New Boston Fund, Inc. and Lena Park Community Development Corp, collectively known as Lena New Boston LLC, today celebrated a milestone in the $200 million redevelopment of the former Boston State Hospital site with a groundbreaking event of 41 units of mixed-income townhomes at Olmsted Green. Olmsted Green is the first workforce housing, homeownership project in Boston funded by MassHousing’s Opportunity Fund, the Department of Neighborhood Development, and the Neighborhood Housing Trust.
“Quality, safe and affordable housing is a cornerstone to the success and stability of our Commonwealth’s communities and families, including access to job opportunities for many of our most vulnerable populations,” said Governor Charlie Baker. “Through our combined efforts and investments to date, over 5,200 affordable housing units are being created, preserved or rehabilitated to support the strength and growth of Massachusetts, our workforce, communities and families.”
The new units are part of an overall master plan, which calls for 514 mixed income rental and home ownership units. To date, Lena New Boston has successfully completed the development of 210 units of affordable housing and 19 units of homeownership townhouses at Olmsted Green. The first units in the latest phase will be delivered next month with the remaining units delivered in phases through April of 2018.
“Today was a big day for housing here in Boston and across the Commonwealth. Not only did we break ground on mixed-income housing units today, we were given the support to continue our work in creating affordable homes for those in this thriving city and create more construction jobs in our neighborhoods,” said Mayor Walsh. “I want to thank the Governor for making these funds available and for supporting important projects like Olmsted Green in Boston.”
“This next phase of Olmsted Green demonstrates our commitment to strengthening the communities around us by addressing the regional need for affordable housing in Boston,” said Jerry Rappaport, Jr., Director of New Boston Fund. “We are proud to reach this stage of development on such a transformative project and are greatly appreciative of the numerous city and state entities which have made this progress possible.”
The project’s construction is funded by a $8.3 million loan from a bank consortium of Eastern Bank and Boston Private Bank, as well as $2,250,000 of public funding from the City of Boston and $1,000,000 from MassHousing’s recently established Workforce Housing Opportunity Fund.
“We are very pleased to be part of Lena New Boston’s effort to develop new homes for working residents at Olmsted Green,” said Tim Sullivan, Executive Director of MassHousing. “Olmsted Green is a new, vibrant, mixed-income community that is transforming a large part of Mattapan with both rental and homeownership opportunities for hundreds of city residents.’’
“At Eastern Bank, we do good things to help people prosper,” said Patricia Capalbo, Senior Vice President of Eastern Bank’s Community Development Lending group. “Last year, we funded 12 affordable housing projects, demonstrating our unwavering commitment to helping the communities we serve thrive and prosper. We’re excited for Olmsted Green and the positive impact it will have on the people and businesses in Mattapan.”
Eleven of the units will be priced at $210,000 for first-time home buyers making at or below 80 percent of Area Median Income (AMI) and 11 of the units will be priced at $267,500 for first time home buyers making at or below 100 percent of AMI. The remaining 19 homes will be sold at market rate, at prices between $320,000 and $360,000.
“Expanding this award-winning development will allow Olmsted Green to become a vibrant community within Mattapan”, said Rev. David Wright, Chair of Lena Park Commercial Development. “Plans are already in the works to add a public art installation, visible to homeowners and passersby. Residents will have access to all of the programs and services of the Lena Park Community Center, located only a few blocks away. We are so happy to be bringing more home ownership opportunities to residents of Boston.”
The project is designed to be a 21st century transit oriented and energy efficient community. Homes feature Energy Star rated mechanical systems and appliances, triple-paned windows and continuous fresh air circulation. The two and three-bedroom units include a modern contextual design with quality finishes throughout including, engineered wood flooring, open concept living, laundry machines and private patios. Dedicated parking in front of each unit is also provided.
ROlmsted Green represents one of the most ambitious and progressive residential
developments in New England. Adjacent to the Massachusetts Audubon Society’s 65-arce
Boston Nature Center and Wildlife Sanctuary, the property extends over 42 acres in the
heart of the city. In 2008, New Boston Fund partnered with Lena Park Community
Development Corporation to reimagine the site to better serve the community.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $3.5 billion, including 23 million square feet of commercial real estate and 7,500 residential units. New Boston Fund’s commitment to providing creative financial structures for mixed-income housing projects is also showcased at One Greenway, a 363-unit mixed-income residential development in Boston Chinatown neighborhood at the corner of Kneeland and Hudson Streets.
Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com
About Lena Park Community Development
Lena Park Community Development Corporation has been serving the communities of South Dorchester and Mattapan since 1976. With 457 units of housing in the portfolio and a newly-renovated community center serving more than 700 members, the organization is partnering with the New Boston Fund to create 41 units of homeownership. The plan is to site an additional 100 units of rentals and 47 homes on the property over the next five years. The Lena Park Community Center is expanding its services and programs to meet the needs of our growing portfolio.
About Eastern Bank
Founded in 1818 and based in Boston, Eastern Bank is America’s oldest and largest mutual bank, with $10 billion in assets and over 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire and Rhode Island. Eastern provides exceptional access to fairly priced banking, investment and insurance products and services for consumers and businesses of all sizes. Eastern Bank, which includes Eastern Wealth Management and Eastern Insurance, is known for its outspoken advocacy and community support that has topped more than $100 million in charitable giving over the past 20 years. An inclusive company, Eastern employs 1,900 deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com.
