Ropewalk Apartments Financed for $38.52 Million
The development in Charlestown at 317 Fifth Street has been financed via East Boston Savings Bank, The Life Initiative, and Massachusetts Historic Rehabilitation Tax Credit Program for $38.52 million.
The redevelopment of the former ropewalk factory located in the Charlestown Navy Yard will transform into 97 townhouse-style apartment residences including studios, one-bedrooms, and two-bedrooms. The granite facade of the factory building, which is over 1,300 feet long and has been vacant since 1971, will be fully restored. 20% of residences at Ropewalk Apartments will be designated affordable.
Building Permit Issued for Conversion of Ropewalk Building in Charlestown to Apartments
A building permit has been issued for the renovation of the ropewalk factory in the Charlestown Navy Yard into 97 apartments. Work will include masonry repairs, new windows, and mechanicals. The project will also include public space dedicated to the history of the building.
Ropewalk Apartments in Charlestown Navy Yard move forward with long-term ground lease closing
The restoration of the Charlestown Navy Yard’s historic ropewalk factory, which spans over 1,300 feet in length and has been vacant since 1971, has taken a step forward with developer Frontier Enterprises’ closing on a long-term ground lease for the City-owned property. With the lease closing, the proponent will be able to move forward with construction of the development, which will feature 97 studio, one- and two-bedroom townhouse-style apartments. As part of the project, public interior and exterior exhibition space dedicated to ropewalk manufacturing history will also be constructed. Construction site preparation work on the Ropewalk Apartments property is expected to begin in the coming months. The Ropewalk Apartments will be located in the heart of Charlestown's historic Navy Yard, minutes from Downtown Boston.
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