Waterside Place 1A | 505 Congress Street | Seaport

Re: Waterside Place | 505 Congress Street | Seaport

Sorry for the simple question but I'm having trouble orienting myself with these pictures. Which cardinal direction is that better 1/8th glass side facing?
 
Re: Waterside Place | 505 Congress Street | Seaport

ChelseaDweller said:
Sorry for the simple question but I'm having trouble orienting myself with these pictures. Which cardinal direction is that better 1/8th glass side facing?
Click to expand...

North-Northeast (toward the water)
 
Re: Waterside Place | 505 Congress Street | Seaport

TheRifleman said:
If they only allowed builders to build in the past. Rents would be alot cheaper.

http://www.bizjournals.com/boston/r...ment-rent-growth-cooling-in-hub.html?page=all
Click to expand...

THIS IS FANTASTIC NEWS!!! It's economics at work. As supply catches up with demand, the price of the good goes down. As the city continues seeing new housing inventory come onto the market, we'll continue to see average rents continue to slide down to normal.
 
Re: Waterside Place | 505 Congress Street | Seaport

Edit: N/A
 
Re: Waterside Place | 505 Congress Street | Seaport

Waterside is completed, apparently. Leasing to begin next week. (Meaning, the rental office will be open; occupancy begins in January.)

Now, the scaled-down Waterside Place, 236 apartments, sits next door to a Silver Line T-stop. Drew will start leasing in a few days for first occupancy in January. An 1,100 SF two-bedroom apartment will rent for about $4,500. Phase 2 will have 200 apartments and some may be micro units, i.e. a 590 SF one-bedroom for approximately $2,700/month. John likes the idea of having a product that will appeal to the young people who've been moving into the district. Their apartment may be small but Waterside Place will have a large common area where they can socialize, work, and dine.
Click to expand...

http://www.bisnow.com
 
Re: Waterside Place | 505 Congress Street | Seaport

What a beast. At least this wasn't built in Copley / Pru area.
 
Re: Waterside Place | 505 Congress Street | Seaport

$2,700 for 590sq. ft? That's a joke right? Who is going to pay that? I don't care how great the common space is.
 
Re: Waterside Place | 505 Congress Street | Seaport

^^^ That is close to what I pay per square foot in Manhattan. Seems a bit aspiration for a dull building in the "innovation district".
 
Re: Waterside Place | 505 Congress Street | Seaport

HEY, I LIVE IN A 530 SQ FT UNIT!!! I DON'T CONSIDER IT A MICRO-UNIT!!!
 
Re: Waterside Place | 505 Congress Street | Seaport

The interior fit-out appears to be coming along nicely from what I've been able to see walking to/from the BCEC and WTC station the past few days at ABX. Lighting, exit signs, ceilings, drywall, etc. It's nice to see it glowing at night.
 
Re: Waterside Place | 505 Congress Street | Seaport

I understand why this was scaled down previously, but with the market pick up and resurgance of the residential market..... why wouldn't this scale back up?

More units at more "reasonable" rents sounds so much better.

I still see 4500 a month for 1100 sf, and it smarts so bad. That is what it would cost per month for a $950,000 house. So you could go live on an acre with 3,500 sf home for the same price as the square footage of a common campanelli in the sky. I get the difference between city and suburban living and that people want to be in the city... but that price is whacked. Particularly in the wake of reading about rents coming down across the city including South Boston.

Also, only 200 units and some of those are as small as 590 sounds like a pretty small structure. Poor use of land.
 
Re: Waterside Place | 505 Congress Street | Seaport

Also, only 200 units and some of those are as small as 590 sounds like a pretty small structure. Poor use of land.
Click to expand...

Great point. Anyone know where the phase-2 parcel is located?
 
Re: Waterside Place | 505 Congress Street | Seaport

SeamusMcFly said:
I still see 4500 a month for 1100 sf, and it smarts so bad. That is what it would cost per month for a $950,000 house. So you could go live on an acre with 3,500 sf home for the same price as the square footage of a common campanelli in the sky. I get the difference between city and suburban living and that people want to be in the city... but that price is whacked. Particularly in the wake of reading about rents coming down across the city including South Boston.
Click to expand...

I don't know man, the price is the price. What should it cost? $4500 is just a little more than the waterfront building in east Cambridge that are what - like 20 or more years old?

Are you just lamenting that you can't afford to live there? Neither can I. And I can't afford one acre in Wellesey and I can't afford anything in Beacon Hill and I can't afford Tom Brady's old place in BB and I can't afford...

Did you think new construction on prime real estate would somehow be affordable to middle class families? That is whacked.
 
Re: Waterside Place | 505 Congress Street | Seaport

Isn't phase 2 basically the area between this and WTC station/overpass?
 
Re: Waterside Place | 505 Congress Street | Seaport

fattony said:
I don't know man, the price is the price. What should it cost? $4500 is just a little more than the waterfront building in east Cambridge that are what - like 20 or more years old?

Are you just lamenting that you can't afford to live there? Neither can I. And I can't afford one acre in Wellesey and I can't afford anything in Beacon Hill and I can't afford Tom Brady's old place in BB and I can't afford...

Did you think new construction on prime real estate would somehow be affordable to middle class families? That is whacked.
Click to expand...

I agree with this. As long as there are people willing to pay $4500 for a 1100 sqft apartment, they will be charging that price. The only solution to bring down rents is to build more housing. Much more.
 
Re: Waterside Place | 505 Congress Street | Seaport

SeamusMcFly said:
I understand why this was scaled down previously, but with the market pick up and resurgance of the residential market..... why wouldn't this scale back up?

More units at more "reasonable" rents sounds so much better.

I still see 4500 a month for 1100 sf, and it smarts so bad. That is what it would cost per month for a $950,000 house. So you could go live on an acre with 3,500 sf home for the same price as the square footage of a common campanelli in the sky. I get the difference between city and suburban living and that people want to be in the city... but that price is whacked. Particularly in the wake of reading about rents coming down across the city including South Boston.

Also, only 200 units and some of those are as small as 590 sounds like a pretty small structure. Poor use of land.
Click to expand...

FenwayResident said:
I agree with this. As long as there are people willing to pay $4500 for a 1100 sqft apartment, they will be charging that price. The only solution to bring down rents is to build more housing. Much more.
Click to expand...

Agree. Middle class housing isn't going to be built in the SPID or anywhere close to the amenities of the city, near the ocean or where the white-collar jobs are. Building a ton of new, luxury, modern, etc., housing in these areas will at least ease some of the pressure on whatever middle-class options are left in the rest of South Boston, for example. But that's just a part of it.

More broadly, an absolute TON of new housing needs to get built in the outer parts of the city. The concept that is the Carruth building in Ashmont needs to be replicated 30 times over elsewhere in Dorchester, Roxbury, Roslindale, JP, West Roxbury, etc.
 
Re: Waterside Place | 505 Congress Street | Seaport

fattony said:
I don't know man, the price is the price. What should it cost? $4500 is just a little more than the waterfront building in east Cambridge that are what - like 20 or more years old?

Are you just lamenting that you can't afford to live there? Neither can I. And I can't afford one acre in Wellesey and I can't afford anything in Beacon Hill and I can't afford Tom Brady's old place in BB and I can't afford...

Did you think new construction on prime real estate would somehow be affordable to middle class families? That is whacked.
Click to expand...

No I lament the above point of view. Because it exists elsewhere and there is a precedent?

It's too much for too little. That's an opinion that I will continue to accept as fact. Whether someone has the means is not the point. Supply and demand, capitalism, whatever. We bitch about fully leased places with no lights on because they don't live there, these are what are being built. I barely consider myself middle class, but I have a hard time seeing upper middle class, and lower upper class affording things the way the keep going.

Quick math tells me $4,500 a month is $54k a year, which the old adage of rent/mortgage being 1/3 of your income, means you need to make $162k to live here. I know those numbers can be made to work. But, for two bedrooms, that's two people earning decent cake at $80k a year.

What should it cost? I can't answer that besides the what the market will bear blah blah blah.

Everything in Boston is prime real estate based on the costs. And, waterside place is neither beacon hill nor the back bay. Yes, when you are selling an area as work/live/play, yes I expect the people who work there to be able to afford to live there.
 
You must log in or register to reply here.

Back
Top