New life planned for old Charlestown rope factory
By Jon Chesto GLOBE STAFF MAY 20, 2016
Joe Timilty walks past the old hemp spools, down a fire-charred corridor that stretches as far as the eye can see, and muses about the success that is almost within his reach.
He is about to accomplish a task that no other developer has been able to pull off: resurrecting the old Ropewalk complex in the Charlestown Navy Yard.
Redeveloping a structure with these quirky dimensions would be tough enough — it’s more than a quarter-mile long but only 45 feet wide for most of its length. Then add the stiff historic requirements imposed by the National Park Service and the Massachusetts Historical Commission for the roughly 180-year-old granite building. Steel tracks that run down the length of the mill, for example, must be incorporated into the design.
“Seventeen people tried this over the years,” Timilty says as traffic rumbles by on nearby Route 1 and Chelsea Street, and it’s not clear if he’s talking to himself or to a visitor along for the tour. “They all walked away.”
...
Finally, there’s a tentative date for the construction crews to arrive. They’ll convert this nearly 160,000-square-foot complex, including an adjacent “tar house,” into 97 apartments. To help finance the $42.5 million project, Timilty’s Boston-based firm, Frontier Enterprises Inc., has secured a loan commitment worth up to $31 million from the Massachusetts Housing Finance Agency.
Now all that’s left is a final approval from the BRA for a long-term lease that will allow Frontier to take over. Timilty, a former state senator, hopes that could happen at the authority’s June meeting, and that construction can begin before Labor Day.
The goal: getting the bulk of these units done by next summer, in time for the peak rental season. There will be a mix of one-, two-, and three-bedroom apartments, and Timilty hopes to command monthly rents from $2,500 to $3,500, depending on the unit. Twenty will rent for much less than that, to meet the affordable housing threshold required to get the project financed.
...
Full Article:
https://www.bostonglobe.com/busines...its-rebirth/hWci5nyR7BKpT4WOhPP4DM/story.html