Downtown Housing Expanding in the City of Presidents
By Jonathan Miller and Andrian Shapiro | Special to Banker & Tradesman | Jan 24, 2021
The recipe for success in Quincy is patience. After a decade of planning and waiting, the revitalization of Quincy Center is well underway. More than 700 apartments and condos have opened in the last three years alone.
It’s just in time as the City of Presidents continues to grow, pushing it closer to the population goal officials are working to achieve. In 2018, Quincy’s population stood at 95,580, according to the U.S. Census Bureau and city officials are striving to reach 100,000 residents. That’s the number of residents that will move Quincy from the eighth-largest city in Massachusetts to the sixth-largest and give it a leg up in securing state and federal dollars to invest in efforts like the revitalization of the historic downtown.
Quincy is one of Massachusetts’ fastest–growing cities, in part because of the Boston housing crisis and the need for affordability. Plus, young professionals aren’t as tied to living in Boston when they can walk to
restaurants and retail shops that create the feeling of living in an urban community. They also have the option of taking a quick trip to the city via four newly-rebuilt stops and brand-new trains along
the MBTA’s Red Line.
City an Attractive Option
Millennials, Baby Boomers and young professionals alike are taking a harder look at Gateway Cities such as Quincy, making it one of the most competitive rental markets outside of Boston. According to the Boston Indicators research center, citing data from CoStar, rental rates on the South Shore increased 3.6 percent from the third quarter of 2019 to the third quarter of 2020, and rates in Quincy/Milton/Randolph increased 0.4 percent to $2,119.
Considered among the largest urban revitalization efforts in Massachusetts, the revitalized Quincy Center will encompass more than 50 acres of mixed-use development in the heart of this crowded historic city.
We are fortunate to be the city’s designated redeveloper for contiguous parcels along Hancock Street in the heart of downtown. Our focus in Quincy since 2014 has been to develop parcels along Hancock Street, Cottage Avenue and Parkingway. We believe in the vision established in Quincy’s Urban Revitalization and Development Plan to modernize one of the most historic cities in the country, the only U.S. city where two U.S. presidents were born.
The demand for housing has fueled projects like our recently completed Nova Quincy, a 171-unit residential complex located in the 1500 block of Hancock Street which has been fully leased since it opened in September 2019. The 7-story building features views of Boston’s skyline and 14,000 square feet of ground- level retail and restaurant space. The building adds to Quincy’s commercial base and matches the need for housing with modern amenities in a convenient location. Nova Quincy includes a fitness center, residential lounge with a kitchen, a concierge and multiple package rooms.
Last September, MassHousing held a webinar to discuss the future of Gateway Cities like Quincy that have historically struggled with weak housing markets. The key to stabilizing Gateway Cities is creating market- rate housing and jobs by bringing businesses to the city.
$120M Development Coming Next
In December we received approval from the Quincy City Council to buy two parcels of land in downtown Quincy where we will build a $120 million mixed-use development with 350 residential units and commercial space in two buildings with ample amenities, similar unit types and layouts, and expansive rooftop decks with amenity suites.
Before the City Council meeting on Nov. 16, Bill Geary, special counsel for downtown development
to Quincy Mayor Thomas Koch, said, “LBC Boston did an excellent job in executing the project on Hancock Street.”
“This development will complete the entire block and that side of the street will be brand new. It will enhance the efforts the city is making downtown,” he added. “LBC Boston has become a valuable corporate citizen here in Quincy, and we think they are devoted to the city of Quincy and enhancing the downtown area with their proposed new building.”
Quincy is emerging from its reputation as a bedroom community to an attractive urban city just six miles south of Boston. LBC is proud to be a part of creating the next chapter in Quincy’s rich and storied history.
Andrian Shapiro is a principal owner and Jonathan Miller is vice president of development and acquisitions at LBC Boston.
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