25 Sixth Street

 

Quick facts

City: Chelsea

Construction start date: June 2022

Expected completion date: 2024

Development type: New construction

Number of new homes: 56 rental apartments (27 one-bedroom, 18 two-bedroom and 11 three-bedroom); 6 homes for sale to first-time homebuyers (3 two-bedroom, 3 three-bedroom)

Total Development Costs: $34 million

Affordability: rental apartments: 8 homes at <30% AMI, 36 homes at <60% AMI and 12 homes at <100% AMI; townhomes for sale: 3 units at <80% AMI, 3 units at <100% AMI

Affordability (for sale): 3 homes for < 80% AMI and 3 homes for < 100% AMI

Throughout construction, The Neighborhood Developers will prepare monthly updates. The updates will provide information about the project, the work happening on site, news of any short-term disruptions, details of how to rent or purchase the homes once they are ready, and other news from our organization. We will also share who to contact with construction-related questions or concerns.

 

Overview

25 Sixth Street will redevelop an industrial site adjacent to a new MBTA Silver Line Station and revitalize the site with the new construction of 62 affordable homes for families, improved streetscape along Sixth Street, and a walking path through the site to the Silver Line Station providing for a better connection between the Station and Bellingham Square, Chelsea’s downtown core. The transit-oriented development will include 56 new units of mixed-income rental housing for families at 25 Sixth Street and 6 new homeownership units, to meet a growing need for affordable housing production in Chelsea. Property amenities will include a community room, a 4,000 square foot outdoor public space on the second level, 40 at-grade parking spaces, common laundry facilities on three floors and public bicycle parking. The development’s architectural details will emphasize energy efficiency, with details designed to meet the standards for Passive House Certification.


Development team

Architect: Utile Architecture + Urban Design

Contractor: NEI General Contracting

Acquisition financing: The Life Initiative

Predevelopment financing: The Life Initiative; Local Initiatives Support Corporation

Low income housing tax credit investor: Massachusetts Housing Investment Corporation

Construction financing: Silicon Valley Bank

Permanent financing: MassHousing

Subordinate debt: Community Economic Development Assistance Corporation; North Suburban Consortium HOME Program

 
 
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