Innes Apartments Redevelopment | Chelsea

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Innes Redevelopment

The Chelsea Planning Board voted unanimously to recommend our 40R zoning application to the City Council for adoption. City Council adoption of the zoning ordinance would allow us to move forward in the process to reconstruct the 96 units of public housing at Innes Apartments, create an additional 40 much-needed affordable units, 194 market rate units, and a community of mixed-income families who can be proud to call the redeveloped Innes Apartments home.

Approximately 275 new parking spots will be built or secured through this project.

$3.6 Million in site infrastructure improvements, $3.4 million in new initial tax revenues, increasing by more than $800,000 a year, after first 15 years.

https://courbanize.com/projects/innes-redevelopment/information

 

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Cambridge Savings Leads $93M Construction Loan on Boston-Area Multifamily Redevelopment

A joint venture between developers John M. Corcoran & Company and Joseph J. Corcoran Company has sealed $93 million of construction financing to spearhead a mixed-use multifamily project near Boston, Commercial Observer can first report.

Cambridge Savings Bank (CSB) led the the loan for the Innes Redevelopment Project, which will involve replacing eight buildings at the 1950s-built Innes Apartments in Chelsea, Mass., with 350,000 square feet of mixed-use space along with new housing for existing and new residents. Eastern Bank and HarborOne Bank also participated in the deal, although the exact loan breakdown was not released by CSB.

Real estate private equity firm Marcus Partners is also a partner on the project.

“The recent groundbreaking for the Innes Redevelopment project marks a significant milestone as it sets a definitive course for a mixed-income community that will bring promise and possibility to individuals and families in the Chelsea neighborhood,”

https://commercialobserver.com/2022...oan-on-boston-area-multifamily-redevelopment/

 

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Mass. Public housing redevelopment combines luxury with affordability​

“Around the country, public housing authorities are struggling to modernize or even maintain their decades-old properties, leaving tenants in deteriorating and inaccessible buildings.

But in Massachusetts, some housing authorities are using — or contemplating using — a unique model to fund expensive redevelopments. By partnering with private real estate companies, they are creating new mixed-income buildings to accommodate low-income public housing tenants as well as higher-income tenants who can pay standard market rents.

In Chelsea, the first of these projects is opening this month. A 96-unit public housing complex is being redeveloped into more than 300 modern mixed-income housing units.

“The families who resided here had not seen a change of transformation at this scale since the 1950s,” state Rep. Judith García, D-11th Suffolk, said at an opening celebration Thursday. “It was about time that we stepped up with compassion to lead and to improve the livelihood of all these families……..... “

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In Chelsea, a new model for public housing opens its doors​

“This building, and another next to it that will be finished next year, have all the makings of every other modern luxury apartment building that many in working-class neighborhoods like Chelsea see as a marker of gentrification, displacement, and change that doesn’t necessarily include them.

But these fancy buildings will actually be home to some of the city’s poorest residents. The project, called DUO by developers Joseph J. Corcoran Company and John M. Corcoran & Company, is a new mixed-income development with 330 units, 96 of which are public housing, replacing Chelsea’s deteriorating Innes Apartments.

It took eight years of planning, permitting, and development to get to Thursday’s ribbon-cutting on the first of the two buildings. But the $155 million project is the latest example in a promising new trend for public housing in Massachusetts: replacing the state’s aging public housing projects with larger developments that mix public and market-rate units. The market-rate units make it easier to attract private financing, while the state can pitch in funding for the public housing…..…..”

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