Simply called Parcel 24 in Chinatown, the primarily residential project is defying the odds by actually making progress when most other residential projects are fizzling out, causing delays (some of them significant) to construction progress.
A rendering of the Parcel 24 proposal.
The Asian Community Development Corporation and New Boston Fund Inc. have jointly proposed a mixed-use development that would boast 325 housing units, 5,500 square feet of commercial space, 6,000 square feet for community use, 10,000 square feet of open green space, and a 175 car garage. Rising 20 stories, the project would bring about 435,800 square feet onto the market.
Developers aim to restore a sense of community to the area. When the Central Artery was built, eminent domain was used to evict numerous residents and neighborhood shops. Now that the highway has buried, the Parcel 24 plot of land (covering some 58,000 square feet) is up for redevelopment.
Even though the project is still in the middle of the approval process with the Boston Redevelopment Authority, progress is still being made despite the credit crunch and the plummeting housing market. Recently, developers submitted a ‘Draft Project Impact Report’ to the BRA, featuring a revised design for the green space being developed as a part of the project.
A big part of the reason the team has been able to push through despite the struggling economy has been the number of tax credits they received by promising a set number of affordable housing units for the project.
While it is difficult to forecast the future, it is expected that the project begin construction in the next two years.
Source: Boston Business Journal ($)
Image: Boston Condo, Loft and Luxury Boston Real Estate Blog
Filed under: Boston, Chinatown, Massachusetts, Mixed-Use, Proposal
