Submitted by New Boston Fund and Asian Community Development Corporation
New Boston Fund, Inc., a private equity real estate investment, development and management firm, and Asian Community Development Corporation (ACDC), a 26-year old community-based organization serving the Asian American community of Greater Boston, announced today that they have closed on the financing and ground lease for One Greenway, a 362-unit mixed-income development that will restore the vibrancy of Hudson Street by bringing housing back to both sides of the street, and reconnect Boston’s Chinatown eastern edge to its adjoining neighborhoods.
“One Greenway and its 362 units of housing will bring added vitality to Hudson Street, creating a true neighborhood feel,” said Mayor Menino. “The 145 affordable units will help keep Chinatown residents in their neighborhood, while standing as an example of public-private partnership at its best. It shows what we can do when we all work together.”
Bordering Chinatown and the Rose Kennedy Greenway, One Greenway represents a rebirth of the Parcel 24 site, and the project will help spur additional neighborhood development, and maintain economic and social diversity in Chinatown. One Greenway’s 145 affordable units bring a substantial addition of new affordable housing stock to Boston’s downtown and will help retain working families in the urban core.
“One Greenway is an example of the growth and opportunity that can be created through committed public-private partnerships,” said Governor Patrick. “If we want to expand opportunity in our Commonwealth, this is what government must do and do well.”
Located just four blocks from South Station at the corner of Hudson and Kneeland Streets, the development will act as the southern gateway to the Rose Kennedy Greenway, Boston’s newest linear urban park that stretches more than one mile and features landscaped gardens, promenades, art, fountains and specialty lighting systems. One Greenway is an excellent example of private companies collaborating to invest in the downtown as a result of the significant public investment in the Greenway and the I-90/I-93 Central Artery project.
“We’re excited that full construction activities are underway at One Greenway thanks to our public and private sector partners,” said Sean Sacks, Vice President of Development, New Boston Fund. “We’re seeing a tremendous amount of development activity during this period of transition all around Boston, and we’re proud to bring this block of Chinatown back to life while also retaining the character of the neighborhood and former mixed use of this parcel for homes and small businesses. Also, the fact that One Greenway is so close to South Station will make it incredibly attractive to the growing demographic looking to live in a convenient downtown location near all the amenities that come with city living, one being access to public transit.”
One Greenway’s 362 residential units will reside in two buildings that bookend a third of an acre of publically accessible open space. The 312-unit North Building includes 217 market rate rentals and 95 affordable rentals, while the South Building, to be built in a subsequent phase, will contain 50 affordable condominiums. Affordable rent and ownership units for low and moderate-income households account for 40 percent of all units.
“One Greenway is a triumph for the Chinatown community and for those who believe a vibrant, thriving downtown Boston benefits from diversity. It’s wonderful to accomplish such a tremendous milestone after years of planning,” said Janelle Chan, Executive Director, Asian Community Development Corporation. “One Greenway will replenish the area with an incredible amount of much-needed housing, 40 percent of which will be affordable, and allow a new generation of families to call Chinatown home. The project highlights the neighborhood’s resilient past as well as ACDC’s ability to partner successfully with so many public and private organizations that are all trying to meet the needs of Boston and Chinatown’s residents.”
The project also includes 135 garage parking spaces, approximately 8,500 square feet of retail and community space, as well as neighborhood-sensitive design elements, including the open space and a new pedestrian connection between Hudson Street and Albany Street.
“PNC is committed to making the communities in which we operate both stronger and more prosperous. PNC’s association with this important project as the lead lender demonstrates our ongoing commitment to affordable housing and to the City of Boston,” said Andrew Coler, senior vice president at PNC Real Estate.
One Greenway received significant public support for its 145 affordable units from the Massachusetts Department of Transportation (MassDOT), the Department of Housing and Community Development (DHCD), Department of Neighborhood Development (DND), various other city and state agencies, and the surrounding community in which it resides, making the project a model for public-private partnerships.
“At MassDOT we believe in using the resources we have to help strengthen communities and support economic development,” said MassDOT Secretary and CEO Richard A. Davey. “This project is a perfect example of that principle.”
MassDOT’s Office of Real Estate and Asset Development (OREAD) supports the core transportation mission of MassDOT by generating revenues from state transportation properties and facilities. The office mission also includes economic development and cooperation with state agencies, local governments, and communities to conserve natural resources, create open spaces, and improve relations between MassDOT and the neighbors, customers and constituents of the state’s transportation network. MassDOT is committed to transit-oriented development projects in particular, which positively impact air quality and support local economies.
“The One Greenway project is a paramount example of collaboration for a valuable affordable housing resource in Boston’s Chinatown community,” said Mark D. Thompson, CEO & President, Boston Private Bank & Trust Company. “We are pleased to be involved in the project and look forward to seeing its positive community influence for generations to come.”
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. 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
The Asian Community Development Corporation (ACDC), a 26-year old community-based non-profit organization, serves the Asian American community of Greater Boston, with an emphasis on preserving and revitalizing Boston’s Chinatown. ACDC develops physical community assets, including affordable housing for rental and ownership; promotes economic development; fosters youth leadership development; builds capacity within the community and advocates on behalf of the community. ACDC has developed over $110 million in mixed-use real estate that is home to over 900 residents in Boston and Quincy, and provides housing counseling and homebuyer workshops throughout the year. For more information, visit www.asiancdc.org.
In 2009, the Massachusetts Department of Transportation (MassDOT) was created to unify the state’s various transportation agencies. MassDOT now includes the Highway division, the MBTA and Mass Transit, Aeronautics, and the Registry of Motor Vehicles. MassDOT is committed to providing a safe and reliable transportation system to all those who travel in the Commonwealth and works to deliver excellent customer service. MassDOT has been nationally recognized for its innovative approach to transportation, including the Accelerated Bridge Program, the “Where’s My Bus and Train?” apps and “Fast 14″ work. For more information, visit MassDOT at our website: www.mass.gov/massdot
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