A hospital on Martha's Vineyard is investing in the development of workforce housing to retain employees who have continued to be priced out of the island.
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Martha's Vineyard Hospital has spent $38M on the development of a 48-unit apartment building to house hospital employees, the Boston Globe reported.
The hospital has been looking to develop the property for years. It made a deal with the Norton family, which has owned property on the island for generations, to buy 28 acres for $3.6M.
The project, mainly made of prefabricated units, was initially projected to cost $25M, but with rising construction costs the total increased another $13M, the Globe reported. The building is expected to open in June.
Across the island, officials, developers and business owners have been trying to build more housing to make it more affordable for residents and employees.
Since the 1990's, only 500 affordable rental and homeownership units have been created, and as of July roughly 200 units were planned through 2026, according to the 2024 Martha's Vineyard Housing Needs study.
As part of Gov. Maura Healey's sweeping $5B Affordable Homes Act, Martha's Vineyard, Nantucket, Cape Cod and The Berkshires were designated as "seasonal communities." The designation allows new tools to be used to help build housing in those areas.
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