Tuesday, May 06, 2014
NEW BOSTON FUND AND ASIAN COMMUNITY DEVELOPMENT CORPORATION CEREMONIOUSLY BREAK GROUND ON ONE GREENWAY
Mixed-income project marks resurgence of site and will bring 363 new housing units to Chinatown
BOSTON – (May 6, 2014) – New Boston Fund, Inc., a private equity real estate investment, development and management firm, Asian Community Development Corporation (ACDC), a 27–year old non–profit organization serving the Asian American community of Greater Boston and New Boston’s Urban Strategy America Fund ceremoniously broke ground today on One Greenway, a 363-unit mixed-income development that will revitalize a whole city block on Hudson Street by bringing housing with a mix of vibrant uses, and reconnect Boston’s Chinatown eastern edge to its adjoining downtown neighborhoods.
New Boston, ACDC, and the Urban Strategy America Fund were joined by Mayor Martin J. Walsh, and other local state officials, including MassDOT Secretary and CEO, Richard Davey; Undersecretary Department of Housing and Development, Aaron Gornstein; Acting Director of the BRA, Brian Golden; Chief of Housing and Director of the Department of Neighborhood Development, Sheila Dillon; Senator Anthony Petrucelli; Boston City Councillors Bill Linehan and Stephen Murphy, and Representative Aaron Michlewitz.
"One Greenway is an important project for the Chinatown residents and the City of Boston," said Mayor Martin Walsh. "I am proud that our $3.7 million investment will help create 146 units of much needed affordable housing that will help preserve Chinatown’s rich culture and vitality."
Bordering Chinatown and the Rose Kennedy Greenway, One Greenway represents a return of the Parcel 24 site back to housing, retail, and community uses. One Greenway’s 363 residential units will reside in two buildings that bookend a third of an acre of publicly accessible open space. The 312-unit North Building includes 217 market rate rentals and 95 affordable rentals, while the South Building will contain 51 affordable condominiums. One Greenway’s 146 affordable units bring a substantial addition of new affordable housing stock to Boston’s downtown and will help retain working families in the urban core.
"We will soon see a smart, affordable, environmentally conscious, accessible development within very close proximity to South Station’s train and bus services," MassDOT Secretary & CEO Richard A. Davey. "MassDOT is proud of the role it has played to bring new residents and workers to an area with access to job and educational opportunities, cultural opportunities and medical care."
Located just four blocks from South Station at the corner of Hudson and Kneeland Streets, the development will act as the southern gateway to the Rose Kennedy Greenway, Boston’s 15 acre linear urban park that stretches more than one mile and features landscaped gardens, promenades, art, fountains and specialty lighting systems. One Greenway is a great example of private companies collaborating 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.
"This is a very exciting day for us as well as the City of Boston," said Sean Sacks, Vice President of Development, New Boston Fund. "We could not ask for a more central and convenient location to deliver the 217 market rate apartments. We’re also extremely proud to help return this area of the city back to the neighborhood and to develop an overall project that is thoughtfully designed and provides a beautiful addition to the Boston skyline."
"One Greenway is a part of the exciting downtown renaissance and uniquely allows a new generation of families of various incomes to call Chinatown their home," said Janelle Chan, Executive Director of Asian Community Development Corporation. "Today’s ceremonial groundbreaking reaffirms the values of equitableness and inclusion of our great City and the realization of a community’s vision for the site. One Greenway residents will have convenient access to the excitement of downtown living as well as to cultural amenities and services of a mature neighborhood such as Chinatown."
The project also includes 135 garage parking spaces, approximately 8,500 square feet of retail and community space, as well as new neighborhood amenities in the open space and a new pedestrian connection between Hudson Street and Albany Street.
"PNC is committed to lending in support of business and economic development. Projects, such as One Greenway, makes communities strong and makes housing affordable in the City of Boston," said Andrew Coler, senior vice president at PNC Real Estate.
Jeffrey J. Kanne, President and CEO of National Real Estate Advisors, said: "One Greenway is an extremely well-conceived urban development in keeping with National’s build-to-core investment strategy. We are delighted to be part of such a transformative project, one that will not only add value for our partners, but also create jobs and significantly enrich the community."
One Greenway received 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, making the project a model for public-private partnerships.
"Boston Private Bank is especially pleased to finance the 95 new affordable apartments during both the construction and permanent phases of this complex redevelopment," said Mark Thompson, CEO & President of Boston Private Bank & Trust Company. "Working with our partners the Asian CDC, New Boston Fund, the City of Boston and the state, this development will reclaim land and create housing choices for those who otherwise may be unable to continue to live in the Chinatown neighborhood."
"PCI is delighted to help finance the 95 affordable rental units at One Greenway with its immediate adjacency to multiple modes of public transit and easy access to job centers," said Stacey Parks Townsend, President and CEO of Property and Casualty Initiative. "We are excited to celebrate the progress today and look forward to seeing how One Greenway transforms this corner of Chinatown."
"We at People’s United Bank are very pleased to have this opportunity to support an important development project," said Ryan Weinberg, Vice President, Commercial Real Estate, People’s United Bank. "One Greenway creates a community where families can live and work in close proximity to the Greenway," added Joseph Scherer, Market Manager and Senior Vice President, Commercial Real Estate, People’s United. "We are proud to have a role in this venture and look forward to continuing to support growth and development in Boston and throughout eastern Massachusetts."
Construction of the North Building is slated to be completed by summer of 2015. Suffolk Construction is the general contractor and ADD Inc. is the architect.
PNC Real Estate is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the United States’ largest diversified financial services organizations, providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.
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
About Asian Community Development Corporation
Asian Community Development Corporation (ACDC), a 27-year old community-based non-profit 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 $110 million in mixed-use real estate that is home to over 900 residents in Boston and Quincy, and provides housing counseling and homebuyer workshops throughout the year. For more information, visit www.asiancdc.org.
About Urban Strategy America Fund
The Urban Strategy America (USA) Fund is a New Boston real estate investment fund that executes on the promise of a triple bottom line. The goal is to generate solid returns to investors, spur economic development, create workforce housing and promote environmental sustainability. To date, the $190 million USA Fund has developed or acquired 1.8 million square feet of office and industrial space and 1,561 residential units.
National Real Estate Advisors has $2 billion+ in assets under management for pension plan sponsors, investing in major U.S. urban markets using a build-to-core strategy. The company undertakes large-scale development and redevelopment projects in its open-end fund and separate account, building investment portfolios of stabilized modern property assets—apartment, office, mixed-use, industrial, data centers and hotels—with design features, technological enhancements, and amenities that can drive high tenant demand and create value over time. An SEC registered advisor, the firm is a subsidiary of the National Electrical Benefit Fund, a $12 billion pension plan sponsor. For more information visit, www.natadvisors.com.
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