Seaport District

Seaport is one of the oldest—and one of the newest—districts in Boston. Shipping piers, warehouses and loading docks bustled with activity in the 1800s and early 1900s. Also known as the South Boston Waterfront, the area declined after 1930. By the mid-1960s it was almost abandoned. Today it is a thriving commercial and residential area. Also called the Innovation District, the area is home to artist spaces and tech startups in renovated Fort Point warehouses. The United States Courthouse on Fan Pier and the Boston Convention Center have established the district as an important business center. Several new neighborhoods are under construction including the multi-phase Seaport Square, Fan Pier and Liberty Wharf.

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Seaport is connected to greater Boston by water taxi, the Silver Line and a new interchange for Interstates 90 and 93. South Station is just a 12-minute walk. Several bike-share Hubways are in the neighborhood.

Seaport District Residential Investments

Seaport is already an established commercial center with world-class restaurants, museums and the Harborwalk. New development focuses on adding residential space to the area. The Innovation District envisions construction of 1,100 residential units, primarily lofts in new buildings and converted warehouses with abundant community space.

Other initiatives range from low-rise, garden-style units to high-rise luxury condos. Completed projects such as Factory 63 often have waiting lists. The Lofts at 381 Congress feature a number of floorplans, all with high ceilings and historic architectural features incorporated into the living space. Other new complexes include 100 Pier 4 and Waterside Place.

Rents are higher than average. The D Street-West Broadway corridor dropped from first to second of the most expensive neighborhoods to rent an apartment in Boston as of June 2015. The median rent for a one-bedroom was $3,150, higher than Boston's average of $2,230. In the newly developed 315 on A apartment complex at Fort Point, one-bedroom lofts start at $2,805.

Choosing the Right Seaport Investment Property

Now is a great time to invest in the Seaport District. Phased development of residential and commercial space at Seaport Square allows the area to grow at a pace that accommodates demand. Newly approved development of The Residences at 399 Congress Street are innovation units with communal work zones, social gathering spaces, a fitness room and business center. Now under construction, the units are not currently available through public listings.

Boston City Properties offers a number of ways to help investors enter this exciting new market. Our services include access to off-market listings and pre-sales opportunities like the new development at 399 Congress Street. Call 617-247-1933 for more information about investing in the Seaport District.

Seaport District Market Report 2017

Interestingly, Seaport is both one of the oldest and the newest districts in Boston. It was originally developed in the 1800s and early 1900s with warehouses, shipping piers and loading docks. While it was a booming area for years as the South Boston Waterfront, it started to decline following 1930. By the 1960s, the area was just about abandoned.

In the decades that followed, Seaport has been completed revitalized. It is a thriving residential and commercial district. Today, it is known as Seaport or the Innovation District. Within this area, residents can find tech startups and artist spaces within revitalized Fort Point Warehouses. Meanwhile, the commercial district has received a makeover through the Boston Convention Center and the United States Courthouse on Fan Pier.

Within the commercial center, residents can find top museums and world-class restaurants. The Harborwalk is a popular draw, although bike-share Hubways are also readily available in the neighborhood. For transportation options, residents can use the Silver Line, buses or the water taxi. There is also a new interchange for Interstates 93 and 90.

Real Estate Investments and Homes in the Area

Within the neighborhood, residents will find a number of new homes under construction. Fan Pier, Seaport Square and Liberty Wharf are all receiving new developments. Rents in Seaport tend to be higher than the Boston average. Out of the entire neighborhood, the D Street-West Broadway corridor is one of the most expensive neighborhoods in the city.

Currently, the average asking price per square foot is $1,515. The average sale price for units in the area is $1,116,000. This is an increase of $87,000. The average home received 96.54 percent of the asking price. On average, homes sold after just 71 days on the marketplace.

2017 Real Estate News and Developments in Seaport

Currently, the Seaport District is one of the busiest areas in the city for new developments. A number of projects have already started or have been recently approved for this area. Among the many new developments, residents can expect to see one of the largest hotels in New England.

One of the top developments in the area is 121 Seaport. CBT Architects have designed a 17-story tower with a total of 400,000 square feet. The three-story lobby in the tower will face the Boston Harbor. It will open up to a 20,000-square-foot promenade called Harbor Way. In addition, this area will host a public museum that showcases the fate of a 19th-ccentury schooner that was discovered by construction workers at the site in 2016.

At 399 Congress Street, there will soon be a 22-story apartment complex. Spanning 414 units, this building has been in the planning stages for years. While a previous developer wanted to put a hotel on the site, the sausage-shaped parcel was dismissed as a possibility during the Great Recession. This oddly shaped parcel was approved for apartments in 2013. Ultimately, the building will include 63 affordable units and 13 innovation units. The $200 million project will include 12,000 square feet of lobby and retail space. In addition, the finished project will boast of a three-level garage with 144 parking spaces.

Another new development is taking place at 88 Black Falcon Avenue. The industrial and office building's lease is being taken over by a new developer. They will be upgrading the facilities for primarily marine industrial purposes.

Meanwhile, construction officially started in mid-June at the Echelon Seaport. The 1.3-million-square-foot project will take up three buildings. In total, there will be 733 apartments and condos. About 448 of those units will be condos. This impressive project will be the largest single number of for-sale housing in Seaport. There will also be a 19,000-square-foot, landscaped plaza for the public. An additional 125,000 square feet on the bottom two floors will be devoted to retail shops and restaurants. Part of the 3.5 acres will be transformed into several hundred parking spots.

At 150 Seaport Boulevard, a new, glassy tower will soon replace the Atlantic Beer Garden and the Whiskey Priest. The condo tour will span 22 floors and 124 condos. Out of this number, 19 of the condos will be designated as affordable. There will be three levels of underground parking and 10,700 square feet of retail space spread across two levels. When finished, the design will look like a billowing sail on the waterfront.

Several hotels are in the works for the neighborhood. Both the Omni Hotel Seaport and the Marine Wharf Hotel are under construction. In November 2017, the Boston Planning & Development Agency approved the construction of the Marine Wharf Hotel. Placed at 660 Summer Street, this project will take about two years to complete. It will ultimately span 15 stories and include two different inns. There will be a 166-room Homewood Suites and a 245-room Hampton Inn. The 19,300 square feet of amenities will encompass retail shops, a fitness center, a 500-seat restaurant and an indoor pool.

Meanwhile, the Omni Hotel Seaport received the Massachusetts Port Authority board's approval in April 2017 to start construction at Summer Street and D Street. This location is directly across from the Boston Convention & Exhibition Center. The finished hotel will have a 25,000-square-foot ballroom and 1,054 rooms. The ballroom will be the second largest in Boston. In addition, the $550 million project will also include a skating rink, a meeting space, restaurants, a fitness center, a spa and retail shops. Construction is expected to continue until 2021.

Other developments in the area include 1,100 residential units at the Innovation District. Most of these will be lofts in new buildings. Converted warehouses will be transformed into community space. Recently completed developments like Factory 63 tend to have waiting lists in this beautiful neighborhood.

Some of the projects recently finished in the area include Waterside Place and 100 Pier 4. At the Lofts at 381 Congress, residents can find historic architectural features, spacious floor plans and high ceilings. Meanwhile, the Residences at 399 Congress Street will include social gathering spaces, a business center, communal work zones and a fitness center.

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