BOSTON, MA - The Boston Redevelopment Authority approved a $125 million, 325-unit residential project in Boston's Chinatown neighborhood. The project, located on land known as Parcel 24, will return housing to an area of Chinatown after 45 years. The area was claimed backthen to make way for a Massachusetts Turnpike ramp. The completion of the Big Dig has enabled the block, bordered by Hudson, Kneeland, and Albany streets, to be reconnected to the larger neighborhood.
The development team is aiming for an affordable housing goal of nearly 50 percent of the total residential units, including approximately 70 rental apartments, and between 66 and 99 condos. Another 156 to 189 condos will be sold at market rate. The project will be located near public transportation and include environmentally friendly components such as Energy Star appliances, highly durable materials, and efficient utility systems.
The developer, Parcel 24 LCC, is a joint venture between the Asian Community Development Corp. and New Boston Fund Inc. The project architect is Goody Clancy. Construction is scheduled to begin in about a year and take two years to complete. The project will provide approximately 700 construction jobs.
The BRA also approved two other projects: The first is a $120 million retail and office project at 350 Boylston St. The Druker Co. plans to build a nine-story commercial building with approximately 15,000 square feet of retail and restaurant space and eight floors of office space. The project also includes an approximately 6,000 square foot, below-grade fitness center and spa for use by the building's office tenants. Wheelock College received approval for a $16 million project to renovate an existing 98-bed Riverway House Residence Hall and add another 4,000 square feet providing space for another 39 new dorms. When the project is complete there will be 137 dorms in the residence hall.
Source: Boston Business Journal