The New Dorchester Apartment Project: 36-unit Apartment Complex Coming Soon
Whatever you think about Boston, it's about to change. The real estate market is booming, and Bostonians eagerly await several changes in the real estate industry in the coming months and years. One way that Boston is evolving in real estate is by developing more apartments for tenants in the Boston area.
Why more apartments?
The city of Boston continues to grow, and there is a continual need for offering more housing options for those living, working, and shopping in the area of Dorchester, including the Hancock and Pleasant Avenue areas. Traffic needs to be reduced on the roadways to accommodate the area that is busy every day due to so many cars on the road. At the same time, pedestrians need more space to walk along the sidewalk to get to their place of work or other locations without the increasing traffic problem.
When Boston's zoning board signed off on the new plans to develop more apartments, they decided to use two auto body shops as the location. Why? Because this area is an excellent area that encompasses a busy area that is close to many shopping locations and eateries, so they know it will be a great choice.
How big will the apartment complex be?
Many people are wondering how large the new apartment complex will be. The board stated that the apartments would include up to 36 apartments, as well as 700 square feet of ground-floor retail space, and 400 feet of ground-floor galleries.
Plenty of Parking Space
One of the problems in a city as big as Boston is the lack of parking space. The new real estate plans will help with that, too! There are expected to be 22 new parking spaces in the new building's garage that is located on street level, for convenience.
Two of the building organizers reported that the move would require tearing down two billboards that are located close to the old auto shops. This was verified by the developers' attorney in the zoning board meeting in early December.
Future Plans for Development
The developers are planning to build these units as soon as possible, and they have plans to keep the units smaller because they can offer a lower rent price for the smaller units. The developers reported that at least five units would be highly affordable to anyone needing to save money on their housing costs while providing some of the best amenities for each unit. While exact rental costs cannot be estimated yet, the developers promised to be fair in their pricing as they want to appeal to a wide variety of incomes to give equal opportunity to all.
For those directly involved in the zoning meeting, it will please many to know that the BPDA has already approved the proposal to use the two old auto repair shops as the foundation for the new apartment complex, which promises to house many people who had previously had difficulties finding a good location to rent. This is exciting news to those who are struggling to find adequate housing, whether they are single or if they have a family. The goal of the new development is to create multi-family units that will accommodate at least 36 families at a time.
Boston is a growing city and is continuing to have a need for real estate expansion, especially when it comes to apartment options. Many young people (and older alike) live and work in the Greater Boston area, creating a need for better and more readily available units.
Location, Location, Location!
The real estate development team is a real estate company that is known for building multiple complex apartment units for the housing industry in Boston. They hope to start on the project soon, which promises to include a 36,160 square foot building to house the 36 individual apartment units. The building will include five stories, and the location is 233 Hancock Street in Boston.
Cost of Development
The company purchased the location for $1.2 million from a trust company back in April 2017. This may seem like a hefty sum, but everyone who deals with real estate is such a thriving city as Boston understand that investment is often costly at the front end, but the payoff for investors is high in the long-run. Just one unit over the course of a year can yield thousands of dollars of passive income while providing adequate lodging for those who might otherwise have trouble finding a location.
The property is located at the corner of Pleasant and Hancock Streets close to the Dot Block project. In addition to the apartment project, a pedestrian walkway is planned to connect the intersection to Dorchester Avenue.
Retail and Gallery Additions
In addition to the apartments, one major aspect of the property is the retail and gallery addition. The main auto shop location will also house a retail area and gallery that can be used to attract new visitors to the area and build community involvement with the apartment complex. People walking by the facility would be able to view the art exhibits from the street, and this should increase the level of interest in the newly-developed area.
Community Involvement Plans
The Dorchester real estate area of Boston is an area ripe for the picking when it comes to building and developing new real estate opportunities for both tenants and landlords or building owners. According to RODE Architects, the building plans are designed to complement the busy area that is common to the Hancock and Pleasant Street location, and it should encourage a higher level of involvement among community members.
One of the most significant advantages of this plan is that it includes some real estate units, rather than just apartment units. With the retail and gallery plans, there will be a heightened interest in the development plans as members of the community await the construction.
Continual Development Efforts
The apartments that are planned include a mix of one and two-bedroom apartments, studio apartments, and 'affordable housing units' in an attempt to accommodate a wide variety of residents looking for housing options.
The Second Industrial Revolution
Developers of the Hancock Street apartment project stated that they hope to revitalize an industrial parcel and use the old auto repair space in a useful way that will complement the continuing growth of the designated area. One other thing that many people may not know is that the project will involve widening the sidewalk outside of the area to accommodate pedestrians walking by the complex to encourage more traffic.
The Savin Hill T Station that is located less than half a mile from the designated site features a first-floor bike storage that could be used by future residents to access the parking area. The access to the 22-car garage that is proposed to complement the complex will be accessible via a right of way on Hancock Street.
Advantage to Tenants
For people in Boston looking for an apartment, this new structure with 36 efficiency units should ensure that they have a place to stay shortly. A growing city like Boston will always need more options when it comes to affordable and multiple housing units. Whether it is for small families or individuals, providing economical housing opportunities for the Boston area is the right thing to do.
Tenants are likely to appreciate the location for its proximity to local shops and places of business, while they also will like the lower prices the building owner will be able to charge due to the smaller size of the units.
Advantage to Real Estate Investors
For those who want an opportunity to invest in real estate, there may be options available for this in the future as the development project progresses. Investing in real estate is a chance to invest in the future and to be a part of one of the fastest growing industries in the Greater Boston area.
Repurposing Old Space
One of the most important ways the new project will benefit the Boston area is that it is a way to repurpose the old auto location and replace it with a new building. While some residents may want to keep the auto business nearby, the benefits that will likely be derived from the new apartment complex will far outweigh the benefits of keeping the auto repair shop.
With many people walking or biking to work in Boston, there is more a need for the building of new apartment units to house multiple families and individuals than there is to maintain an older auto body shop in the same location.
Merging Residential with Commercial
Some forums in which members of the Boston community are discussing the new development plans for the new apartment complex and retail space argue that too much money and attention is being spent on the commercial property. However, when this situation is examined closely, it becomes obvious that this new project encompasses the best of both worlds. By combining both residential and commercial space with the gallery and retail location within, it will attempt to combine the space to both bring in money and traffic from shoppers, as well as regular rent from tenants.
In this way, it offers a solution to the ongoing debate about whether to use the location for a retail or residential space. It's a move that some find just short of "genius."
Improving the Look of Boston One Complex at a Time
One of the advantages of the new proposed complex is the fact that it should improve the look of the Dorchester area. Many residents have complained that the neighborhood was looking run down and old. The building of the new 36-apartment complex along with the accompanying art gallery and retail space should serve to spruce up the look of the neighborhood once it is completed.
Advantages of Apartment Dwelling
Why do people rent apartments? While many people seem to prefer a house, there are some distinct advantages of apartment living. Below are some of the reasons that people choose an apartment over a house.
Financial Considerations - One of the reasons people choose an apartment over a house is for financial reasons. It is less expensive to rent an apartment than it is to finance and pay the mortgage on a house. While many apartment dwellers plan to purchase their own house someday, many millennials, as well as older people, are now opting to rent over purchasing, at least for the time being.
Amenities - Another advantage to apartments over houses is the list of amenities that you will get just for choosing to rent. Like a hotel or condo, the conveniences that you need to survive and have the utilities and other needed services are usually provided within the agreement. When they are not, they are still more affordable than housing, when compared with the costs of home utilities due to the reduced size that it takes to heat or cool your apartment.
Safety - Safety is a top priority for city dwellers due to the higher crime rate that you encounter in the inner cities. But apartment buildings are more secure because many have building security guards or police often cruise the apartment areas regularly to keep residents safe. There can be security codes created for each resident when they enter, and many of these units come equipped with extra security locks or other safety devices.
Community - For people who live alone, living in an apartment offers more than just the security or convenience of an apartment or place to stay. It provides company for those who are lonely. With several other residents that you can talk to that also live in the building, there are many more opportunities for socializing and getting to know people. Not everyone in the complex may be interested in making friends, but often residents living close to each other get to know each other better and sometimes form lasting friendships. Also, other people can help in time of need. If you get locked out of your car or need someone to call in an emergency, it helps to be surrounded by others who are in the same environment as you.
Short-term arrangement - One factor that influences a person's decision to rent an apartment is the fact that is can be considered a short-term obligation. Initially, there is usually a lease of perhaps a year or six months, after which time the person is free to leave the apartment and relocate at will. While many people do choose to stay in an apartment for years at a time, this ability to remain mobile and to not have a long-term commitment toward a house investment often is the deciding factor in keeping people happy in their apartment agreement.
Less Responsibility - For the apartment dweller, one of the most attractive things that draw them to an apartment is the lesser responsibility that comes with a studio apartment. Many millennials would rather live in an apartment, for example, while they work or attend college because it does not require them to have the constant upkeep of a house that can needs costly repairs or having to get their unit checked for various problems. The landlords and building owners take care of all of these issues, so this is an added advantage to renting.
So the city of Boston has won again if you are of the opinion that more is better when it comes to more apartment units. These multi-family units such as the Dorchester area will again see rising before them, should reduce the need for affordable housing and make use of wasted space that might otherwise have only been an eyesore in the Hancock area.
This is just another example of how progressive cities like Boston are proud to support growth that is open to anyone wanting to make a life for themselves while living as inexpensively as possible.
The community is looking forward to seeing this development project proceed, as are the investors of the project, who are excited to offer Boston both a residential and commercial unit that promises to bring in traffic and increase the quality of living for Dorchester area residents.
Be looking for the new apartments to rise shortly, possibly within the next six months, according to the development team. The team has already received approval from the Boston Planning and Development Agency during the December zoning meetings.
Word is going around Boston about the new apartment complex that is coming soon on Hancock Street that will take the place of an old auto repair building. Many residents think it's the answer to a big problem and welcome the construction.