New Developments Suggest Improvement in Beantown Economy
- Jul 11, 2011
Judging by the number of developments under construction or preparing to begin, Boston’s economy is finally on a recovery track. The Boston Globe reported that more than 4,000 construction jobs will be created in the coming months, leading to a more relaxed unemployment rate. According to the newspaper, the developments include office towers and stores, biotechnology laboratories and thousands of apartments that will help revitalize the urban economy.
One of the most important projects currently under construction is the $2.5 billion Fan Pier redevelopment, on the South Boston waterfront. The project includes residential buildings, a hotel, a marina, parks and two office towers designed for Vertex Pharmaceuticals Inc.
Quoted by The Boston Globe, Mayor Thomas Menino said that every neighborhood is set to undergo redevelopment, adding that as many as 28 projects are under construction in the city. Gregory Vasil, CEO of the Greater Boston Real Estate Board, explained that the projects will help boost the region’s economy by generating more foot traffic in the neighborhoods and shopping districts, which are trying to recover from the recession.
In other headlines, Citybizlist reports that a LEED Silver certification was granted to the recently renovated headquarters and research facilities of the Forsyth Institute, located at 245 First St. in Kendall Square in Cambridge. The design team was led by ARC/Architectural Resources Cambridge, which developed green building features into the project by reusing more than 80 percent of existing construction materials, walls and mechanical systems. In order to conserve energy, the design team equipped the building with “Energy Star” systems, energy-efficient light fixtures and occupancy sensors. Other sustainable amenities include low-flow plumbing fixtures for water-saving, as well as low- emitting finish materials to ensure a healthy working environment.
The 65,000-square-foot building includes laboratory and support space, multiple conference rooms, office space, two research dental clinics and a vivarium.