South Boston is an affordable up-and-coming neighborhood
When looking to invest in real estate in Boston, MA, you may want to consider the South Boston neighborhood. While the community developed a rough reputation over the years, heavy reconstruction and revitalization efforts have made it a hotspot for young professionals and various industries.
Recently, The Boston Globe cited East Broadway in South Boston as one of the top places to live in the area. The news source reports on the plethora of available housing options, which feature semi-attached three-decker homes and rows of brick homes that are much larger than the properties seen in other Boston neighborhoods.
Arguably, what makes South Boston so appealing to many is its close proximity to the Financial District. East Broadway Street is approximately 2.3 miles from downtown Boston and is accessible by public transportation. If you're moving to the area because you've been relocated, it's easier to commute from South Boston than you may think. What's more, at an average of $360 per square foot, the community is seeing increases in market activity before renovations take place, the news source reports.
Industry enters South Boston
South Boston is now host to many new business centers, as companies find the area's location to be ideal for industry. Recently, New England developer Commonwealth Ventures filed plans with the Boston Redevelopment Authority for a new mid-rise office building. The complex would be located at Channel Center in South Boston, nearly 2 miles from East Broadway Street.
The company submitted a proposal to build an 11-story building with 525,000 square feet of office space and a 970-space parking garage, The Boston Herald reports. State Street Corporation is also reportedly considering the space to move some of its Financial District and Back Bay spaces into more affordable areas. The transition would create new industry life in South Boston and could end up encouraging people to relocate to the area.
South Boston is an up-and-coming neighborhood that offers all of the traditional sights and sounds of the Greater metro area, for a fraction of the cost. When searching for property in the city, you should consider the many upsides to investing in affordable housing today - before costs begin to rise substantially. South Boston is certainly gaining momentum, so you may want to become a part of the local renaissance today.