The reopening of a street in any other time or circumstance might not be a big deal. But for the still shell-shocked Back Bay, the reopening of Boylston Street after the Boston Marathon bombings was a sort of rebirth, a return to some kind of normal.
Businesses, which lost an incalculable amount of money after the April 15 attack, were cleaning up or opening up. Boston Mayor Thomas Menino, in an effort to draw people back to the neighborhood, made parking free for a few days after the reopening.
“Boston is strong and we will support Boylston Strong all weekend long,” said Menino in a statement. “As of today, these businesses that have been off limits since Marathon Monday are open and are looking forward to receiving and serving their customers once again.”
Indeed, in the aftermath of the attack, there was a movement to get the Back Bay back to normal. It will take time, of course.
Boylston Street, named after Ward Nicholas Boylston, a philanthropist and Loyalist born in 1747, has always been an important commercial thoroughfare in the city.
And according to most accounts, commerce was back late last week after the reopening of the street.
In economic terms, the attack sent shivers through the city, but it’s not expected to have a lasting impact.
According to Banker & Tradesman columnist Scott Van Voorhis, the impact on the real estate market won’t really be felt. Van Voorhis reports that open houses and home inspections stopped right after the bombings, but are back in force.
It’s worth taking a look at what happened in New York City after 9/11. Home prices after the terrorist attacks increased after a paralyzed city came back to life. And even the office market, which lagged behind, picked up, too.
In Lower Manhattan, more than 20 million square feet of new development was built in the 10 years following 9/11, according to a Real Estate Board of New York report prepared in 2011. The report – which led with the question “Will New York City recover?” – also made clear that the residential and rental markets fared well, stymied only by the recession.
In short, Boston will recover.
