$45M Mixed-Income TOD Breaks Ground in Boston
- Jul 12, 2016
Boston—Trinity Financial has broken ground on Treadmark, a mixed-income, mixed-use transit-oriented development that will bring 83 residential units to Boston’s Dorchester area. Massachusetts Governor Charlie Baker, Boston Mayor Marty Walsh and HGTV’s Taniya Nayak attended the groundbreaking event.
Treadmark is located at 1971-1977 Dorchester Ave., right across the street from The Carruth, another transit-oriented project developed by Trinity. The property is situated just steps from the Ashmont MBTA station and offers immediate access to the Red Line that connects the area to downtown Boston.
Trinity’s partners in the development of the $45 million project formerly known as ‘Ashmont TOD 2’ include The Architectural Team, Fort Point Associates, Cranshaw Construction and Taniya Nayak Design. The property will be managed by Trinity’s management arm. The site of the development is the former home of Ashmont Tire, which was demolished earlier this year to make way for the new building.
The six-story community will include 51 affordable rental units and 32 condos, as well as approximately 5,000 square feet of ground-floor retail. All rental units—six studios, 26 one-bedroom and 19 two-bedroom apartments—are reserved for households earning under 60 percent of the area median income. The condos, four of which will be affordable, will be situated on the fifth and sixth floors.
The project benefited from a $15.3 million tax-exempt MassDevelopment bond purchased by Boston Private Bank, $3 million in state and federal tax credits, $3 million in rental subsidy funds and more than $4 million in city funding.
“This public-private partnership is a national model for collaboration; the city and the state made significant investments, and our relationships with the public and private institutions we worked with were vital in making this project come to fruition,” stated Mathieu Zahler, senior project manager at Trinity Financial.
Image courtesy of Trinity Financial via the Boston Redevelopment Authority