Jan 19, 2024 - News

These Boston-area real estate projects open in 2024

A rendering of a multistory apartment building on the Revere side of Suffolk Downs, called the "Amaya." The Amaya is expected to open in 2024.

Photo: Courtesy of The HYM Investments Group

The rising materials costs and labor shortages haven't stopped Boston-area development projects entirely.

Why it matters: These projects stand to bring more commercial and residential space into Boston's real estate market.

  • But office and condo sales remain down, and prices for luxury condos and other residential units haven't cooled.

Here's what's moving forward in 2024:

Suffolk Downs

The team redeveloping Suffolk Downs plans to open its first residential building this summer.

  • The "Amaya" building has 475 apartments — studios, one- and two-bedroom units — near the Beachmont Station in Revere.

What's next: It's a major milestone for the former racetrack site, but the developer is still working on its mixed-use campus.

  • When it's done, it will feature life science buildings, retailers, hotels and 10,000 residential units, per the Boston Business Journal.
Behind two buildings in downtown Boston is the construction site of the South Station Tower, with two cranes placed at the top of the 51-story tower.
Photo: Erin Clark/The Boston Globe via Getty Images

South Station Tower

When the 51-story tower over South Station is complete in 2025, it will be the fifth-tallest building in Boston.

Details: Hines, the developer, has already started scoping out buyers for its 166 luxury condos, per the BBJ.

  • Prices range from $1.25 million to $14 million.
A rendering showing a 12-story building (where the top half looks like a trapezium) in the Fort Point neighborhood. Eli Lilly will move into this building, its new R&D campus, in 2024
Photo: Courtesy of Alexandria Real Estate Investments/BPDA

Eli Lilly building

Construction on the 12-story building at 15 Necco St. finished last year, developer Alexandria confirmed.

Details: The building will house the Lilly Institute for Genetic Medicine, where the pharmaceutical giant will continue to develop RNA- and DNA-based treatments.

  • It will also have an incubator that other life sciences companies can tap into and collaborate with Lilly scientists.
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