The New Boston Fund’s Parcel 24 project was given the green light from City Hall last night, getting it one step closer to construction of the residential development.
While the go-ahead from the Boston Redevelopment Authority (BRA) was necessary to move the 345-unit project in Chinatown forward, some funding still needs to be secured from the city and state. Following that, construction is expected to begin roughly a year after the funds are in place, according to a construction timeline obtained by Banker & Tradesman. The development is a joint venture between New Boston Fund and the Asian Community Development Corp.
The project would consist of two buildings along a highway ramp on a vacant lot between Hudson Street and Surface Road, with a public park between the two buildings. It would house 200 market-rate and 95 affordable rental units and 50 affordable condominiums. It includes 125 underground parking spaces. Officials anticipate the project to create about 700 construction jobs and 27 permanent jobs.
The $130 million project, a result of an eight-year process, is something of a reparation to the people of Chinatown from the now-disbanded Massachusetts Turnpike Authority. After the MTA demolished rowhouses on the site about 50 years ago, the small area along the resulting highway became vacant and cut into the neighborhood.
The Boston Civic Design Commission sent the project to a sub-committee to work on design suggestions for the public park and the southern building, and the BRA will need to sign off on the final design before construction begins.
"The unique design and architecture of the building, as well as the 13,600 square feet of new open space, will completely transform Hudson Street with residential life, adding to the vitality of the Chinatown neighborhood," according to a BRA press release. "Parcel 24 will be an environmentally-friendly, smart growth, transit-oriented, mixed-use development. The building will be LEED certifiable, creating long-term environmental sustainability and affordability for residents by using Energy Star appliances, highly durable materials, and efficient utility systems."
