Pru, Hancock to get new skyline sibling

The Globe reports on the 50ish-story tower that will rise on part of the Christian Science Center property - along with a 20-story building. Construction could start by year's end.

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    Exciting

    By on

    Hopfully it doesn't get cut down by pill swilling locals mad that it might obstruct "their views".

    Wierd how the globe cals it a shake up to an open space... looks to me it's not touching the open space at all. Isn't there a garage or soemthing else down that way?

    Also, I know it's not a heavy foot traffic area, but hopfully the city forces them to comply with ground floor retail / food space.

    Don't see it happening

    By on

    With 2000 luxury units under construction and thousands more in the pipeline - who's going to finance this? There's a brief 5-10 year demographic window where you'll have baby boomers still selling their expensive suburban homes and a) relocating to the city and b) buying their retirement home. But in my experience they keep their city homes for a maximum of 7 years, decide they have too much real estate and locate elsewhere-usually out of state. I wish it were so, but we just don't have enough uberwealthy around here to buy/rent all these places. The 2000 under construction is probably years and possibly a decade of supply. The first few out of the box this year and next will be fine. After that, not so much. We need lots of housing - just not this stuff.

    Once that demographic window closes, the boomers are done and the next generation doesn't have anywhere near the level of wealth and home equity to buy these places (nor will they ever - collectively).

    For the record

    By on

    For the record, the vast majority of what is being built right now and in the pipeline are rentals. The only condominium projects I know of are Millennium Place (under construction), Filene's (hopefully to start soon), and the Copley Place project (On hold, ostensibly to allow the developers to watch and see how MP ane Filene's does). The nice thing about rentals is that managers and landlords have more freedom to adjust pricing to match the demand. As was discussed last week, the city's rental vacancy rate downtown is ridiculously low, so I wouldn't be over-concerned about over-building the rentals right now. The market should be able to absorb a lot more.