The Beverly
Boston, MA
Situation
In response to the pressing need for affordable workforce housing in the City of Boston, our team alongside ownership, who had recently launched the highly successful workforce housing project Hunters Points South in New York City, where we leased 925 units in 1 year… identified an opportunity to contribute meaningfully to the community. Recognizing the absence of large-scale affordable housing projects in over a quarter century, we embarked on a mission to develop "The Beverly Boston" as a 100%-affordable workforce housing project.
Goal
The primary goal was to address the critical shortage of affordable housing in Boston by introducing a large-scale workforce housing project. The aim was to create a model that maximized revenue through strategic financing while ensuring inclusivity across various income levels. The challenge was to introduce a development that catered to a broad income spectrum, ranging from 30% to 165% Area Median Income (AMI).
Outcome
The Beverly Boston achieved remarkable success in meeting its goals, contributing significantly to the affordable housing landscape in the city. Key outcomes include:
Innovative Financing Model: Successfully maximized revenue for The Beverly Boston through a combination of low-income housing tax credits, bond financing, state and city housing trust fund contributions, and a property tax break. This innovative financing model allowed for the creation of affordable units across a wide income range.
Strategic Marketing and High Demand: Through targeted marketing efforts, The Beverly Boston received over 6,000 applications, highlighting the overwhelming demand for affordable housing in the city. The strategic approach to marketing ensured a diverse pool of applicants from various income brackets.
Efficient Lease-Up: Despite the high demand, the team completed the lease-up of The Beverly Boston within 12 months, showcasing their ability to efficiently manage the application and leasing process for a large-scale affordable housing development.
Policy Amendment Recommendations: The team actively engaged with the Boston Planning & Development Agency, providing valuable policy amendment recommendations. These suggestions aimed to support the city in meeting its ambitious 2030 housing goal of adding 44,000 new affordable units, emphasizing the importance of public-private partnerships and innovative financing mechanisms.
Conclusion: The Beverly Boston stands as a testament to the teams commitment to addressing the affordable housing crisis. The project not only provided much-needed housing across income levels but also set a precedent for innovative financing models and policy recommendations that can contribute to the city's long-term housing goals.