Development changes to Parcel 24

Community members, real estate experts, designers, and architects met on January 19 to discuss changes to the Parcel 24 Project. The public meeting featured appearances by state officials, such as State Representative Aaron Michlewitz. Eight years in the making, the Parcel 24 Project is slated to restore the residential and commercial aspects of the Chinatown area.

Located at the corner of Kneeland, Albany, and Hudson Streets, Parcel 24 will consist of 345 residential units with a mix of affordable rental units and condominiums- an increase of 20 units from the original proposal. In addition, there will be 125 parking spaces and a central open space estimated to be at 13,600 square feet. Historically, the site has been home to Boston’s diverse communities—Chinese, Syrian, and Lebanese immigrants. Currently part of the Central Artery, the space for Parcel 24 will be made available when the Central Artery is demolished and replaced with an underground tunnel.

Developers are seeking funding from local and state programs that support affordable housing. Construction costs are estimated to be at $100M, and according to the development team, investors have committed at least $17M to the project. The equity investor, the Urban Strategy America Fund, executes on the promise of a triple bottom-line to promote economic development, generate solid returns to investors, and promote environmental sustainability.

Community benefits of the project include the addition of jobs, a large number of affordable housing units, and the introduction of a new commercial and community space. The development team estimates that 700 full time construction jobs and 27 permanent jobs will be generated as a result of the project. At least 40% of the units will be affordable housing.

As for next steps, the BRA will accept public comments on the plan changes until February 7. The development team will then be present at a public hearing in front of the BRA Board on February 10. Community members are encouraged to attend the hearing and show their support for the project. A copy of the project notification form is available on the BRA website: www.bostonredevelopmentauthority.org. Comments about the proposed project changes may be sent to Tai Y. Lim at Tai.Lim.BRA@cityofboston.gov.