Construction began on Cornerstone Hyannis, a new 50-unit development that will replace a blighted vacant lot at 268 Stevens Street.

Cornerstone Hyannis will be the debut project of Cornerstone Homes Cape Cod, a new Housing Assistance initiative creating affordable homes for middle-income buyers.

“Marking this groundbreaking for Cornerstone Hyannis is exciting because we can see this long-planned project finally taking shape,” CEO of Housing Assistance Alisa Magnotta said in a press release. “Cornerstone Homes is about creating opportunities like this that allow people to live close to where they work and contribute to the long-term success of their communities.”

Once completed in 2027, Cornerstone Homes will offer 18 one-bedroom units, 27 two-bedroom units and five three-bedroom units. Sales will be conducted via lottery by Housing Assistance. Prices start at $278,000, with most units restricted for those earning up to 120% of area median income.

“With Cornerstone Hyannis, we are taking a longtime vacant lot, which was previously a car dealership, and creating new opportunities for Cape Codders to own a home right in the heart of Hyannis.” said David Quinn, vice president of real estate development at Housing Assistance. “Because the units will be sold to middle-income buyers, the new homes will be of benefit to people who may not qualify for traditional ‘affordable housing’ but also can’t afford homes on the open market.”