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Newbury Street Parking Lot Gets $40 Million

Few destinations in Boston represent luxury retail more so than Newbury Street in the Back Bay. It’s one of the most coveted U.S. retail drags. The family selling this acre lot has owned it for decades, and they’ve finally chosen a great time to sell.

Chicago investment firm L3 Capital beat out several other bidders, and bought the parking lot at the corner of Newbury and Dartmouth streets in Back Bay for $40 million. L3 does specialize in retail development, it’s likely that their plans will include something along those lines.


Boston, like plenty of other cities, is quickly losing places to park in favor of more development, as both lots and garages are converted into buildings. It is unsurprising that Boston is now succumbing to the same fate considering market here is hotter than ever, with prices and demand continuing to soar for both residential and commercial. It is clear that people are finally recognizing Boston as the next world capital to add to the list along with NYC, London, LA, and Tokyo. It's certainly time to put money into Boston if you haven't already.