BOSTON: Affordable Housing Hits Downtown
Amid the flood of new downtown luxury housing, the $170M One Greenway stands out because 40% of its 363 units will be affordable. The two-building complex is a JV between New Boston Fund's Urban Strategies America Fund and the Asian Community Development Corp, says Urban Strategies' prez Kirk Sykes (right with NBF's Jerry Rappaport Sr). A commercial developer collaborating with state and city entities, and a non-profit partner, could be a national model for creating the lower-priced housing the country sorely needs, he adds.
Developing a mixed-income property amid rising construction costs is challenging, says NBF VP of development Sean Sacks (right). The deal structure adds another layer of complexity. There are five lenders, three equity sources and over a dozen public funding sources. (Having too many cooks is historically as bad for buildings as it is for broth.) But, for Chinatown residents who have been trying to redevelop housing here since many homes were taken by eminent domain for Southeast Expressway construction in the ‘60s, One Greenway is well worth the effort.