The Old vs. The New
January 13, 2014
January 13, 2014
A life-long Bostonian and current Back Bay resident, I am one of millions who has witnessed the massive amount of change this city has experienced, especially over the last few years, which will forever be remembered as part of Mayor Menino’s legacy. I have vivid memories of driving through the Big Dig tunnels and wondering when the construction would be over. You could talk for days about the innumerable benefits that came as a result of the Big Dig, but I think many would agree that the advent of Boston’s Innovation District takes the cake. The Innovation District has become the focus of many conversations, and not just within Boston’s real estate network.
As commercial real estate reporter Casey Ross explained in his story in The Boston Globe, the average rent in the Innovation District is now less than 1 percent below the average in the notoriously desirable Back Bay neighborhood. It’s hard to believe, but the Seaport has become this beautiful and historic neighborhood’s number one contender. Fueled by the Big Dig, Ted Williams Tunnel, Convention Center and the retailers and businesses that already call it home, this neighborhood has also been a key component in driving Boston’s economic recovery throughout the recession.
Even though he is no longer our Mayor, the Menino name will never be forgotten, especially in the real estate community. The development of the Seaport neighborhood and vibrant Innovation District will always remain a symbol of his legacy. He helped create a commercial hub that rivals the city’s most attractive neighborhood in a matter of a few years. A remarkable feat indeed.