X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

QUINCY, MA-Long a fixture of urban living, lofts are moving out of the city and into the suburbs as developers look for ways to infuse new life into old commercial buildings. In industrial areas throughout the Bay State, hundreds of new lofts are being built in converted factories, among them a $200-million project in Lawrence that will turn a 1.3-million-sf mill building into New England’s largest environmentally friendly residential development with 600 luxury condominiums and six floors of retail space.

Now, however, lofts developments are appearing in Boston’s bedroom communities where single-family homes are more prevalent than large commercial tracts.

In Watertown, Quincy, Medford, Brookline and beyond, developers are selling the upscale loft lifestyle to buyers, often at prices that are half the cost of similar units in the city.

“A lot of people like the loft concept but aren’t able to afford the prices lofts command in downtown neighborhoods,” Richard Kimbal Greer, a principal with Boston-based Kimball Borgo, which specializes in loft sales, tells GlobeSt.com. “Developers are taking advantage of that to create more cost efficient projects” in the suburbs.

In Quincy, at least two loft projects are under construction and more are planned.

At Granite Lofts, the South Shore’s largest loft project, developer Granite Lofts Condominium LLC, has turned the former Boston Gear factory on Quincy’s Hancock Street into 109 units of loft housing. About 65% of those units are already sold out at prices ranging from $299,000 to $469,000, says Cheryl Troufield, a member of the project’s sales team.

Just a few miles away, Touchstone Properties is revamping a former granite warehouse and machine shop into a six unit complex called the Penn Street lofts, half of which have sold at prices of $429,000 to $529,000, long before construction even is completed.

Meanwhile, of Quincy’s Fore River Shipyard, developers are planning 140 loft-style units as part of a redevelopment project that will turn the former shipbuilding center into a mix of residential, commercial and retail uses. Brockton and Plymouth are also being eyed by loft developers.

Elizabeth Whitaker, a loft architect in Boston, tells GlobeSt.com that the trend in loft development should continue in the suburbs as builders look to reuse older commercial properties and loft-loving buyers search for more affordable units.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.