Chris Kaneb
As the oldest neighborhood in Boston, Charlestown has experienced many transformative periods in its storied history, from playing a critical role in the Revolutionary War, to serving as Boston’s industrial and manufacturing base in the 20th century. Several years ago, The Boston Planning & Development Authority introduced an initiative known as PLAN: Charlestown that aims to preserve this integral history while simultaneously finding a sustainable path towards growth and investment in the neighborhood’s future.
After many years of community conversations, on Sept. 28 the BPDA took a historic vote to approve PLAN: Charlestown, signaling the neighborhood’s next chapter is underway. Slated to bring 18 million square feet of new space, 6,000 residential units and a 3-mile green loop, the plan will look to enhance the current dynamism of Charlestown and provide new opportunities for people and businesses within the community – principles that align with what we have been striving for at Hood Park for nearly three decades.
An important component of the PLAN Charlestown initiative is further solidifying the area as a major life science cluster. JLL’s 2023 Life Sciences Industry and Real Estate Perspective report once again cited Boston as the number-one life science commercial real estate market in the United States. At Hood Park we have already experienced the local expansion into the life science arena, with leading life science tenants such Bluebird Bio, Solid Biosciences and Mori making Hood Park their home alongside agriculture tech company Indigo Ag.
These life science companies chose Charlestown over other major life science clusters, appreciating the unencumbered space to grow and scale, nearby MBTA stations with transit-friendly connections to downtown and easy access to Interstate 93. There are already more companies planning similar ventures; Related Beal and Fallon are helping to push life sciences in this neighborhood further, with both entities in the process of developing nearby labs and mixed-use development spaces.
Catalysts for Future Growth
As leading life science companies increasingly look to Charlestown, convenient access to high-quality, multifamily housing is critical. We are pleased to see that the city’s plan includes several initiatives to create high-quality, mixed use housing developments, including One Mystic and proposals for the city-owned Austin Street Parking Lots. We support these endeavors to increase multifamily housing options, and we know first-hand from our ability to quickly reach 100 percent occupancy with our own multifamily building, The Harvey, how accurate these housing needs are.
Recent zoning initiatives introduced by Mayor Michelle Wu will build on the momentum of PLAN: Charlestown and serve as a catalyst for further growth in the neighborhood. Last month, Mayor Wu gave a Greater Boston Chamber of Commerce speech where she reflected on Boston’s progress throughout the past year. The mayor lauded major companies that have recently chosen Boston as the place to do business – highlighting Hood Park’s own ArkeaBio among others such as Allonnia and Crispr.
Mixed-use developments, similar to Hood Park and many of the current Charlestown proposals were a component of the mayor’s vision. Mayor Wu highlighted Charlestown specifically as a neighborhood with great access to public transit and as a place where development opportunities will flourish, as the city dedicates itself to maximizing land and using vacant space for projects that will support community needs.
With the mayor’s vision in mind, it is clear that so many of her goals have ties to this neighborhood and show connection to PLAN: Charlestown. As the city follows its path towards recovery and growth, one thing is very clear: Opportunity in Charlestown will be a key component of that.
Twenty-three years ago, we made the decision to invest in Hood Park and make it a space for people. We created a new vision for barren, once-industrial land and developed a space that we thought would enhance the future of this city.
Now, we have the BPDA’s plan and Mayor Wu’s vision at the forefront of the neighborhood’s future. This is a pivotal moment for Boston. As we leave behind the pandemic and continue our journey towards economic recovery, it’s critical we develop the infrastructure to support our growing population and community – especially in Charlestown.
Chris Kaneb is vice president of Hood Park developer Catamount Management.
