Ground Breaks on $61M Mixed-Use Project in South Boston
- May 22, 2008
Work has gotten underway on a new mixed-use project at 50 West Broadway that will bring 139 new market-rate and affordable-housing apartment residences to the site of the former Cardinal Cushing High School in South Boston. John M. Corcoran & Co. and The Brennan Group are developing the property, which will cost an estimated $61 million to realize. Development of 50 West Broadway kicked off today with the demolition of the high school buildings. A Transit-Oriented-Development located just one block from the Broadway MBTA station, the new mixed-use project will sit in a community that is in the midst of revitalization. In addition to the residences, 17 of which will be reserved as affordable housing units, the property will feature 3,500 square feet of ground-level retail space and structured parking to accommodate approximately 150 vehicles. VMY Vitols Architects and Arrowstreet designed the 150,000-square-foot structure at heights varying from two to six stories to present the illusion of separate buildings. “There has been an influx of new people to the area; there is a good number of young professionals, but the neighborhood is also becoming home to families,” a Boston Redevelopment Authority spokesperson told CPN today. “There are two other residential buildings that have come online recently and anytime we can create additional housing, it certainly alleviates the pressure on the housing market.” The two other properties that just sprouted up nearby are the Macallen Building and the Court Square Building, both of which also incorporate affordable housing units. Given local officials’ commitment to reinventing the South Boston neighborhood surrounding 50 West Broadway and the city’s continuing need for housing, the Massachusetts Development Finance Agency provided $47 million in tax-exempt bonds to assist JM Corcoran and Brennan with the project’s development. Doors to 50 West Broadway are on target to open in mid-2009. Headquartered in Braintree, Mass., JM Corcoran has engaged in the development, acquisition and management of multi-family communities in the greater Boston region for nearly 60 years. Boston-based Brennan provides strategic consultant management and public affairs support to corporate and non-profit organizations, assisting clients in the navigation of regulatory and political processes.