Boston-based Jamaica Plain’s 225 Centre Street development project accentuates constructing retail and commercial space, and 103 new apartments in the low-income Boston neighborhood. New Market Tax Credits and union pension funds, along with MassHousing, will grant $46.8 M in capital for the project.
The AFL-CIO Housing Investment Trust (HIT), and its subsidiary, Building America CDE, together offer $15.4 M in financing. MassHousing declared that it grants $31.4 M loan for the development. The project is the Phase I of the $250 M worth redevelopment of Jamaica Plain community’s Jackson Square. The $53.2 M project is being devised by Boston-based Community Builders and Mitchell Properties. Construction was initiated in December and is scheduled for completion by April 2013.
In addition, the project includes first floor commercial space and parking, measuring 17,000 sq.ft. This was partly funded with $5.5 M by Building America’s New Markets Tax Credits (NMTCs).
Transit-Oriented Development grant of $2.3M from the state Executive Office of Housing and Economic Development was managed by MassHousing. Other grants for the project has been provided by the investors in state and federal tax credits, the Commonwealth of Massachusetts, the City of Boston and Massachusetts Housing Investment Corporation. The project is a component of the Massachusetts Housing Initiative of HIT.
The U.S. Green Building Council presented a Silver Certified Plan for the Jackson Square redevelopment. This is U.S. Northeast’s first project to achieve that designation that is partly concerned with the LEED Neighborhood Development pilot program of the building council.
Walsh Brothers serves as the building contractor for the 225 Centre Street, while ADD is the architect. Peabody Management functions as the property manager.
Source: http://www.aflcio-hit.com/