Innes Apartments Redevelopment | Chelsea

[scorpio02150]

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

 

[stick n move]

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/