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Apartment tower proposed for Congress Street near the convention center
By adamg on Wed, 05/15/2013 - 7:53am
The Boston Business Journal reports on plans for a 22-story building that would house 414 apartments, from studios to three-bedroom units, including nine "micro units" that would go for $1,700 a month. Also notable: Only 132 parking spaces are planned for the project, near a Silver Line stop.
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Comments
$1,700
I don't understand who is going to pay $1,700 for something the size of a dorm room. But, if it helps increase the number of units and thus stabilizes rents in this city, then I'm for it.
I'll tell you who;
...suburban parents of recently graduated college students who want their offspring to live in a brand new apartments. Shocking but true that there are people out there who think 'used' housing is gross.
Professional Business Services
Business and companies that will rent out apartments to them weekly/monthly/yearly are finding it cheaper to just purchase property rather then go through hotels.
That seems to be the driver behind these luxury micro apartments within walking distance to many downtown Businesses.
Either way, more more more! We need to run up new housing stock to keep old hosing stock affordable (really let wages catch up with prices). New stock means new places for people in old units to move up and into, relieving pressure (and price) on the old stock.
Lets get building Boston!
So $1700.month for a micro unit is the new normal?
I thought micro units were supposed to be truly affordable? Is there an income eligibility?
This isn't affordable
this is a total ripoff.
Basically, they're selling mini-apartments for the same price as regular ones and saying it's a savings.
$70,000
The typical recommendation is that housing costs should be about 30% of your income - so that comes to $68k. If you throw in renters insurance - round it off to $70k to afford this unit.
How big is this anyway - the basement units in my building overlooking the parking lot and the alley are about 400 sf and rent for $1500 - so maybe not too far off if the micro units are at least that big. Wouldn't be my choice - but what is the other choice if the city will only approve luxury buildings to the exclusion of moderately priced units?
With real wages
Bottoming out, I think many people are in the 50% range. We really need to do something about employment, wages and housing in this state.
housing plus transportation
I don't think I'd go for these micro units either but for evaluation I prefer adding housing and transportation together and figuring them against a rule of thumb of 50% of income.
So $20400+840+2000 for rent + MBTA + 2000 in unspecified transport costs is 50% of $46-50k. Considerably more manageable if you choose to live car free there. Whether that's possible depends on how the neighborhood develops.
I agree that the rent seems steep for micro units but I guess if it sells then it sells.
According to the article, it will be for the next seven years.
"Included in that number are nine micro units that would be guaranteed at $1,700 per month for seven years."
Then they'll most likely fly through the roof!
How is taking units which are
How is taking units which are the size of prewar studio and SRO units in the city and charging more money for them innovative? Anyone?
selective demographics
It's another creative way to keep people with children out of the city.
Vertical neighborhood?
This area is becoming a neighborhood of towers. Many of them are hotel or office towers. Will the residential towers wind up being disconnected islands?
Will this area evolve into another urban desert similar to the West End?
If done badly, yes
One interesting thing about the proposal is the small number of parking spaces compared to the number of units, so hopefully we won't be winding up with towers surrounded by parking lots and empty plazas.
Pretty sure
The City has zoning requiring ground floor retail space in new developments.
Unfortunately they gave a variance to Liberty Mutual (and I'm sure others)