The first workforce housing development in over two decades now has a name and a construction timeline. The Beverly, a 100-percent affordable Downtown housing complex, will come online in 2018 and will hopefully be a small piece in solving Boston’s affordability crisis, the city and the building’s developer, Related Beal, announced Tuesday.
To be built in the North End neighborhood, near attractions like the TD Garden, the Beverly will bring 239 affordable apartments to an area and city that desperately needs them. In a city with one of the most expensive housing markets in the country, access to affordable housing is a serious issue. And since new home construction has dropped significantly in the city, news of the Beverly development moving forward is a good sign for the city and its residents, Mayor Marty Walsh said in a statement. It is the first affordable housing complex to be built in the area in over 25 years.
“Our partnership with Related Beal will give hundreds of families and individuals the opportunity to live downtown in affordable, transit-oriented housing,” Walsh said. “…We will continue to work everyday to ensure that everyone who wants to live in Boston has the opportunity to.”
Modern amenities, lower prices
Construction has already begun at the site, 101 Beverly St., and the building will likely be completed in the first quarter of 2018, a spokeswoman said. The 14-story building will have amenities like the ones found in many market-rate and even luxury housing developments, including a fitness center, dog spa, bike storage and a children’s playroom.
It will be located across from North Station, providing ample public transportation to its residents, said Kimberly Sherman Stamler, president of Related Beal.
“The Beverly offers the best of urban living for the individuals, couples, and families who make this city great and who will write its next chapter,” she said in a statement. “We are excited to launch our community outreach program and we look forward to sharing the details about these centrally located and well-amenitized apartments with the public.”
To provide such amenities, the developer had to secure its $230 million budget from 11 different funding sources, including a mixture of public money, tax credits and payments, like $10.5 million from Boston Properties and Delaware North, which are building a mixed-use development near the TD Garden, according to the Globe.
Lease applications will be available beginning in July and must be submitted by Sept. 6. For more information on the building and leasing opportunities, check out the newly launched website here.