Lynn is a city real estate investors should be watching in 2020
Posted By: Boston City Properties
If you are a real estate investor looking for new areas to concentrate on in Greater Boston, you should set your sights on the North Shore city of Lynn. Located approximately 3.7 miles from Boston’s Suffolk Downs site, the city is poised to experience major expansions over the next several years. In addition to a complete transformation of its waterfront, the city may see a Blue Line extension soon – and its short-lived commuter ferry to Boston may be coming back too.
With many parts of Greater Boston becoming overly saturated and far too competitive for many real estate investors to gain a toehold, Lynn shows amazing promise for investors of all kinds. At the time of the 2010 U.S. Census, the city’s population stood at 90,329. According to estimates by the government, its population had blossomed to around 94,000 – an increase of 4.8 percent – by 2018. Today, its residential real estate market is on fire. The current median sale price of a home here, $394,000, represents an increase of 11.7 percent versus the previous year. In the current market, hot homes can go pending in as little as 18 days, and many sell for more than 3 percent above list price.
In updating its Waterfront Master Plan last summer, the city also paved the way for even more growth not just across its residential real estate market but across its commercial real estate sector too. Now that city officials are working on zoning changes along many sites on the Lynnway, several major projects are finally going to be coming into fruition. Some are already in the works while others are still many years out. Either way, this new development activity means big opportunities for savvy real estate investors.
Some of the projects to keep your eye on along the Lynnway include:
- Breakwater – Work has already begun on Breakwater, a 331-unit apartment development overlooking the Lynn Harbor. The complex will be located on the former site of the long-vacant Beacon-Bel Chevrolet dealership, and it will consist of two buildings that will sit upon a parking garage. The development will boast a host of amenities, including a fitness center, two courtyards, outdoor grilling areas and a game room. A $1-million infrastructure grant will also provide much-needed improvements to the seawall along the property.
- Harbor98 – Groundbreaking for the construction of this upcoming luxury condo development, which is being constructed on the site of the former Porthole Restaurant, has already begun. Construction is expected to be completed on the new complex by the fall of 2021, and zoning relief is still needed for the estimated $30-to-$35-million project. In particular, the developers need zoning laws to switch from allowing a maximum of five stories to a maximum of eight stories. All of the condos in this building will offer views of the harbor, and they are estimated to go to market for between $520,000 and $1.95 million.
- 626 Lynnway – This 17-acre site, the former location of Garelick Farms, could be the new site of a massive mixed-use development in the future. However, don’t hold your breath; currently zoned strictly for dairy manufacturing, the site is unlikely to be duly transformed for at least another three to seven years. However, developers have already released some of the potential changes that will occur at the site. For example, the mixed-use development would likely include hundreds of apartments, thousands of square feet of retail space and possibly even a hotel.
- 810 Lynnway – Developers plan to raze the Lynnway Mart Indoor Mall and Flea Market that’s currently located here to make way for a new apartment development. The $350-million project, however, is still likely many years away because it’s still in the early permitting stages. Eventually, four seven-story buildings will go up here – and there will be around 10,000 square feet of commercial space and public access to the harbor.
- 843 Lynnway – Formerly the site of the General Electric Gear Works, this 65-acre site is likely to be transformed into a transit-oriented neighborhood that will include a walkway to the River Works MBTA commuter rail station. Still in the permitting stages, the $500-million project will include eight buildings with more than 1,200 apartments – and you can expect lots of commercial space too.
On top of all of the changes to the Lynnway, the city of Lynn is once again trying to see about an expansion of the Blue Line to its downtown train station. If it happens, the Blue Line would be extended 4.3 more miles from its current termination point at the Wonderland Station in Revere. Of course, this idea has been floated around for many decades now; it was originally dreamed up during the 1970s. However, with Suffolk Downs redevelopment on the horizon and other big projects coming up, the need for an extension is probably more severe than ever.
Finally, the Lynn Ferry, which operated on a trial basis for a few years starting in 2014, may be coming back in the near future. The necessary subsidies have not yet been secured from the state, but it appears likely that the ferry, which would operate out of the Blossom Street terminal, may become a reality again before too long. If that happens, it would once again ferry commuters from the Lynn waterfront to Boston’s Central Wharf. During its trail run, it operated only seasonally; if it comes back, it will likely be made available throughout the year.
What does this mean for real estate investors? Clearly, if you are one of them, you should start laying plans for investing in real estate in Lynn, MA, very soon. You can get all of the help that you need by connecting with Boston City Properties. We have residential and commercial real estate experts who can assist you in formulating an effective strategy. In the meantime, stay tuned to our site for ongoing updates regarding developments in this North Shore city.