Wednesday, June 26, 2013
NEW BOSTON FUND AND ASIAN COMMUNITY DEVELOPMENT CORPORATION ANNOUCE NAME FOR PARCEL 24 DEVELOPMENT
Residential Project on Chinatown’s Hudson Street to be called One Greenway
BOSTON – (June 26, 2013) - New Boston Fund, Inc., and the Asian Community Development Corporation (ACDC), announced today that the joint venture development located on Parcel 24 in Boston has been named “One Greenway”. One Greenway is a planned 362-unit mixed-income development bordering Chinatown and the Rose Kennedy Greenway. Located just a few blocks from South Station at the corner of Kneeland Street and Hudson Street, One Greenway will provide much needed housing while restoring the fabric of the neighborhood that existed on Hudson Street more than 50 years ago.
One Greenway will act as the southern gateway to the Rose Kennedy Greenway, Boston’s newest linear urban park that stretches more than one mile and features landscaped gardens, promenades, art, fountains and specialty lighting systems. The One Greenway development is an excellent 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 itself is a true public-private partnership with significant 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 in which it resides.
“We appreciate the hard work and persistence from the neighborhood, our private partners, and the city and state agencies, and we are excited to take another step forward on the One Greenway development,” said Sean Sacks, Vice President, Development, New Boston Fund. “Boston’s multifamily market is extremely active and we are pleased to bring One Greenway to the marketplace to help meet the high demand we are seeing for rental units downtown.”
“One Greenway will be the culmination of over a decade of collaboration with the community to revitalize this block of Chinatown and serve as a connector to the other downtown Boston neighborhoods. Residents, both past and present, community leaders, and local businesses are all excited to have a new generation of diverse neighbors call One Greenway and Chinatown ‘home’,” said Janelle Chan, Executive Director, Asian Community Development Corporation.
One Greenway’s 362 residential units will reside in two buildings that bookend a 1/3 acre of publically accessible open space. The 312-unit North Building includes 217 market rate rentals and 95 affordable rentals while the South Building will contain 50 affordable condominiums. The project also includes 137 garage parking spaces, the open space, and approximately 8,500 square feet of retail and community space.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $3.5 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com
Asian Community Development Corporation
The Asian Community Development Corporation (ACDC), a 26-year old community-based organization, serves the Asian American community of Greater Boston, with an emphasis on preserving and revitalizing Boston’s Chinatown. ACDC develops physical community assets, including affordable housing for rental and ownership; promotes economic development; fosters youth leadership development; builds capacity within the community and advocates on behalf of the community. ACDC has developed over $100 million in mixed-use real estate that is home to over 800 residents in Boston and Quincy, and provides housing counseling and homebuyer workshops throughout the year. For more information, visit www.asiancdc.org.
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