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One Greenway (Parcel 24)
Boston , MA 02111

Acquired

4/1/2006

Location

One Greenway (Parcel 24) is located in Boston's Chinatown neighborhood and abuts the Rose Kennedy Greenway. Parcel 24 was home to over 300 Chinatown residents before it was taken for highway construction in 1962. In 2000, the Asian Community Development Corporation (ACDC) led a comprehensive neighborhood effort to have the site returned to the community.

Description

New Boston and the ACDC formed Parcel 24, LLC and won the designation to develop the land - a 57,000 SF infill, urban site in Boston’s Chinatown - from the Massachusetts Turnpike Authority (MTA) in April 2006. The project received the initial entitlements in October 2008 and secured a $3.5M commitment from the City of Boston for the affordable housing component of the program. One Greenway has 363 residential units in the two buildings that bookend a new pocket park. The 295-unit North Building will include 217 market rate rentals and 95 low income housing tax credit affordable rentals, and the low-rise South Building houses 51 affordable condominiums. The project features approximately 135 parking spaces, a small park, and 11,000 SF of retail and community space.

Investment Rationale

Unique in fill location on one of the few remaining lots abutting the Rose Kennedy Greenway
High demand for both market and affordable rental units in Boston
Revitalize the area and supply affordable housing in Chinatown

Fund Ownership

Urban Strategy America Fund

Map

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