225 Centre Street involves 103 apartments in a new construction, seven-story building with retail and parking space.
Located at the intersection of Centre Street and Columbus Avenue, the $53.2 million project was developed by a joint venture between two Boston companies – Mitchell Properties and The Community Builders, Inc.
This mixed-income, mixed-use, transit-oriented housing community will be the foundation for redeveloping 11 acres of public and private land into more than a dozen buildings containing housing, retail and office space, as well as green and recreational areas for Jamaica Plain residents.
MassHousing closed a $15.9 million construction and permanent loan, a $9.9 million construction bridge loan, a $4.6 million Priority Development Fund loan and $1 million from the AHTF for total financing of $31.4 million.
MassHousing is also the administrator of a $2.3 million Transit-Oriented Development grant from the state Executive Office of Housing and Economic Development. The grant covered the cost of the parking and pedestrian improvements for the first-floor commercial and retail component.
The event also marked the groundbreaking for Jackson Commons, the second phase of the Jackson Square Redevelopment. Jackson Commons will provide 37-units of mixed-income housing from the adaptive reuse of the existing three-story Webb Building as well as a newly constructed four-story addition.
Jackson Commons is being developed by Urban Edge, which along with the Jamaica Plain Neighborhood Development Corporation and Hyde Park Task Force, have been working since 1995 to redevelop the Jackson Square area.