New Boston Condo Developments
South Boston is extending its two-decade-long overhaul.
Real estate developers Oxford Properties and Pappas Enterprises are joining forces to launch a 1.7-million-square-foot, eight-building mixed-use project in the area, transforming a predominantly industrial area near Summer Street and the Reserved Channel, the Boston Globe reported.
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The prospects for new Boston condo for sale developments are rapidly deteriorating in the Boston area, amid the efforts to address the housing crisis.
There’s been a substantial drop in housing construction in Greater Boston due to the instability in global financial markets, persistently high interest rates, and soaring construction costs that are stifling progress, the Boston Globe reported.
The Boston Housing Climate
The economic climate has created significant pressure on the construction industry, leading to a backlog of permitted but uninitiated projects, threatening to exacerbate the already pressing housing shortage and the need for modern office spaces adaptable to the post-pandemic world.
Boston Housing Permits
Greater Boston witnessed a 43 percent decline in housing permits issued in September compared to the previous year, and a 27 percent decrease in permits obtained during the first nine months of 2023, representing the lowest rate since 2012, the Globe said, citing data from the Census Bureau.
Boston specifically experienced a steeper decline of 46 percent in new unit production during the same period, impeding progress in a housing market that was already strained due to numerous factors, including local zoning regulations that are unfriendly to new construction.
Both Mayor Michelle Wu and Gov. Maura Healey are contemplating incentive programs to stimulate development initiatives. While the Wu administration has launched a short-term pilot program offering tax breaks for converting vacant offices into housing, the Healey administration has proposed…