Urban Strategy Fund : A new Boston Real Estate Fund
 

Property Type:

Mixed Use Residential Development on 42 acres of land featuring:

~ 287 workforce housing townhomes

~ 151 affordable rental units

~ 59 units of senior housing
~ 123-bed skilling nursing care facility
~ Urban farm

~ Mental Health Center

 

Investment Strategy:

Development in partnership with Lena Park Community Development Corporation

 

 

Olmsted rental.jpg

 

Olmsted Green

Boston, MA

 

The first investment and a ground-up development for the USA Fund is also one of the largest developments in the city of Boston in more than 50 years.  This mixed-income urban residential community is transforming 42 acres in the heart of Boston, featuring the most significant creation of housing and job opportunities in this neighborhood in decades.

 

The former site of the Boston State Hospital sat idle for more than 25 years as one plan after another failed to come to fruition. Lena Park Community Development Corporation finally found an ideal partner in New Boston, which not only shared their vision for the site but also brings equity and the ability to execute and manage a large-scale development.

 

The project is being built in multiple phases and the infrastructure required for the project is publicly financed.

 

When completed, Olmsted Green will include 287 workforce housing townhomes and 151 affordable rental units.  400 jobs in construction and 400 permanent positions will be created with 20 acres worth of job training facilities and property management.  Energy-efficient green development will offer the rarity of green, natural spaces in close proximity to the city.  In addition, the project includes 59 units of senior housing, a mental health center, plus a CDC Community Center. The fund will benefit from the sale of improved land or fee participation on these assets.

 

Highlights


Olmsted Green broke ground on May 24, 2006.  The first phase of rental housing (51 units) was completed December 2008, and the second phase (50 units) was completed in 2010.  There has been overwhelming interest in the project, which generated over 1,000 applicants for the 101 units, and both phases are fully occupied.  Phase 3 (50 units) and the senior housing (59 units) are currently under construction and will be completed in 2012. 

 

The initial phase of townhouses (19 units) was substantially completed at the end of October 2008 and sell-out is expected by the end of 2011.

 

Visit the property's website at: www.OlmstedGreen.com

 

 

  Current Investments
 

545 Long Wharf

 

777 Brook Street

 

East Hartford Portfolio

 

Gates of West Bay

 

Harris Corners I - III

 

Lofts 881

 

Maitland Green I & II

 

Olmsted Green

 

One Greenway (Parcel 24)

 

The Schoolhouse

 

Seaside at 38 Hope Street

 

The Shops at Quonset

 

Southpoint Executive Center

 

Waterbury Senior Housing

 

Winooski Falls

 

Wyomissing

 

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