These Boston-area real estate projects open in 2024

The rising materials costs and labor shortages haven't stopped Boston-area development projects entirely.

Why it matters: These projects stand to bring more commercial and residential space into Boston's real estate market.

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• But office and condo sales remain down, and prices for luxury condos and other residential units haven't cooled.

Here's what's moving forward in 2024:

Suffolk Downs

The team redeveloping Suffolk Downs plans to open its first residential building this summer.

• The "Amaya" building has 475 apartments — studios, one- and two-bedroom units — near the Beachmont Station in Revere.

What's next: It's a major milestone for the former racetrack site, but the developer is still working on its mixed-use campus.

• When it's done, it will feature life science buildings, retailers, hotels and 10,000 residential units, per the Boston Business Journal .

Photo: Erin Clark/The Boston Globe via Getty Images

South Station Tower

When the 51-story tower over South Station is complete in 2025, it will be the fifth-tallest building in Boston.

Details: Hines, the developer, has already started scoping out buyers for its 166 luxury condos, per the BBJ .

• Prices range from $1.25 million to $14 million.

Photo: Courtesy of Alexandria Real Estate Investments/BPDA

Eli Lilly building

Construction on the 12-story building at 15 Necco St. finished last year, developer Alexandria confirmed.

• Eli Lilly's Seaport research campus is expected to open this year.

Details: The building will house the Lilly Institute for Genetic Medicine , where the pharmaceutical giant will continue to develop RNA- and DNA-based treatments.

• It will also have an incubator that other life sciences companies can tap into and collaborate with Lilly scientists.

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