As the Flats at 22 in Chelsea nears completion for this January, the Boston Herald stopped in for a visit to highlight the property and the tremendous value that it presents for those looking for market rate housing that doesn't break the bank. You can find the article here.
Atlas Lofts and the Flats at 44 Gerrish are completely full, leaving the Flats at 22 as the last remaining opportunity to live in the Box District.
Dave was down in New York City this past week with Ann Houston, Executive Director of The Neighborhood Developers, and Jay Ash, Chelsea's City Manager, at the Urban Land Institute for their Fall Meeting where it was announced that the Box District won the Jack Kemp Excellence in Affordable and Workforce Housing Award which celebrates and promotes the exemplary efforts of real estate and public policy leaders from across the country who are working to expand affordable and workforce housing opportunities.
We are incredibly thankful to all of our partners that helped envision the Box District - Mitchell Properties, the City of Chelsea, and The Neighborhood Developers - for the opportunity to help create this amazing neighborhood. TC provided project management services for Atlas Lofts, the Flats at 44, and the Flats at 22.
(L to R) Jay Ash (City of Chelsea), Dave Traggorth (Traggorth Companies), Ann Houston (The Neighborhood Developers), Marty Jones (MassDevelopment), and Sarah Barnat (ULI New England)
Concrete foundations are going in this week in preparation for an August modular box set! A panoramic from the site visit today in Chelsea. The building will feature 40+ underground parking spaces with 50 apartments above. The site is immediately adjacent to the future Silver Line extension and Box District Station.
Last Wednesday morning, Governor Patrick visited the Flats at 44 to cut the ribbon (only four units remain!) and put a shovel in the ground at the Flats at 22 (opening November 2014). The Governor was also joined by Secretary Greg Bialecki, Undersecretary Aaron Gornstein, Senator Sal DiDomenico, Representative Dan Ryan, and Representative RoseLee Vincent.
During his keynote speech at the event, Governor Patrick spoke about making investments like those made in the Box District as a catalyst for growth in Massachusetts. You can read more about his remarks here.
In addition, we honored Rufus Phillips, Peter Hollands, and Kristin Blum who all provided key predevelopment and acquisition loans early in the project when it took a lot more vision to see what was possible.
Both projects expand on the previous successes within the Box District, an award-winning revitalization of a once vacant and blighted industrial area into a vibrant mixed income community. The revitalization was conceived by the City of Chelsea, The Neighborhood Developers, and Mitchell Properties, a highly successful public/non-profit/private partnership formed around this effort. With public and private funding seven new residential properties have been built over the past ten years providing high-quality, safe, and attractive housing for families, young professionals, and retirees. Residents are attracted by the Box District’s proximity to Boston and Cambridge workplaces, transit, and public amenities such as the Box District Park, installed and dedicated in 2013 by the City of Chelsea. In addition, The Flats at 44 is the first building to be completed utilizing the Commonwealth’s Housing Development Incentive Program, a program that provides Gateway Cities like Chelsea with a development tool to increase residential growth, expand diversity of housing stock, support economic development and promote neighborhood stabilization.
Construction for Flats at 44 started in July 2013 and opened to new residents in March 2014. The building offers studios, one-bedrooms, and two-bedroom homes and is over 80% leased. Flats at 22 recently started construction and is anticipated to open in the Fall of 2014. Each apartment comes fully equipped with stainless steel energy efficient appliances, in-home washer/dryer, hardwood flooring, gas cooktop, granite counters, 42” cabinets, 9-foot, and expansive windows. Amenities include a fitness center, a roof deck along and off-street covered parking.
With the first move-in's in March, after a month of being open we're over 60% leased and are on pace for a summer full-occupancy. New residents are recognizing the tremendous value that the Flats at 44 presents: hardwood floors, oversized windows allowing for generous natural light, energy efficient systems, fitness center -- with rents that start in the $1,400's for studios. For more information about the property visit www.flatsat44.com or www.boxdistrictliving.com
The Flats at 44 is a 46 apartment development located in Chelsea's Box District, a neighborhood revitalization effort that TC has been a part of since 2008. TC provided project management services for Atlas Lofts, which is next door, and involved the substantial rehabilitation of a historic box factory into 53 loft apartments. For more on Atlas Lofts visit www.atlas-lofts.com
What makes living in the Box District so appealing? It's really about the value for your money and finding a place that balances a small neighborhood feel with all the conveniences of an urban location.
For example, in the Box District you can:
To give you a better sense of how convenient the Box District is, we've put together the map below and if we've missed anything let us know!
It's been an exciting week for the Flats at 44 team to say the least. The modular boxes were delivered and set into place over 4 days and fit perfectly into place. Whereas last week we had just steel and concrete foundations, today we have a three story double loaded corridor building where all of the units already have hardwood floors, appliances, cabinets, tile, carpet installed. That means we're on a path to be completed three months from now! Stay tuned for marketing updates as we launch later next week.
Mitchell Properties and Traggorth Companies is pleased to announce the closing on construction financing for The Flats at 44. Construction lending is provided by The Property & Casualty Initiative and Northeast Interiors is the General Contractor.
The Flats at 44 is a unique project in that it will be the first modular construction project completed by TC/MP utilizing KBS out of South Paris, Maine. Starting in the end of August, construction will begin at the factory in Maine with scheduled placement at the end of October.
The Flats at 44 is just the first phase with a planned construction closing of the Flats at 22 later this year.
Traggorth Companies has managed the design, planning, and financial closing on behalf of Mitchell Properties, and will continue through construction and lease-up. Stay tuned for more pictures and updates as the project progresses.
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.
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.
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.
