubs, etc. that cater to these newer, wealthier residents will want to move into the area to service those residents and make a nice buck off them. Chinatown, and blocks such as the one at the corner of Tremont and Stuart, are likely to continue to be eroded as a result.
In someplace like the Seaport, I'm more inclined to agree. There's nothing to gentrify out there, so residents who move to any new units built in that kind of from-scratch neighborhood aren't going to be gentrifying other neighborhoods instead. This is also true of new luxury units being built in areas that are already primarily resided in by the wealthy.
That's part of the equation, but it also depends on where the development is. In the case of the Kensington (and ArchStone across the street), these kinds of luxury units will make further upscale developments in the area more likely. Retailers, restaurants, nightclubs, etc. that cater to these newer, wealthier residents will want to move into the area to service those residents and make a nice buck off them. Chinatown, and blocks such as the one at the corner of Tremont and Stuart, are likely to continue to be eroded as a result.
In someplace like the Seaport, I'm more inclined to agree. There's nothing to gentrify out there, so residents who move to any new units built in that kind of from-scratch neighborhood aren't going to be gentrifying other neighborhoods instead. This is also true of new luxury units being built in areas that are already primarily resided in by the wealthy.
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Re: Residences at Kensington
So what's the trouble Kensington is having renting their units? Bad marketing? Why would they offer additional giveaways to agents who bring in lessees unless they were really hurting for tenants.
So what's the trouble Kensington is having renting their units? Bad marketing? Why would they offer additional giveaways to agents who bring in lessees unless they were really hurting for tenants.
jdrinboston
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Re: Residences at Kensington
One of the things that might be hurting them is awkward timing. Sept. 1 is the big renter move in date around here, and there may have been some concern in the market that the building might not be ready in time. My understanding is they are actually still working on some of the upper floors.
Just a theory.
One of the things that might be hurting them is awkward timing. Sept. 1 is the big renter move in date around here, and there may have been some concern in the market that the building might not be ready in time. My understanding is they are actually still working on some of the upper floors.
Just a theory.
EdMc
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Re: Residences at Kensington
I like the colors of this building, very pretty at the street. I also like the shaping of the building with the undulations and more than four corners which I think gives it more interest along with a combination of glass and precast. Perhaps it looks too lightweight, or not enough substance, for some, but, it does avoid upscale snobbery, in my opinion. In fact, the apartment buildings being designed across Boston are more shapely, colorful and interesting than some of the picket line developments of sameness that I've seen in recent photos of Toronto, Vancouver and Honolulu. 2 cents. (Nice photos, KZ)
I like the colors of this building, very pretty at the street. I also like the shaping of the building with the undulations and more than four corners which I think gives it more interest along with a combination of glass and precast. Perhaps it looks too lightweight, or not enough substance, for some, but, it does avoid upscale snobbery, in my opinion. In fact, the apartment buildings being designed across Boston are more shapely, colorful and interesting than some of the picket line developments of sameness that I've seen in recent photos of Toronto, Vancouver and Honolulu. 2 cents. (Nice photos, KZ)
bigeman312
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Re: Residences at Kensington
When did those street level colors show up? They raise the appearance of the building a lot.
When did those street level colors show up? They raise the appearance of the building a lot.
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Re: Residences at Kensington
The orange has been there. People have even bashed on it IIRC, but I think it looks fantastic.
The orange has been there. People have even bashed on it IIRC, but I think it looks fantastic.
Downburst
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Re: Residences at Kensington
I haven't seen any night shots of this development, so I'll just point out that the small nubs present on the silver mechanical screen are nighttime lighting apparatuses. They don't really have much of an effect, but it's better than nothing.
If I'm around with a camera at some point I'll try and get a picture for y'all.
I haven't seen any night shots of this development, so I'll just point out that the small nubs present on the silver mechanical screen are nighttime lighting apparatuses. They don't really have much of an effect, but it's better than nothing.
If I'm around with a camera at some point I'll try and get a picture for y'all.
Re: Residences at Kensington
I second the call for night shots.
This one turned out better than I expected. The Washington Street side street level is actually fairly nice. The Lagrange street level is ugly (I hate the square-looking section with the small windows) but with Washington street on one side and Tremont on the other I don't think this street needs to be anything special. I imagine that between this building, Jacob Wirths, and this parcel? this street will probably be where the cargo bays/parking garage entrances are.
I second the call for night shots.
This one turned out better than I expected. The Washington Street side street level is actually fairly nice. The Lagrange street level is ugly (I hate the square-looking section with the small windows) but with Washington street on one side and Tremont on the other I don't think this street needs to be anything special. I imagine that between this building, Jacob Wirths, and this parcel? this street will probably be where the cargo bays/parking garage entrances are.
jdrinboston
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Re: Residences at Kensington
I actually think that the main entrance of the Jacob Wirth lobby is going to abut LaGrange street. I believe that was how the renderings depicted it.
I actually think that the main entrance of the Jacob Wirth lobby is going to abut LaGrange street. I believe that was how the renderings depicted it.
J
JoeBoston1
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Re: Residences at Kensington
There is a vehicle tunnel from Stuart to LaGrange, the entrance to Jacob Wirth (45 Stuart St Apartment Tower, actually) will be halfway down the western side of this tunnel underneath the tower.
A lot like 33 Arch St.
There is a vehicle tunnel from Stuart to LaGrange, the entrance to Jacob Wirth (45 Stuart St Apartment Tower, actually) will be halfway down the western side of this tunnel underneath the tower.
A lot like 33 Arch St.