Urban Strategy Fund : A new Boston Real Estate Fund


Asian Community Development Corporation and New Boston Development Partners to Create 300 New Homes, Retail and Open Space

 

Boston, MA

10/6/06


Community residents and leaders welcomed news on Thursday, March 30, when Chairman Matthew J. Amorello and the Board of Directors of the Massachusetts Turnpike Authority granted developer designation for Big Dig Parcel 24 to development partners Asian Community Development Corporation (ACDC) and New Boston Development Partners (NBDP), the development arm of the New Boston Fund. The team will build more than 300 rental and homeownership residential units, up to 50% of which will be affordable to low income households.  The sustainable, mixed-use design is currently budgeted at $120 million and features retail and community space, a publicly accessible park, green rooftops, underground parking, and significant street-level landscaping.

The Asian CDC and the New Boston Development Partners proposal was based on the community vision developed by the Hudson Street for Chinatown coalition, which advocated for affordable housing and other community benefits on Parcel 24.  The visioning process involved educational workshops, participatory design charrettes, and the dedicated efforts of hundreds of community members over thousands of hours.

The land for Parcel 24 was home to approximately 300 Chinatown residents before it was taken for construction of the extension of the Massachusetts Turnpike into Boston and this development will restore both sides of Hudson Street to active community use.  The development team is committed to restoring this neighborhood to Chinatown, and to ensure that not only are there significant open space and environmental benefits of the Central Artery project, but that there are substantial contributions to the effort to address Massachusetts’ affordable housing crisis.

“This is an important achievement for ACDC and a major step for our continued growth,” notes Caroline Chang, the chair of ACDC’s Board of Directors.  “For those of us who used to live on Hudson Street, this will provide an opportunity to ‘come home’ and to keep Chinatown alive and well,” says Chang, who was born on the site.

Parcel 24 is the latest in a series of mixed-income communities that ACDC has developed in downtown Boston over the past 20 years.  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. The New Boston Fund will be investing equity in the project from their Urban Strategy America Fund, a double bottom line fund that provides solid economic and social returns for its investors.

“This project creates affordable and sustainable housing, economic development and revitalization in a great urban neighborhood and fits exactly with the values of the Urban Strategy America Fund,” said Urban Strategy America Fund Managing Director John Dragat. “We’re honored to work with ACDC on this creative development that will be positive for the community as well as our investors.”

Continuing the spirit of the two and a half year-long Hudson Street for Chinatown campaign, which set an extremely high standard for the site’s redevelopment, ACDC and NBDP are excited to work closely with the Chinatown community to achieve the promise of a restored neighborhood.  “We can now imagine the day when we can all stand together to welcome home a generation of residents and provide hundreds of opportunities for new families to grow up in Chinatown” remarked Jeremy Liu, the Executive Director of ACDC.

“We would not have had the opportunity and honor of taking on the responsibility of this project had it not been for the key support of Speaker DiMasi, Senator Wilkerson, and Senator Baddour and Representative Wagner and the other members of the Joint Committee on Transportation” added Liu.

"I look forward to a fruitful relationship with ACDC and the New Boston Fund and hope to have Chinatown residents continue to have a lot of input in making our vision realized through our partnership,” stated Chong Chow, another active HSC participant.

The development remains subject to review by the Boston Redevelopment Authority and the City of Boston permitting process as well as Section 106 reviews associated with Federal Highway land.  Predevelopment is anticipated to last two years, and the partners hope to break ground in 2008.

Asian Community Development Corporation is a non-profit, community-based organization with a mission of improving the quality of life for Asian Americans in Greater Boston and the communities in which they live.  Established in May 1987, the primary goal of ACDC is to develop healthy, affordable housing for the community.  The organization has developed over $100 million of mixed-income housing in Boston’s Chinatown and operates a portfolio of complementary community development programs geared towards the Asian community.  For more information please visit www.asiancdc.org.

 

New Boston Development Partners is the development arm of the New Boston Fund. NBDP combines development expertise with the investment experience and capital resources of the New Boston Fund. New Boston Fund is one of the fastest-growing private real estate investment, development and management firms in the region. For more than 50 years, the New Boston Fund has had a legacy of focused urban development with consistent returns for investors. The New Boston Fund owns and manages more than 14 million square feet of commercial real estate worth more than $1.5 billion. For more information please visit www.newbostonfund.com. The Urban Strategy America Fund, an NBF fund, provides solid returns for investors while creating economic development, jobs, and affordable housing in urban communities.

  Inside USA
 

USA Fund Purchases Harris Corners Corporate Park

 

71 George Street Reopening

 

USA Fund Sponsors Mount Everest Climb

 

Olmsted Green in Boston Globe

 

Olmsted Green Secures Phase II Financing

 

The Beauty of a Dimmer Skyline

 

Errichetti Acquisition

 

Olmsted Green Rental Housing Launch

 

2008 Livable Communities Award for Winooski Falls

 

Globe St. Interview

 

Back to News

 

Contact Us Terms & Conditions   New Boston Fund