Related Beal project will create 239 units of affordable and workforce housing
Governor Charlie Baker recently joined Boston Mayor Martin J. Walsh, Undersecretary of Housing and Community Development Chrystal Kornegay, and officials from the real estate development firm Related Beal to break ground on Parcel 1B, a mixed-use development in downtown Boston that will have all its 239 housing units priced at affordable and middle-income rents.
The development, located on a former Central Artery parcel near North Station, received $3 million in financing from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the state Department of Housing and Community Development (DHCD).
"The construction of affordable housing is a key driver of economic development, both in Boston and throughout the Commonwealth," said Governor Baker. "This development, which showcases the power of mixed-income housing to transform vacant state-owned land, demonstrates our administration’s ongoing commitment to building stronger communities across the Commonwealth."
"I congratulate Related Beal for reaching this significant milestone and thank them for their commitment to bringing 100 percent affordable and workforce housing to downtown Boston," said Mayor Walsh. "Not only is this project a great achievement for the company, but it is a win for the people of Boston, with 239 units of affordable housing being added to the North Station area. This project serves as a great example of the types of transit-oriented, affordable housing opportunities we are looking to unlock for all of our families across the city."
"The work of improving housing access in Massachusetts happens at the local level," said DHCD Undersecretary Kornegay. "By building local capacity and creating credible housing production incentives, our administration is empowering municipalities to deliver community-driven housing opportunities."
The 239 residential units at Parcel 1B will be income-restricted for individuals, couples and families with qualifying incomes. Additionally, 10 percent of the residential units will be three-bedroom units, providing much-needed affordable family housing in downtown Boston.
Other financing for the project included tax-exempt bond financing from MassDevelopment, federal and state Low Income Housing Tax Credits administered through DHCD, a local property tax stabilization agreement, and affordable housing funds from the city of Boston.
All 239 apartments will be restricted to households falling within the city’s low- and moderate-income housing guidelines. The largest percentage of units, 72, will be restricted to households making a maximum of 140 percent of the area median income, or roughly $110,000 for a two-person household. Another 40 will be set aside for those making 50 percent of the area median, with the remainder ranging from 30 to 165 percent of the area median.
Related Beal is leasing the parcel at Causeway and Beverly streets from the Massachusetts Department of Transportation, which made it available as a development site after the completion of the Big Dig.
Designed by Boston-based CBT Architects, the 14-story residential building totaling 484,000 square feet will have ground-floor retail and on-site parking. A 220-room Courtyard by Marriott Hotel with 2,500 square feet of meeting space will be operated by Turnberry Associates of Aventura, Florida.