The 225 Centre Street project was the construction of a new mixed‐use property in the Jackson Square district of Jamaica Plain, an economically‐disadvantaged neighborhood near downtown Boston. The six‐story building has 103 rental units, 35 of which are affordable to lower‐income households, as well as almost 17,000 square feet of first floor commercial space and parking. The $53.2 million project is the first phase of a $250 million redevelopment plan for Jackson Square. The plan involves a mix of multifamily housing, retail and office space, recreational areas, and green space on 11 acres of public and private land adjacent to the Jackson Square Massachusetts Bay Transportation Authority (MBTA) station.
The historic Hyde Park YMCA (renamed Thomas M. Menino YMCA) officially re-opened in December 2010 after undergoing a major overhaul and expansion of the 107-year-old facility. MHIC’s $8.25 million in New Markets Tax Credit financing made possible the transformation of this Y into a modern, state-of-the art facility with a six-lane swimming pool, a new after-school center, a health and wellness center, and other major improvements. The dramatic upgrading of this historic facility is an important component of the revitalization effort underway in the Hyde Park Community that includes a new library, a community center and other improvements coordinated by the City of Boston Main Street Program. It is also integral to the YMCA’s plan to update and renew YMCA’s commitment to serve virtually all Boston neighborhoods. The Hyde Park Y serves more than 55,000 residents of the Hyde Park and Mattapan sections of Boston and is the only community facility within a three mile radius of the building. The improved facility will significantly increase the number of people served and the programs offered. The Y has plans to add new staff to support these higher levels of activity. The YMCA of Greater Boston is the largest provider of social services in the Commonwealth.
MassDevelopment has issued a $10.8 million tax-exempt bond on behalf of the YMCA of Greater Boston, founded in 1851 as the country’s first Y. The Y will use bond proceeds to redevelop and renovate two Ys in Boston. Improvements to the West Roxbury facility include a renovated gym and pool, a health and wellness center, a welcome center, an aquatics center, locker rooms, an expanded childcare area, enhanced space for youth sports, and programs for children with special needs. The Huntington Avenue Y’s addition will have a pool, gym, handball courts, and offices, with renovations to locker rooms, classrooms, meeting rooms, the lobby, reception area, and wellness and fitness areas. RBS Citizens, National Association, purchase the bond. The Y expects to create 150 jobs as a result of this project, along with 44 construction jobs. “MassDevelopment is pleased to help the largest provider of social services in Massachusetts improve its offerings to Bostonians,” said MassDevelopment President and CEO Marty Jones. “The creation of both permanent and construction jobs illustrates the economic impact of the Y’s work as well.” The YMCA of Greater Boston, one of the largest urban Ys, serves more than 100,000 youth, adults, and seniors a year. The organization focuses on youth development, healthy living, and social responsibility. The Y also offers the Commonwealth’s largest summer youth employment program, involves more than 10,000 children a year in summer camps, and leverages resources to provide critical services for free to low-income participants. “Expertise and support from the finance professionals at MassDevelopment ensured that the Y got the best possible terms and conditions on our bond transaction,” said Y CEO Kevin Washington.
Construction is complete on the $115.9 million Dudley Municipal Center, considered a centerpiece of the City of Boston’s revitalization of Dudley Square in the economically disadvantaged Roxbury community. Most of the office space in the 170,000-square-foot facility is occupied by the Boston Public Schools administration in an effort to consolidate services currently scattered across the city and to better connect city government with residents. The multi-story LEED-certified building has an estimated occupancy of 450 to 500 municipal office workers as well as street-level retail space. The project’s design calls for preservation of a portion of the historic Ferdinand’s Building, which currently occupies the site and has been a community landmark for many decades. The project has served as a catalyst for additional development and economic activity in the community.
The Small QLICI will finance the fit-out, equipment, start-up operating deficit, and working capital necessary to operate a 10,000 sf commercial laundry business.
The project is a joint venture between Horizons for Homeless Children and WaterMark Development. Horizons will occupy approximately 47,000 square feet of the new building which allows Horizons to consolidate three leased locations into an owner-occupied space resulting in program efficiencies and cost savings. In addition the number of homeless children served by Horizons’ programs will increase from 175 to 225. WaterMark will lease 90,000 square feet to nonprofits assisting homeless and underserved children, youth, and families. A local restaurateur will open a cafe on the ground floor. More than 380 jobs are anticipated be associated with the new building.
The Crispus Attucks Children’s Center (CACC) was founded in 1971 in Dorchester and serves nearly 239 children and their families in Boston’s highest need neighborhoods (Roxbury, Dorchester, Mattapan and Hyde Park). The proposed financing will address deferred maintenance and essential capital replacement needs, especially replacement of the failing HVAC system in one building that has necessitated ongoing repair expense.
Family Nurturing Center (FNC) offers nurturing parenting and educational programs and community-based family support networks that help create functioning families and prevent child abuse in a 5,400 sf building in Dorchester, MA. Through NMTC financing, FNC plans to more than double the size of the building to 12,800 sf, which will enable them to centralize existing services, enhance the scope of their services, and increase their staffing.
Community Servings is a nonprofit food and nutrition program providing services throughout Massachusetts and in Rhode Island to individuals and families living with critical and chronic illnesses. The project involves an 8,000 SF renovation and a 17,400 SF addition to Community Servings’ (CS) current space, greatly increasing the size of their kitchen, adding job training space, and expanding CS’ Food & Nutrition Policy Center. The project will allow CS to triple its meal production and delivery service and double its job training program.
The project developer, Jubilee Christian Church International, is the largest black church in Boston. This project, the first new construction of a commercial building in Dudley Square in 40 years, will consist of a three-story building including ground-floor retail and 2 floors of office above for a total of 30,000 square feet. Its high-profile corner location is an important symbol for the renaissance of this major commercial district in Boston’s low-income black community. This project will help jumpstart the long-delayed redevelopment of adjacent parcels, including an office and retail complex plus new 500- space parking garage. City has worked unsuccessfully with a number of developers over the past dozen years to try to develop Palmer Warren site. MHIC provided extensive technical assistance to the developer for whom this is its first major development project (the church’s goal is to use its financial resources to create economic opportunity for its community and is using this project to launch a major real estate development effort). The project is expected to create 113 permanent jobs and 120 construction jobs. It is located in Boston’s Empowerment Zone. In the project’s census tract, the poverty rate is 30%, family median income is 44% of the area median income, and the unemployment rate is 2.65X the U.S. unemployment rate. 60% of the project’s new jobs must go toZone residents. Even with $1.8 million in City funding from the HUD 108 and EDI programs, a cash equity infusion by church of nearly $1 million, the project still had a $2.2 million feasibility gap that will be covered by NMTC-financed gap equity, representing 25% of total development cost. MHIC’s CDE also provided a $3.3 million first mortgage loan. It is clear that this project would not have come to fruition without MHIC’s NMTC program.