Creative Commons: Nelson48 at English Wikipedia http://commons.wikimedia.org/wiki/File:Boston_downtown_skyline.jpg
No city can escape the “sketchy,” “shady” and “questionable” areas that develop within city limits and affect the value of real estate in local markets. Fortunately, cities are able to restore these areas like Boston has in recent years, investment in infrastructure and neighborhood planning in the areas of Somerville, Quincy and South Boston.
Somerville
While Somerville has been referred to as “armpit of New England,” there is great promise for the city that has been recognized as the “Best Run City in MA” by the Boston Globe in 2006, and a recipient of the “All-America City Award” in 2009. Optimism surrounds the city because of the Green Line MBTA Extension Project (or GLX).
The extension project is part of a 5-year Capital Investment Plan by MassDOT which proposes $1.3 billion in spending to complete Green line T service from a relocated Lechmere Cambridge stop to Union Square in Somerville and Tufts University in Medford. Understandably, this is a big project that calls for seven new T stations with a planned completion by 2020.
The promising extension plan has turned Somerville from a place “nobody wanted to be,” with its gritty former ties to mob activity and lack of public transportation accessibility, into a place that “every 29-year-old is desperate” to move to.
Quincy
After not one, but two proposed development plans for the Quincy Center fell apart, there is a new, and hopefully final, $100 million plan for that area which was unveiled this month by project investor and insurance company Quincy Mutual, Quincy Mayor Thomas Koch, and other officials.
A six-story building with 169 housing units and 12,000 sq. f.t of retail space called West of Chestnut (in reference to Chestnut Street) will be built where the original Merchants Row project broke ground before failing to meet completion in March 2014.
A second phase for the project, a building called East of Chestnut, would have 220 additional housing units.
The project represents just a small portion, both in terms of size and money, of the original, ambitious, now-failed Merchant Row plan, but hopefully the progress will serves as a stepping-stone for Quincy’s delayed redevelopment. Once complete in the summer of 2016 as expected, Quincy could become one of the hottest Boston suburbs for professionals.
South Boston
Even though South Boston now boasts many three-bedroom condos selling for more than $1m, the area is still an up-and-coming neighborhood. South Boston has become the place where buyers flood to when they are no longer able to afford areas, such as Boston’s South End, Charlestown and the North End neighborhoods.
The area offers some new construction, with land selling quickly to developers looking to build and expand, and townhouses are particularly popular. The area even caters to those looking for an opportunity to purchase a fixer-upper.
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