GentriWatch: ‘Boston East’ Apartments Break Ground in Eastie
Welcome to GentriWatch, where we look for signs of gentrification happening around the city.
Despite the legal maelstrom encircling City Hall after his tourism czar was federally charged with union-related extortion, Mayor Marty Walsh still made it out to East Boston for the groundbreaking of the tautologically named Boston East, Trinity Financial’s $71 million, waterfront residential complex at 112 Border Street.
Originally conceived as condos before the economic downturn, Boston East’s 200 apartments will include 26 units designated affordable, along with a kayak launch and public boardwalk.
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Coming as a surprise to no one, Boston was named of the hottest markets for two-bedroom apartments in the country.
In order to “comfortably afford” a two-bedroom apartment in Boston, which averages $2,821 a month, you must make at least $120,900. According to the latest Census data, 70 percent of the city’s residents make $100,000 or less, while Boston’s per capita income is $36,395.
This places Boston in fourth among the 15 major U.S. cities studied by SmartAsset, a New York-based financial technology company. The only cities in which you must earn even more to afford a two-bedroom pad are San Francisco, New York, and Los Angeles.
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Oh look, another sleek tower proposed for the Fenway. Where have we seen that before?
A 340-foot residential tower with ground-floor office and retail space has been proposed for the intensely gentrifying neighborhood by an arm of Steve Belkin’s Trans National.
The tower, designed by Elkus Manfredi Architects, includes 200 apartments, 125 condos, and ground-floor retail and office space. Trans National Properties’ Justin Krebs says the developers want to have a “transformative impact” while establishing an artistic feel, with new murals along Ipswich Street, a popular shortcut for Red Sox fans en route to Fenway Park. They’ve also lobbied the Fenway Community Development Corporation in discussions over affordable housing programs, as well as the Boston Arts Academy.