Chinatown Office Building Up for Grabs: 25-29 Beach Street listed by Boston City Properties for $15m
Posted By: Boston City Properties
With its prime location in the heart of Boston's vibrant Chinatown neighborhood, 25-29 Beach Street, currently on the market for $15 million, presents a rare opportunity for investors and developers alike. Built in 1920, the existing structure consists of a Class C, six-story brick building encompassing approximately 28,784 square feet. Currently vacant, the building, which includes a basement, previously housed a restaurant on its ground floor and offices on the floors above. It features frontage on Beach Street to the north and is bounded by other buildings on all other sides.
The 4,122-square-foot parcel is being marketed as build-to-suit, so developers can go in many different directions. Recently conducted preliminary studies highlight the potential for developing a hotel on the site. One study considered the development of a 14-story, 49,500-square-foot hotel with 105 guest rooms, and another considered a similar structure standing 27 stories tall.
Although a hotel would undoubtedly perform well, the site also holds excellent potential for many other types of developments. For example, a skinny tower with luxury micro-units would generate significant interest given the shortage of available housing in Chinatown and throughout Boston. If the site is developed for residential use, the proposed building would need a small footprint, necessitating a tall, narrow design. The skinny high-rise trend has been picking up steam lately, and the site's proximity to numerous major MBTA stations makes it an excellent option for such development.
Since the previous structure housed ground-floor retail with office space above, a new one could be developed encompassing a similar design. With the meteoric rise of the life science and biotech industries in Greater Boston, a new building with offices and lab and R&D space would also generate significant demand. It would also create lab space for life science development in a neighborhood that doesn't have much of it at this time.
Regardless of how the site is ultimately developed, ground-floor retail and restaurant space is sure to perform well and be excellent additions for generating additional ROI. At $521 per square foot, 25-29 Beach Street presents a unique and rare opportunity for investors and developers interested in acquiring prime real estate in the heart of downtown Boston. For more information about this property, please get in touch with get in touch with listing agent John Hollis of Boston City Properties.