Case Studies
THE PRESERVE – Boston, MA
Property Description
PROPERTY TYPE: The Preserve is a phased project originally designed to include 80 condominiums of mixed income home ownership:
- 63 condos for affordable to moderate-income units for first-time homebuyers
- 17 market rate units
PRICING: $44M
HIGHLIGHTS
- The Preserve is a phased project originally designed to include 80 condominiums of mixed income home ownership
- Additional community facilities have also been envisioned and in development for the adjacent Olmsted property.
- This project is the final phase of the Olmsted Green development that began in 2006 and is on target to be completed in 2024.
- It will include 20 single-to-eight-unit buildings with 18 units for households at 80% AMI, 18 units for households at 100% AMI, 27 units for households at 120% AMI, and 17 market-rate units.
Project Data |
|
| Investment Date: | |
| Region: | Mattapan |
| Address: | 70 West Main Street, Boston, MA 02126 |
| City, State: | Boston, MA |
| Size: | 80 units approved, 80 built (17 market) |
| Property Type: | Condominiums |
| Land Sales Date: | |
| Year Built: | 2024 |
| JV Partner: | Lena Park Community Development Corporation |
Financial Data(Current projections as of December 2011, $000’s) |
|
| # of housing units created | 80 |
| State / local funding / tax credits | MassHousing CommonWealth Builder, City of Boston Mayor’s Office of Housing, and 40R |
| TDC | $44M |
Sales Data – PHASE 1 |
||||
| Total Units | Current Asking Price | Average Sold Price ($000s) | ||
Market Units |
80 | Starting range; $275,000 -$300,000 | <$Price> | |
- For additional details, please visit The Preserve’s website: https://thepreserveatolmstedgreen.com/
