Bloomberg Businessweek - USA (2019-06-24)

E C O N I S

located just southeast of downtown, was little

more than a crazy quilt of outdoor parking lots

and warehouses. Then the city began recruiting

startups and big corporations to what it dubbed a

new “Innovation District,” and the area sprouted

offices for General Electric, Amazon.com, Vertex

Pharmaceuticals, Fidelity Investments, and

PricewaterhouseCoopers, as well as luxury con-

dominiums, museums, and some of the city’s hip-

pest restaurants.

What no one mentioned at this month’s event

is Boston’s poor timing. No American city has

left such a large swath of expensive new ocean-

front real estate and infrastructure exposed to the

worst the environment has to offer, says Chuck

Watson,ownerofEnkiResearch,whichassesses

riskforinsurers,investors,andgovernments.The

expansiontotals1,000acres, an area bigger than

Manhattan’s Central Park.

Boston Harbor already floods a dozen times a

Edited by

Cristina Lindblad PHOTOGRAPH BY ALEX MACLEAN FOR BLOOMBERG BUSINESSWEEK. *REFLECTS INTERMEDIATE-LEVEL PROBABILITY OF SEA LEVEL CHANGES VS. 2000. DATA: NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION

● Developers scramble to

protect 1,000 glittering acres

from climate change

Ona balmyJunemorning,a gatheringoflocal

dignitaries welcomed the latest jewel to Boston’s

new Seaport District: a 17-story tower that will

house1,000MassachusettsMutualLifeInsurance

Co.employees.Ina displayofartistryandengi-

neering,the$240million building will have an

undulating glass facade designed to reflect the har-

bor’s rippling waters, as if it had risen fully formed

from the ocean’s depths. Massachusetts Governor

Charlie Baker marveled that he’d officiated at three

or four groundbreakings here in just a few weeks.

“Do you get to keep all that tax revenue?” he joked

with Boston Mayor Marty Walsh.

Only a decade ago, Boston’s Seaport District,

38

2013

$223m