Urban Strategy Fund : A new Boston Real Estate Fund
 

Property Type:

435,850 SF Mixed Use Residential Development on a 57,000 SF infill, urban site featuring:

~ 325 residential units

~ 255 condominiums

~ 11,000 SF retail space

~ 165 parking spaces

~ an urban pocket park

 

Investment Strategy:

Development in partnership with the Asian Community Development Corporation (ACDC)

 


 

 

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Parcel 24

Boston MA

Before it was taken for highway construction in 1962, Parcel 24 was a diverse and vibrant residential community that was home to a wide array of ethnic groups and immigrants, including Chinese and Syrian families, as well as local shops and services in Boston's Chinatown Neighborhood. 

 

In 2000, the Asian Community Development Corporation (ACDC) led a comprehensive neighborhood effort to have the site returned to the community. New Boston and ACDC formed Parcel 24, LLC, and won the designation from the Massachusetts Turnpike Authority (MTA) in April 2006.


The project will include 325 new homes that will offer a range of housing options, from apartments to condos to town homes, and its design incorporates years of community input. The environmentally friendly, Smart Growth development will replace underutilized land with much needed housing, terraced open space, ground-floor commercial services, interior community space, landscaped sidewalks, and a vibrant street life.

 

Parcel 24 is a major milestone in ACDC’s mission to improve the quality of life for Asian Americans and the communities in which they live. This development will restore both sides of Hudson Street to active community use.

 

Parcel 24 will be one of few mixed-income developments built on the infrastructure of the new $15 billion I-90/I-93 Central Artery project in Boston.


The development team is committed to ensuring that not only are there significant open spaces and environmental benefits, but also substantial contributions to the effort to address Massachusetts’ affordable-housing crisis. Parcel 24 is committed to being more deeply affordable than required. The goal for the project is to have about 50 percent of the residential units be affordable, including at least 70 rental apartments and many of the condos. Parcel 24 will approximately double the affordable homeownership stock in Chinatown. The project will also create approximately 700 construction jobs and up to 40 permanent jobs in retail, community organizations and property management.

 

Parcel 24 was granted its Large Project Review and Planned Development Area Zoning approval by the Boston Redevelopment Authority under Article 80 on October 16, 2008. The Zoning Commission approval was granted in early November and is actively seeking affordable housing financing through the regular development financing cycle.

  Current Investments
 

38 Hope Street

 

545 Long Wharf

 

777 Brook Street

 

Errichetti Portfolio

 

Gates of West Bay

 

Lofts 881

 

Olmsted Green

 

Parcel 24

 

Quonset

 

The Schoolhouse

 

Winooski Falls

 

Wyomissing

 

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