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Theatre District

A small area with a big venue, the Theatre District has been home to live stage performances since Boston's first theater opened in 1793. More than 50 theaters were present in the area in the 1940s. After a decline in the 1970s, the district again became a thriving center for the arts when Suffolk University restored the historic Modern Theater. The main campus of Emerson College occupies several restored buildings in the district.

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The district overlaps Chinatown to the east and Bay Village to the west. Boston Commons along Boylston and Tremont streets defines the north and northwest edges. The main thoroughfares of Washington, Tremont and Charles streets are lined with historic playhouses, commercial buildings with decorative facades and brick row houses. Early steel-frame skyscrapers, many built as hotels, were among the tallest buildings in Boston when they were built. The area is bustling by day with shoppers, patrons of the many restaurants and students from the two colleges. By night, visitors enjoy the lively theater scene.

The historic commercial and residential architecture in the Theatre District is of high quality in design, materials and construction. The well-scaled streetscapes feature late 19th and early 20th century three- to four-story townhomes, brownstones and apartments of limestone, brick and marble.

Theatre District Residential Investments

The Theatre District is included in the Chinatown neighborhood. Home values vary by street. Properties along the Commons include luxury condos, commercial buildings redeveloped into lofts, high-rise apartments and restored row houses. Many buildings feature street-level retail shops with upper-story residential quarters. The new 30-story AVA Theatre District luxury apartments and nearby Kensington at Downtown Crossing have added needed residential space to this popular neighborhood.

Choosing the Right Theatre District Investment Property

The Theatre District is busy with commercial and residential development ranging from new construction to renovations. Offices were converted to luxury apartments in Fox Residences on Washington Street. When the Kensington opened, it was ahead of its target sales and was 29 percent pre-leased.

If you already have Theatre District residential properties in your portfolio, Boston City Properties can help with marketing and leasing. If you want to add properties, listings are updated daily. Call 617-247-1933 to speak to one of our licensed agents about investment opportunities in the Theatre District.

Boston's Theatre District may be better known as the cultural and entertainment hub of the city. However, since revitalization efforts of the neighborhood began in 2008, it has also become known as one of the trendiest areas of Boston to visit as well as in which to buy or lease a new home.

Even before the revitalization of the Theatre District started close to 10 years ago, this part of the city welcomed scores of visitors each year who were keen to take in the shows and visit the live entertainment venues found here. In fact, the stream of visitors to the Theatre District shows no signs of slowing down anytime soon, which is why real estate developers from across the country increasingly are choosing to invest in and build new hotels.

One of the newest hotels currently in the works is one that will reportedly bring the look and feel of Times Square to Boston. To be located at 240 Tremont Street, this new hotel will be close to the Wilbur Theatre. Once finished, it will be a 23-story micro hotel that will feature cutting edge design and technology not found in traditional lodging establishments.

Specifically, the new hotel will offer 340 smaller and tech-savvy rooms designed to accommodate younger professionals and business travelers rather than large families. The establishment will feature a rooftop bar and a two-story electronic billboard that will wrap around the cantilever corner that will face Tremont and Stuart Streets.

It will also have numerous lobbies that will be set up to function like smaller living rooms rather than vast impersonal spaces. The lobbies will all have their own bartenders on staff to serve guests' every need.

This new Times Square-like hotel is one of dozens being planned for and built in this area of Boston. The projects will be completed over the span of several phases that could last a year or longer.

However, the real estate developers behind the new hotels being built promise that the wait and effort will be worthwhile. The new hotels will add a level of class, convenience, and style that will be entirely new to the Boston hotel industry.

The increasing number of apartments for rent in the Theatre District is also something new to this neighborhood as well as the entire city of Boston. Unlike some areas of the city, such as South End where the demand for housing has skyrocketed, the Theatre District has witnessed a slowing down of its real estate market.

This slight decrease in market activity is not necessarily cause for alarm but rather the natural reaction to the construction and availability of new homes for sale throughout Boston. As more people choose to buy rather than rent homes, more apartments for lease are becoming available. In essence, landlords in the Theatre District are now competing for tenants.

The price for rent has also become more in line with people's budgets. The average price for a studio apartment in the Theatre District is $2800 a month. A two-bedroom apartment can lease for twice or three times this amount.

Moreover, many landlords in this part of Boston are offering one to two months of free rent for new tenants. These bargains come as an apology of sorts for inconveniences that are found in the neighborhood, such as the noise from nearby construction projects. They also offer the free rent to attract tenants and to leverage their power against renters who at this point enjoy more of an advantage than property owners and landlords.

The debate of how long this lull in the Theatre District real estate market will last remains anyone's guess. The revitalization efforts that began in 2008 invited more of an opportunity for hotel and commercial real estate developers than residential property owners.

Still, once the new hotels are added and more people flock to the area to take in the sights, the market could change. As witnessed in neighborhoods like South End, people may prefer to live close to the conveniences and recreation that drew them to Boston in the first place.

The ample availability of luxury apartments in the Theatre District may appeal to people who are ready to move to this part of Boston right now. Apartments ranging from studios to two-bedroom units offer amenities and conveniences that appeal to single young professionals to small families.

The price for a typical studio pet-friendly apartment with one bathroom in this area starts at $2420 a month. A one or two-bedroom apartment with one bathroom can lease for $2749 and $3860, respectively. The average size unit spans 550 to 600 square feet.

The typical luxury apartment dweller in the Theater District likewise will have access to amenities that are included with their rental prices. Some of the more common conveniences found in rental communities in the area include:

Many of the area's most luxurious apartments are located on the city's public transportation lines. They also have in-unit comforts like:

It is not uncommon to find Theatre District apartment communities offering on-site luxuries sky pavilion lounges, barbecue areas and fire pits, and landlord or community-sponsored celebrations.

Further, to entice renters to their communities, landlords in the Theater District make it a priority to keep rents as low as possible. People may take advantage of move-in offers like free rent or discounts on their rent for the first one or two months after they move into their new homes.

As luxurious as these Theater District apartments are, they may not appeal to people who are keen to buy their own homes. While new homes for sale in this district are less numerous than in other parts of Boston, the ones up on the market feature a unique level of comfort and style that complement the area in which they are located.

Most new homes for sale in the Theatre District are actually condominium rather than single family structures. These residences average around 1200 to 1400 square feet of living space. Each square foot sells for around $1500, putting the typical asking price for a new home between $600,000 to upwards of $3 million.

These prices do not include the HOA fees that buyers will be expected to pay at the time of purchase. HOA fees for most of the new homes for sale average around $1000 to $1600 per year. They secure conveniences like trash and recyclables collection, water and refuse services, heat, landscaping, and snow removal for residents.

The asking prices for Theatre District homes for sale also complement the luxury and beauty found within these residences. Many of them come with open floor plans that feature easy walkouts from the kitchen to the living area. Most come with private decks or patios.

Other luxuries include hardwood floors, modern kitchens with stainless steel appliances, spacious bedrooms, and sunken living rooms with floor to ceiling windows. Gas fireplaces, off-street parking, and private garages are also common with the homes for sale in this neighborhood.

While less active than other parts of the city, the Theatre District real estate market remains viable and relatively healthy. Whether newcomers want to buy or rent, they can generally find ample housing options available to them.

Housing prices are on par with or lower than rental and for-sale prices elsewhere in Boston. Much of the housing located in this part of the city is also conveniently situated along the public transportation lines.

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