Few destinations in Boston represent luxury retail more so than Newbury Street in Back Bay, it’s one of the most coveted U.S. retail drags north of New York City. The family selling this acre lot has owned it for decades, and they’ve chosen a great time to sell the property.
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. But this isn’t surprising considering that the Boston real estate market is hotter than ever, with prices and demand continuing to soar for both residential and commercial.