Chelsea Flats Begins Demolition

This past week, demolition of the 44 Gerrish warehouse began. In it's place will be Chelsea Flats - 46 new apartments opening in early 2014. The project is financed mostly through private and public financing, but is scheduled to be the first Housing Development Incentive Program (HDIP) project in the State. 

 

 

 

 

 

 

Demolition of existing warehouse to make way for The Chelsea Flats.  

Demolition of existing warehouse to make way for The Chelsea Flats.  

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Chelsea Flats Awarded HDIP Tax Credits

Joined by US Representative Michael Capuano and friends of the Box District, on Friday, May 10, Undersecretary Aaron Gornstein announced the award of $800,000 of Housing Development Incentive Program Tax Credits (HDIP) to Chelsea Flats -- a Mitchell Properties project that TC staff is managing through the development phase.

The Housing Development Incentive Program (HDIP) rovides tax incentives to developers for market rate housing in "Gateway Cities" in Massachusetts. In addition to working with the State for several years in the creation of the regulations, TC worked with the City of Chelsea to create an HDIP district centered around the Box District to allow for Chelsea Flats to utilize the credit and encourage the further development of market rate housing in the District.

or more information about the use of HDIP for project contact Dave directly at 617-542-6500 x705.

n addition to the award, TC was also excited to start demolition on Chelsea Flats which coincided with the Highland Terrace Ribbon Cutting --The Neighborhood Developers newest affordable housing development across the street from Chelsea Flats.

 

 

 

 

 

 

 

 

 

 

CF Demo Start Photo

Announcement from Traggorth Companies

We’re excited to announce the formal transition on April 1, 2013 of Dave Traggorth, Dan Hubbard, Mika Fontaine and Carol Burt from Mitchell Properties to Traggorth Companies (TC) and also to announce the addition of Tanya Hahnel as a new member of our team.  

As Mitchell Properties (MP) we’ve collaborated with many of you as consultants and as developer to advance transformational projects that provide our communities with high-quality mixed-income rental and for-sale housing, retail spaces filled with local restaurateurs and entrepreneurs, and sustainably restored and reused historic properties.

As Traggorth Companies, we will build on MP’s strong legacy by continuing our current consulting and development work and collaborating with you and others in new ways where our vision, experience, and strengths can make the most positive impact. We will also continue to provide project management and asset management services to the existing MP portfolio.  

Tanya Hahnel joins TC after spending seven years working for a consortium of 8 cities and towns north of Boston to underwrite, finance, and manage their HOME-funded housing portfolio. Tanya has a wealth of experience including financing affordable and mixed-income housing, landmark preservation, direct development of artist live/work spaces, and supportive service housing. At TC, she will be part of our project management and asset management teams.

If you have any questions about our transition, please don't hesitate to contact us at 617-542-6500. 

"My Space is Small, My Life is Big"

If you caught the NY Times Sunday Review, you might have read this opinion piece by Graham Hill which, I think sheds a lot of light on the mindset of a certain demographic driving the micro unit building boom. 

Graham, a successful serial entrepreneur, talks about going from a 3,600 SF single family home with lots of gadgets, cars, and roommates to a 420 SF studio with much less. As he writes "I live smaller and travel lighter. I have more time and money".

While seeming to encapsulate the psychology of the living smaller phenomenon, it left me wondering how many Grahams are there out there and what happens if/when the next life change occurs (kids? marriage?). Does the 420 SF studio, exotic travel schedule, and lack of stuff still work? What type of living, geography, and environment meets the needs of the next stage of life of the micro-unit dwellers?

Standard Box Awarded State Funds

We couldn't be more thrilled to share the news that The Standard Box Apartments, a Mitchell Properties project in Chelsea, MA, was awarded DHCD housing subsidies and low-income housing tax credits this past Thursday. TC staff assembled the application on behalf of Mitchell Properties and will perform project management services through completion of the project. 

Now that the awards are in hand, expect to see rapid developments and updates here and at mitchprop.com as the project moves forward towards a construction start!

For more information about the awards visit DHCD's press release here.

 

 

 

Incentives for Walkable Neighborhoods

At DHCD's "Under One Roof" Conference this month, Governor Deval Patrick announced  a production goal of 10,000 units per year for Massachusetts with a new "Compact Neighborhoods Policy" to help everyone get there. Essentially under the Compact Neighborhoods Policy, municipalities that apply and are certified will receive preference for DHCD's funding programs. More about the policy can be found here

It's exciting to see that in what's been written about the policy since then, Atlas Lofts, Standard Box, and 225 Centre -- all projects we've been working on -- are cited as examples of the kind of development DHCD and Governor Patrick want to see; transit oriented, affordability mix, nearby or ground floor retail, lower parking ratios, and more. 

For an article on the policy from Atlantic Cities, click here

 

 

 

NAHB's Land Development Magazine Highlights Box District

The National Association of Home Builder’s recently highlighted the successful redevelopment of the Box District in Chelsea despite difficult economic circumstances in 2008-09. The article highlights Atlas Lofts which was managed by Dave from closing through construction and lease-up. TCLLC staff continues to oversee the ongoing asset management. 

To read a copy of the article visit The Neighborhood Developer's website.

Dave Discusses Pittsfield’s Potential on YNN News

Dave served as co-chair for the Urban Land Institute’s Technical Assistance Panel (TAP) in Pittsfield, MA. The panel was asked to address ways to renew and encourage development of an area of Pittsfield that had not seen the benefits of the recent development successes in the City. After the public presentation, Dave was interviewed by YNN News out of Albany and the link can be found at the link here.