After years of fast-paced home sales, tight inventory and relentless price growth, the U.S. housing market may finally be entering a new chapter.

The development also marks the start of a long-term revitalization effort for the Hartwell Avenue corridor.

An affiliate of JMB Property Development Company will demolish two vacant structures at 29-33 Romsey Street, replacing them with a multi-story apartment building and townhouses.

The redevelopment will see the properties transformed into two multifamily residential buildings, one with 130 units across six floors and the other with 100 units across five floors. Plans include commercial space as well.

Broadleaf offers residents access to tennis courts, a fitness center, championship public golf courses and walking trails.

Developers hope to restore the building’s original two-story brick facade, reconstruct the existing two floors and add three new stories.

Driven primarily by the construction boom during the pandemic, the housing market has seen some improvements in affordability, but homes remain out of reach for many would-be buyers.

Boston had one of the highest increases in new listings last month.

The move comes despite a slowdown in the single-family rental market. 

The brand will specialize in cottage-style homes with private backyards. 

The increase was driven by a 21.6% month-over-month spike in the rate of new multifamily construction. Single-family housing starts, meanwhile, slid 2.8%.

Month over month, home sales were down 3.5%, and the median sale price declined 1.2% to $335,000.

The strategic partnership will initially target developments in six metro areas where both companies have a “significant or growing presence”: Atlanta; Austin, Texas; Boston; Denver, Orange County/San Diego, Calif.; and Seattle.

Report finds luxury apartment search is at an all-time high both in Boston and across Massachusetts.

Areas hit hard by the pandemic could see a wave of zombie properties once the federal ban on foreclosures expires.

“Caldwell is a unique, first-of-its-kind community for Lynn, but the constant ever-evolving nature that the ‘City of Firsts’ is known for, confirms our initial vision that Lynn is ready for its closeup,” — Michael Procopio, Vice President of Development at the Procopio Companies