Rental Housing Launched at Olmsted Green with support of Governor Patrick
BOSTON (May 6, 2008)-- Olmsted Green, a 42-acre mixed-use, mixed-income sustainable community, launched its rental housing component today with the help of Governor Deval Patrick, other state and local officials, project sponsors and community activists. The group came together at the long-abandoned Boston State Hospital site in Dorchester to celebrate the ongoing transformation of the land into Olmsted Green.
When completed, the latest phase of construction currently underway will add four new buildings consisting of 151, two- and three-bedroom affordable rental apartments. The development will also include 287 accessibly priced town homes for sale, 83 units of affordable senior housing and a 123-bed skilled nursing and mental health facility. The first phase of affordable rentals will be ready for occupancy in late 2008. The first phase of home-ownership currently for sale will be ready for occupancy this summer.
Olmsted Green is being developed through an innovative partnership between Lena Park Community Development Corporation and New Boston Fund's Urban Strategy America Fund, known collaboratively as Lena New Boston. NBF's USA Fund, a private New Boston real estate investment fund, executes on the promise of a triple bottom line -- generating solid returns to investors, spurring economic development and workforce housing, and promoting environmental sustainability. Lena Park CDC is a strong, trusted community leader committed to sparking an independent, healthy community that supports children and families in Dorchester, Mattapan, Jamaica Plain, Hyde Park, Roslindale and Roxbury in every aspect of life, from jobs and education to housing and fitness.
"Olmsted Green is an oasis in the middle of the city that Lena New Boston feels extremely fortunate to be able to develop," said Jerry L. Rappaport, Jr., President and Chief Executive Officer at New Boston Fund and Chairman of its Urban Strategy America Fund. "It is a result of my passion and my joint-venture partner's vision along with the help of many partners including the Commonwealth of Massachusetts, the City of Boston and our USA Fund institutional investors who have worked so hard to make this project a reality."
The $180 million project will create 400 annual full-time equivalent construction positions. So far, 50% of the workforce on the site has been people of color, and 30% of the contracts have gone to minority-owned businesses, many of them from this community. Eventually Olmsted Green will offer 400 permanent positions for those working on site in nursing, human services, property maintenance, and more. Lena Park CDC will expand its on-site facilities to include a center for job training, and a health and fitness center.
"Lena Park has a 30-year history of building community with a holistic approach to creating housing, education, childcare, recreation, and job training opportunities," said E. Lorraine Baugh, President and CEO of Lena Park Community Development Corporation. "Olmsted Green is an unprecedented opportunity to blend this experience, and create something new for this community and we are grateful to all of the parties who have helped make this project a reality."
Olmsted Green is a prime example of Responsible Property Investing, or RPI, a new trend in real estate that balances economic returns with environmental and economic sustainability. The full range of RPI tenets covers multiple social and environmental dimensions of real estate investment, including: Smart growth, social equity and community development; urban revitalization; energy conservation; environmental protection; worker well-being and more.
Olmsted Green is adjacent to the Mass. Audubon Boston Nature Center and Wildlife Sanctuary, Franklin Park and near public transit, offering the serenity of outdoors with the convenience of city living. Olmsted Green is being developed by Lena New Boston as a sustainable community inside and out. The homes and apartments are constructed with sustainable materials and equipped with efficient appliances and systems to help residents save on energy costs. Olmsted Green and the adjacent Mass Audubon Boston Nature Center and Wildlife Sanctuary, have worked collaboratively to preserve and enhance the natural environment of the site by protecting mature trees and natural wetlands. Residents of Olmsted Green will be able to enjoy open outdoor spaces within the community and also the Sanctuary's walking trails.
For more information about Olmsted Green, please visit www.olmstedgreen.com.
About Lena Park
Lena Park is a strong, trusted community leader built on a 35 year legacy and committed to sparking an independent, healthy community. We support children and families in Dorchester, Mattapan, Jamaica Plain, Hyde Park, Roslindale and Roxbury in every aspect of life, from jobs and education to housing and fitness.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4 billion, including 20 million square feet of commercial real estate and 6,700 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns.
About the USA Fund
The Urban Strategy America ('USA') Fund is a New Boston real estate investment fund that executes on the promise of a triple bottom line- generating solid returns to investors, spurring economic development and workforce housing, and promoting environmental sustainability.