Boston’s Parcel 24 Development to be Called One Greenway
Boston—The joint venture development to be sited on Parcel 24 in Boston has been named One Greenway. The New Boston Fund Inc. and the Asian Community Development Corporation (ACDC) made the announcement.
Bordering Chinatown and the Rose Kennedy Greenway, One Greenway will be a 362-unit mixed-income project offering long-overdue housing to the Hudson Street neighborhood a few blocks from South Station. One Greenway should restore much of the neighborhood fabric that existed in the 1960s and earlier.
As designed, the development will feature two structures, a North and South Building, book-ending one-third of an acre of public-access open space.
The 312-unit North Building is slated to offer 217 market-rate rentals and 95 affordable rentals. The South Building will offer 50 affordable condominiums. Also featured will be 137 garage parking spaces and approximately 10,000 square feet of retail and community space.
“This is the right time and place for One Greenway due to the demographic trends toward urban living and the dramatic improvements we are seeing in the quality of life for people living in downtown Boston,” Sean Sacks, vice president, development for New Boston Fund, tells MHN. “We are also able to leverage the significant investment by the public sector and academic institutions in transportation, open space, and culture with the Big Dig, Rose Kennedy Greenway and new museums and rehabilitated theaters.”
One Greenway is a public-private partnership with substantial public support for its 145 affordable units from the Massachusetts Department of Transportation (MassDOT), the Department of Housing and Community Development (DHCD), Department of Neighborhood Development (DND), various other city and state agencies and the surrounding community it will call home.
It will serve as the southern gateway to the Rose Kennedy Greenway, Boston’s newest linear park that extends for more than one mile.
The park features landscaped gardens, promenades, art, fountains and specialty lighting systems. One Greenway is a prime example of private companies being motivated to invest in the downtown as a result of the significant public investment in the Greenway and the I-90/I-93 Central Artery project.
“One Greenway is a community vision-driven project that includes significant public funding, as well as input from many stakeholders, which has resulted in a longer development process,” Sacks reports. “Thankfully, we have a great non-profit partner, the Asian Community Development Corporation, and together we have planned a project that all partners are extremely proud of.”
Because One Greenway brings housing back to both sides of Hudson Street and extends the residential fabric of the neighborhood, it will play a major role in maintaining the vibrancy of this Boston enclave, Sacks says.
“We also see One Greenway as the catalyst for the development of the rest of the “South Bay” MassDOT parcels along Kneeland Street.toward South Station,” he adds. “In addition, we are extremely proud of to bring a significant number of affordable rental and homeownership units to this downtown area, where many low- and middle-income families are being pushed out due to rising rents and home prices.”Tags: affordable housing, Asian Community Development Corporation, Mergers and Joint Ventures, New Development, One Greenway, Parcel 24, The New Boston Fund