New Boston Fund and Asian Community Development Corp. Kick Off Construction on 362-Unit Mixed-Income Community
- Dec 05, 2013
Boston—New Boston Fund Inc. and the Asian Community Development Corporation have announced the closing of financing and the beginning of construction on the mixed-income community One Greenway, located on Hudson Street in Boston’s Chinatown neighborhood.
“One Greenway and its 362 units of housing will bring added vitality to Hudson Street, creating a true neighborhood fee,” says Boston Mayor Thomas Menino. “The 145 affordable units will help keep Chinatown residents in their neighborhood, while standing as an example of public-private partnership at its best. It shows what we can do when we all work together.”
The community will be comprised of two buildings—the North Building and the South Building—and will be located on the eastern edge of Chinatown on the corner of Hudson and Kneeland Streets near about a third of an acre of publically accessible open space.
The North Building will house 312 units, 217 of which will be leased at market rates, while the remaining 95 units will be used for affordable rentals. The South Building, which will be built in a subsequent phase, will include 50 affordable condominiums. The property’s affordable and ownership units will account for 40 percent of all of the units. The community will also include 135 garage parking spaces and about 8,500 square feet of retail and community space.
“One Greenway is a triumph for the Chinatown community and for those who believe a vibrant, thriving downtown Boston benefits from diversity. It’s wonderful to accomplish such a tremendous milestone after years of planning,” says Janelle Chan, executive director, Asian Community Development Corporation. “One Greenway will replenish the area with an incredible amount of much-needed housing, 40 percent of which will be affordable, and allow a new generation of families to call Chinatown home. The project highlights the neighborhood’s resilient past as well as ACDC’s ability to partner successfully with so many public and private organizations that are all trying to meet the needs of Boston and Chinatown’s residents.”
Public organizations that supported the community’s 145 affordable housing units include the Massachusetts Department of Transportation, the Department of Housing and Community Development, the Department of neighborhood Development and an assortment of other city and state agencies.
The North Building is expected to be completed by mid-2015.