The Greater Boston Chinese Golden Age Center (GBCGAC), a nonprofit that serves Chinese-speaking Asian seniors, will break ground on its new 74-unit Hong Lok House on Essex Street in Boston’s Chinatown on Thursday.

The new building will replace the 28-unit elder housing facility which has been in need of rehabilitation for a number of years, according to a statement. The Chinatown senior center has been working for five years to try to redevelop the existing Hong Lok House, a HUD-202 residence for low-income elders developed in 1978. Rogerson Communities originally took on the project, but economic hardship delayed fundraising for the development.

"Working with Rogerson Communities to bring this project to fruition, I am thrilled and proud that construction of the New Hong Lok House is beginning," said Ruth Moy, executive director of Greater Boston Chinese Golden Age Center. "I am looking forward to the completion of this wonderful project and am excited to be planning for the programs and services for the residents and community’s elders."

The Hong Lok House is estimated to cost $33 million, with more than $4 million having already been raised in private donations from corporate and individual donors. Another $16 million in additional monetary commitments have also been made to the project, in addition to MassDevelopment providing a commitment to provide tax-exempt volume cap construction financing for $ 17.05 with 4 percent Low Income Housing Tax Credits (LIHTC).