The flurry of development approvals from the late Mayor Menino’s last weeks in office, a new Mayor with a new plan, and promised reform in the Boston Redevelopment Authority (BRA) under a new chief are all indicators of the big things happening in the Boston real estate market in 2015 and beyond. Here are a few to keep your eye on:
- The big news to close out the year was Brian Golden being named the permanent BRA chief. With the recent audit of the agency and the BRA’s past history of playing favorites, Golden has promised reform and transparency in the development process. Any changes he makes will impact future projects and how Boston continues to grow and innovate.
- Speaking of changes at the BRA and planning for the future, there are currently multiple transformative projects approved and underway across the city. The Government Center garage, all the projects in the Seaport, the new South End Whole Foods, and Fenway Center just to name a few. These are all neighborhood altering projects.
- It’s been the talk of 2014 – multifamily. Thousands of units, mostly luxury, are coming online in the next couple years. Experts say the Boston market can absorb the supply, but time will tell. Many existing luxury buildings are offering rent deals to help attract residents. That doesn’t exactly bode well for the coming properties.
- The luxury condo and apartment development begs the question – where will the majority of Bostonians live? Middle-class housing is a topic of much importance to the people of Boston and to Mayor Walsh. He has established a goal of 53,000 units by 2030, and has said he’ll change the city’s zoning rules to accommodate that growth Can the industry make it happen?
What are you most eager to see in real estate 2015? Let us know in the comments.