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New Balance Invests In … Real Estate?

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Source: New Balance Press Box : NEW BALANCE AND JOHN HANCOCK JOIN TOGETHER FOR DEVELOPMENT OF THE RESIDENCES AT BOSTON LANDING

In what I think is one of the more progressive moves for a sportswear company, New Balance is joining John Hancock in creating a residential area in Boston Landing. The area is home to several footwear companies including a relocating Reebok/adidas, Under Armour and New Balance.

Designed by Elkus Manfredi Architects, construction of The Residences at Boston Landing has commenced and units are slated to be available in June of 2018. There will be a mixture of studios, one-, two- and three-bedroom units, along with 16,400 square feet of ground floor retail surrounding the residential lobby entrance. The residences will offer expansive views of downtown Boston and Cambridge, space for yoga and fitness classes, ground floor restaurants and specialty shops, above-grade parking, an active lounge with a pool table and seating, a 20,000-square-foot outdoor courtyard and pool with cabanas, a pet grooming room and bicycle storage with bike repair stations.

The area is also home to Harvard and MIT, but more importantly it is central to training facilities and allow the New Balance running team a prime location to work out. Mixed use residential is on trend and slowly becoming the prime way for millennials to live. Unlike their parents 20 and 30 somethings are moving to places where they can work, live and play without the stress of commutes.

Future plans also call for a 290,000-square-foot Sports Complex where the New Balance Elite Running Team will have access to state-of-the-art training space, including one of the world’s fastest, hydraulically-banked indoor running tracks.

This is the wave of the future for more than just sportswear. Zappos created a similar set up that saved Downtown Las Vegas. The Container Park is located less than a mile walk from Zappos HQ. Google and other Silicon Valley Tech companies have created the same layout. All of this patterned after Apple and Cuppertino.

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