Spencer Street/Armory
CND’s next housing development is located on Spencer Street at the site of the old Armory building. This project is in pre-development; construction is slated to begin by May 2008. We will create a total of 48 rental apartments (offering 1BR, 2BR and 3BR units) that will offer quality kitchens and baths, off-street parking and community programming space. We expect that the Spencer Street units to be ready for occupancy starting in 2009.
| Date Completed |
2009 |
| Total Development Cost |
$14.4 million |
| Development Type |
New construction |
| Number of Units |
48 rental apartments |
| Affordability |
10 units for < 30% AMI; 38 units 50% to 80% AMI |
Developer/
| Sponsor |
Chelsea Neighborhood Developers |
| Development Consultants |
Peter Munkenbeck |
|
David Koven |
| Owner |
?? LLP |
| Architect |
Icon Architectural Group |
| Contractor |
NorthEast Interiors, Inc. |
| Property Manager |
Cornu Management Group |
| Investor/Limited Partner |
MMA Financial |
| First Mortgage |
Massachusetts Housing Partnership |
| Lenders |
City of Chelsea HOME Funds |
|
Low Income Housing Tax Credits |
|
DHCD HOME Funds |
|
North Suburban Consortium HOME Funds |
| Equity Investment |
NeighborWorks America (pending) |
| Construction Loan |
Not yet secured |
