Olmsted Green Update 08/20/17

41 mixed-income homeownership residences, next phase of Olmsted Green development, break ground in Mattapan

A groundbreaking ceremony was held last week for 41 mixed-income homeownership residences, the next phase of the multi-phased 42-acre, $200 million Olmsted Green development in Mattapan. Construction of the residences, spread across seven two-story buildings, began in March. The residences will include two- and three-bedroom townhouses built to LEED Gold sustainability standards. 22 residences will be income restricted, with the remaining 19 residences offered at market rates. The first of Olmsted Green's latest 41 residences will be delivered in September, with the remainder delivered in phases through April 2018.

Funding for the next phase of Olmsted Green is provided by a variety of sources, including an $8.3 million loan from a bank consortium of Eastern Bank and Boston Private Bank, $2.25 million from the City of Boston and $1 million from MassHousing’s Workforce Housing Opportunity Fund. "This is a proud moment for New Boston Fund and Lena Park Community Development Corporation (CDC) to host this important housing announcement and celebrate our latest milestone in our $200 million redevelopment of the former Boston State Hospital," said Jerry Rappaport of Olmsted Green co-developer New Boston Fund. "Lena New Boston's public/private partnership, and the newly constructed 41-units of mixed-income homeownership, is a prime example of combining private capital and development expertise with community planning, supportive housing and broad public benefits and long term public influence and control of a public asset.”

The expansion of Olmsted Green will bring increased vibrancy and public realm improvements to Boston's culturally-rich Mattapan neighborhood, while creating new homeownership opportunities. “Expanding this award-winning development will allow Olmsted Green to become a vibrant community within Mattapan, said Rev. David Wright, chair of Olmsted Place co-developer Lena Park CDC, in a prepared statement. “Plans are already in the works to add a public art installation, visible to homeowners and passersby.” Olmsted Green will construct approximately 500 mixed-income residences located on the former site of Mattapan’s Boston State Hospital, steps from frequent bus service and a short drive from Forest Hills Station and Interstate 93.

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