210-216 Broadway is an existing, mixed-use building in the heart of Chelsea Square. The property includes four commercial storefronts, as well as six two-bedroom apartments, all of which are affordable. TND purchased the property in 2017 to preserve the six apartments as affordable homes, and to make improvements to the physical condition of the property. The physical improvements will not only insure that all six apartments are high-quality affordable homes, but will also allow TND to improve the physical appearance of one of the most charming properties in Chelsea Square.
TND has partnered with the City of Chelsea on revitalizing downtown Chelsea, including Chelsea Square, through community events, public safety and design. TND’s investment complements this ongoing work by supporting local businesses and improving downtown’s aesthetics.
Through funding from Project Reinvest, 210 Broadway will undergo repairs in the amount of approximately $300,000 during the spring of 2018. These repairs will include the building’s storefronts, masonry, signature bay window, a new mechanical system and a new roof.
TND intends to make additional physical improvements in 2020.
|First Round of Renovations||Spring 2018|
|Second Round of Renovations||2020|
|Development Type||Acquisition and Preservation|
|Number of Units||6 residential and 4 commercial|
|Affordability||6 units < 60% AMI|
|Subordinate Debt||City of Chelsea|
|Acquisition and Predevelopment Financing||Massachusetts Housing Investment Corporation|