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A $10.5 million real estate deal with Lesley University creates an opportunity for a major affordable housing development in Cambridge’s Porter Square.
Nonprofit Just a Start will begin community outreach in coming months after buying the two parking lots at 1826 and 1840 Massachusetts Ave. totaling over 25,000 square feet.
Located across from Lesley University’s University Hall and a block from the MBTA’s Porter station, the property is suitable for affordable housing with a ground-floor retail component, Just a Start announced.
Under Cambridge’s affordable housing overlay zoning, the property is eligible for building heights up to 15 stories if a development is made up entirely of income-restricted units.
“This acquisition offers a rare opportunity to bring affordable housing to a prime location, strengthening Cambridge’s diverse and equitable community,” Just a Start Executive Director Carl Nagy-Koechlin said in a statement.
The organization has a portfolio of 600 affordable apartments and provides job training and educational programs.
The Cambridge Affordable Housing Trust, a city-run fund that collects fees from linkage payments and other sources, contributed to the acquisition financing.
In October, Just a Start opened its Economic Mobility Hub at Rindge Commons. The $37 million project includes 24 affordable apartments a pre-kindergarten program, biotech labs and career training programs along with the nonprofit’s new headquarters.
