Mosaic Complete, Market Rate Condos 100% Sold

Mosaic on the Riverway recently obtained it's certificate of occupancy and has moved in it's first residents over the past few weekends. The 42 market rate condominiums are 100% sold, the affordable condominiums are being processed for sale through the lottery in August, and we expect occupancy of the 60 affordable rental units this month. 

In addition to a residential lobby, the ground floor features a 9,000 SF early education center scheduled to open in the Spring of 2017. 

For more information about the project visit here.

Mosaic on the Riverway Now Selling, Topping Off Celebration

Today, we celebrated a 'topping off' of the steel at Mosaic with Mayor Marty Walsh, Councilor Zakim, and Undersecretary Chrystal Kornegay. Photos are below. 

The topping off marks a significant milestone in the construction of the aptly named, Mosaic on the Riverway development, which will provide 60 Low Income Housing Tax Credit (LIHTC) rental units, 43 affordable condominiums and 42 market-rate condominiums. Bringing much needed high-quality market rate and affordable for-sale and rental housing options for the diverse and growing workforce of the Longwood Medical area, the project also includes a childcare center that will serve approximately 100 children.

Funders for the project include Bank of America, Brigham and Women’s Hospital, the City of Boston, the Commonwealth of Massachusetts, The Roxbury Tenants of Harvard, Inc., Boston Community Capital and the Massachusetts Housing Partnership.

The project is slated for completion in 2016. The market-rate condominiums are now for sale through Advisors Living, the project’s exclusive broker and www.mosaicbostoncondos.com. The affordable rental and homeownership marketing will start in the spring of 2016.  

 In addition, the sales office is now open and the interest in the market rate condominiums has been tremendous!

Traggorth Companies serves as project manager for the Mosaic. 

RTH Awarded State's First Homeownership Resources in Years

Governor Patrick announced Friday in Uphams Corner that our client, the Roxbury Tenants of Harvard, which is redeveloping a portion of the former Massachusetts Mental Health Hospital site in Boston's Longwood Medical Area, will receive critical State funding for 43 new affordable condominiums in the project. This funding is the first in Massachusetts for affordable homeownership since before the recession in 2008. 

The 43 condominiums are part of a larger multi-family project which will consist of 60 units of affordable rental housing, 43 units of affordable condominiums, and 42 units of market-rate condominiums. The building, which will be 11 stories tall, and is designed by ADD Inc., will sit on a one acre lot next to the Brigham's Building of the Future which is currently under construction.

TC provides RTH with turnkey project management services related to this project and assisted with application and preparation for the State funding rounds. 

For more about the announcement, click here.

 

Rendering from Fenwood Road and Binney Street looking toward Brookline Ave.

Rendering from Fenwood Road and Binney Street looking toward Brookline Ave.

Overall site plan and neighborhood context

Overall site plan and neighborhood context

Governor Patrick Opens Flats at 44

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. 

patrick2
Flats at 22 Ground Breaking

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.  

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.