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Skyline Boston

Is Boston Becoming A Center For Wealth?

Since the economic recession in 2008, Boston and Eastern Massachusetts as a whole has come out stronger and better than most parts of the United States. Boston has recently experienced a building boom in multiple sections of the city, including the Financial and Seaport districts that’s not only attracting corporations, but individuals with wealth. General Electric recently announced that they’re moving their headquarters to Boston, for reasons including the growing market of technology companies in the northeast and the number of certified tech talent. GE no longer wants to be recognized as a industrial company of the last century, but wants to be known as a leader in tech.

Another indicator of a wealth shift is the type of stores that are popping up in the area, especially those in the automotive sector. McLaren of Boston, located in Norwell, Massachusetts, recently opened their dealership near the end of 2015. Prior to their arrival, the closest McLaren dealership was in Greenwich, Connecticut. In a 30 mile radius of Boston, there’s three Maserati dealerships, one Lamborghini dealership, one Ferrari dealership, and now McLaren. These places aren’t just here to attract window shoppers, but are tailoring to a growing market of wealthy individuals.

Economists are always fear mongering on the economy and constantly spreading the awareness of another recession, starting with retail. On any given weekend, malls such as Burlington, Natick, and Framingham are packed with shoppers. Parking lots are full as if it’s still the holiday season, and even during the height of the recession, local malls really didn’t seem to be affected. Furthermore, retail stores continue to pop up in many cities and towns throughout the commonwealth, signifying a strong local economy.

As a resident of Eastern Massachusetts all my life, I’ve never seen Boston and the surrounding suburbs thrive like they have over the past 3-5 years. Sure, the strong economic climate in the early 2000’s was prominent, but not at the level we’re experiencing today. Million dollar homes are being built and people are moving in almost immediately, older two and three family houses are being renovated into condos and being re-sold for more than $500,000 and consumers are buying them, and Boston has had multiple luxury high rise apartment buildings with waiting lists for tenants to move in.

In terms of vehicles most local residents own, Mercedes Benz, Audis, and BMWs are becoming all too common. It’s almost become desensitizing seeing Bentley’s, Maserati’s, and Porsche’s everywhere you go, and cars exceeding $100,000 are certainly not rare to find roaming the streets. Fifteen to twenty years ago, this wasn’t the norm, in fact, it was a treat to catch a glimpse of a new BMW, now it requires a bit more to get notoriety.

No one really knows where the economic climate is heading, whether positive or negative. One thing is for sure, Boston is becoming a new center for wealth for corporations, consumers, and entrepreneurs. Because people from outside the region are moving into Boston, the city has attracted some big name events, such as the Olympics which plans ultimately fell through, and a IndyCar race which is still scheduled to take place in the Seaport district during Labor Day weekend.

It’s safe to say that we’ve been very blessed as of late to not really be impacted by any economic adversity. Now of course, there’s always cities that will be affected, and some being very close to the city of Boston, primarily because they were former industrial hubs. When the factories closed, the middle class moved out and haven’t returned since. These cities aren’t attracting technology companies or businesses in sectors that are very strong and likely won’t anytime soon. The opportunities are certainly there, but the wrong stores are moving in with low paying wages, which won’t accelerate the local economy or put money in residents’ pockets.

So far all signs are pointing up for the city of Boston and surrounding suburbs in 2016, and we can only hope that this continues. With the strong local economy, the city’s skyline is beginning to change and evolve, showcasing the progress and economic environment the city is currently in. It’s going to be exciting to see the further transformation of this great city as some new high rises and skyscrapers are in the works, with some already breaking ground.


Major Changes To The Boston Skyline Already Underway


It’s an exciting time to be a Bostonian, as for the first time since the Prudential building and Hancock Tower were constructed, the city skyline is going to be radically different that will add a modernization to the city itself. While Boston is smaller than New York, with these new developments, Boston is going to aspire to be like their bigger Northeast brother and other bigger cities along the Atlantic. However, the towers that are either already under construction or have been given the go-ahead will not bring in major corporations, but will be for residential use. There is no indication as to how this affects the city economically, but to see multiple construction sites sprouting up, it might be a very good sign that the local economy is getting back on its feet. It’s safe to say that this is the biggest construction boom since the Big Dig.

1) 1 Dalton Street/Four Seasons


The Prudential is getting a new neighbor as a 60 story residential tower/hotel will be constructed next to the Christian Science Plaza. Four Seasons has recently jumped on board, and they will be managing the first 20 of the 60 floors with 211 hotel rooms. There will also be a spa and health club in the tower as well to add to this luxurious high rise. When finished it will be by far the tallest residential tower in Boston, measuring 699ft, and will join the Hancock Tower and the Prudential as the tallest buildings in the city. Boston has always wanted to add another skyscraper to create the architectural Big Three, and it looks like their dream is coming true.

2) Millenium Tower


If you haven’t been to Downtown Crossing, the old Filene’s building is being replaced with a 625ft 56 story luxury condo high rise that will also bring retail stores. Another residential tower that is going to dominate the downtown side of the skyline is already being constructed, and sales registrations for it’s 450 units have begun. The second tallest residential tower being built in Boston will have it’s time to shine for a while before it’s taller counterpart, 1 Dalton Street/Four Seasons gets underway.

3) Copley Place Tower/Simon Tower


Another project that has been waiting in the shadows to be approved has been given the green light. Copley Place Tower will also be 625ft tall, 52 stories, and will be for residential and retail purposes. This project had been delayed for a while, but along with the resurgence of building in the city, it appears that the other construction sites at least had a hand in influencing the movement from proposition to beginning of construction.

4) TD Garden Tower

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This has been proposed for a while, and it appears it’s finally been given approval to be constructed. The 600ft 45 story residential tower near the TD Garden is going to make Boston fans who desire to live in the city very happy, as they’ll be within walking distance to watch a Celtics or Bruins game. It hasn’t been said whether TD Garden Tower will be all luxury condo’s like Millennium Tower and Four Seasons, but it will be for residential use as well.

What does this building boom mean for the city?

Mayor Walsh has expressed the need for more housing for middle income families and households throughout the city, and maybe with that, more businesses will be attracted to move to Boston. Some of the biggest supporters of these building plans are from across the ocean, and with that, there has been a revitalization of confidence in this city and it’s economic potential. While these buildings are just for residential use, there is the possibility that other developments may sprout up that will create those jobs for residents to live and work in the city.

The next few months and years are going to be exciting; not only is the skyline changing, but possibly Boston’s economy as well.