• Propmodo Exclusive
  • Posts
  • Boston’s Fenway Center Project Demonstrates the Often Untapped Potential of Air Rights

Boston’s Fenway Center Project Demonstrates the Often Untapped Potential of Air Rights

AuthorAuthor

Franco Faraudo & Holly Dutton
December 20, 2024

In partnership with

Qualify Leads Instantly with AI

Don't let slow lead qualification cost you deals. Synthflow AI voice agents qualify and follow up on mortgage leads instantly, ensuring no opportunity is missed. With real-time responses and CRM integration, you can focus on what matters most—closing deals. Start your free trial today and see the impact on your efficiency.

PROPMODO EXCLUSIVE

Rising land costs and the housing crisis have put a spotlight on air rights as a solution for urban growth—but tapping into this hidden potential is anything but simple.

Real estate often focuses on land, but some of the most lucrative opportunities lie above it—in the realm of air rights. These lesser-known but increasingly valuable entitlements allow property owners to develop, sell, or lease the airspace above their land. Historically used for projects like building over rail tracks, air rights have played a crucial role in creating iconic structures such as New York’s MetLife Building. Today, as urban areas grapple with rising land costs, a housing crisis, and the push for denser developments, air rights are becoming a key solution to unlocking vertical potential in crowded cities.

Billionaire Ken Griffin's $164 million acquisition of 525,000 square feet of airspace above St. Patrick’s Cathedral to construct a 1.7-million-square-foot skyscraper demonstrates the transformative potential of air rights in urban development. Other projects like Tishman Speyer’s The Spiral at Hudson Yards and Capitol Crossing’s sustainable build over Interstate 395 showcase how air rights can reshape skylines, reconnect neighborhoods, and create revenue-generating, mixed-use spaces.

Despite challenges such as legal disputes, complex zoning laws, and securing community support, cities like Boston and Washington, D.C., are leading the way in leveraging air rights to address housing shortages and revitalize city centers. As the affordability crunch intensifies, air rights offer an innovative solution to unlock millions of square feet of development, with the potential to redefine urban landscapes and prove that the sky is truly the limit for developers and policymakers.

Explore the full story about the often untapped potential of air rights in today’s featured article. This article is free to read for the next 24 hours. Not a subscriber? Get unlimited access to all our exclusive content for just $25 for your first year using our special code: NEWYEAR. Sign up now!

More Propmodo

The Many Ways Trump’s Second Term Could Impact the Housing Market

Many said Donald Trump was light on housing policy details on the campaign trail, but it didn’t dissuade voters. Now that he is poised to return to the White House, the housing industry is preparing for the President-elect’s policies. They may include higher tariffs, opening up more federal land for housing, and changes to the Department of Housing and Urban Development.

READ ONLINE: https://propmodo.com/the-many-ways-trumps-second-term-could-impact-the-housing-market/

Is Misinformation Holding Back Affordable Housing Development?

Building affordable housing is hard enough in the U.S., with developers facing high construction costs, labor shortages, and regulatory barriers. But misinformation about proposed projects has spread rapidly, leading to delays and in some cases, projects shuttering altogether.

READ ONLINE: https://propmodo.com/is-misinformation-holding-back-affordable-housing-development/

Academia Is Helping the Real Estate Industry Spot Macroeconomic Trends

Quantitative analysts or quants have been around in traditional finance for some time but their techniques are now starting to revolutionize real estate investment strategies. Learn how Universities like Columbia are using data science, AI, and predictive modeling to help firms understand market trends, manage risks, and make more accurate forecasts in real estate.

READ ONLINE: https://propmodo.com/academia-is-helping-the-real-estate-industry-spot-macroeconomic-trends/

Rent Control Battles Shift Locally as Federal Threats Fade

The debate over rent control continues to gain attention, driven by recent political shifts, ballot measures, and concerns within the multifamily industry. From the defeat of California's Proposition 33 to local rent control victories and Florida's new housing laws, this issue is shaped by a complex mix of factors impacting housing affordability and policy.

READ ONLINE: https://propmodo.com/rent-control-battles-shift-locally-as-federal-threats-fade/

Are You Enjoying This Newsletter?

Propmodo Exclusive is written and edited by Franco Faraudo with contributions from readers like you and the Propmodo team.

📧 Forward it to a friend and suggest they check it out.

🔗 Share a link to this post on social media.

🗣 Have ideas for future topics (or just want to say hello)? Share your feedback and tips at [email protected] or connect with us on X through @propmodo.

✅ Not subscribed yet? Sign up for this newsletter here.

📫️ Please add our newsletter email, [email protected], to your contacts to make sure you don’t miss any updates.

Explore Propmodo

Enjoy reading about trends and innovation in commercial real estate? Subscribe to Propmodo.com for unrestricted access to reliable, data-driven journalism and exclusive insights available only to subscribers.