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Olmsted Green
Dorchester, MA 02126

Acquired

5/24/2006

Location

Olmsted Green is situated on the former site of the Boston State Hospital in Boston`s Dorchester neighborhood. The property extends over 42 acres in the heart of the city and is adjacent to the Massachusett`s Audobon Society`s Boston Nature Center and Wildlife Sanctuary. The site sat idle and un-developed for more than 25 years before Lena Park Community Development Corporation partnered with New Boston to bring new life to the property.

Description

Olmsted Green represents one of the most ambitious, progressive developments currently underway in New England. When completed, the community will include 287 workforce housing condominiums and 153 affordable rental units. 400 jobs in construction and 400 permanent positions will be created with 20 acres worth of job training facilities and property management. Energy-efficient green development will offer the rarity of green, natural spaces in close proximity to the city. In addition, the project includes 66 units of senior housing, a mental health center, plus a job training center, fitness facility and CDC Community Center. The unprecedented urban residential community is transforming 42 acres in the heart of Boston, featuring the most significant creation of homeownership opportunities, jobs, skills training, and health and fitness facilities in decades.The initial phase of townhouses (19 units) was substantially completed at the end of October 2008 and sales are currently underway. The first phase of rental housing (51 units) at the property was completed in December 2008.

Investment Rationale

Olmsted Green represents the largest un-developed parcel in the city of Boston and offers the opportunity to provide quality workforce housing to a market where housing remains unaffordable to many.
The project represents a transformative mixed use community that will generate significant economic growth for the region.
The project will knit a 42-acre, largely abandoned parcel of land back into the fabric of the neighborhood and the newly renovated 165 acre Boston State Hospital campus.
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Fund Ownership

Map

For more information regarding properties for sale, please email us at sales@newbostonfund.com or call 1.866.DIAL.NBF