579-583 Broadway

In 2006 The Neighborhood Developers substantially redeveloped the 2,800-square-foot commercial building at 579–583 Broadway, adding a floor and converting the building into a 4,200-square-foot residential building with five new apartments. The former home to the CAPIC Headstart office, the 1904 building was originally a funeral home. This was made very apparent when an 8-foot by 25-foot sign was discovered on the roof bearing only the words “UNDERTAKER.”

The building is located in The Box District, where many of TND’s current development projects are located. The gut redevelopment of 583 Broadway added a floor and stairwell, producing one three-bedroom unit, two two-bedroom units, and two studios. Rents are priced to be affordable to Chelsea residents, with two units restricted to households with incomes below 65% of Area Median Income (AMI), and one unit priced to be affordable to a household with income below 50% of AMI. The design incorporates a number of sustainable materials and exceeds Energy Star standards.

Date Completed 2006
Total Development Cost $1.2 million
Development Type Gut Rehab
Number of Homes 5 rental apartments
Affordability "1 unit < 50% AMI, 2 units < 65% AMI, 2 units < 80% AMI"
Development Consultant Matt Yarmolinsky
Architect Elton + Hampton Architects
Contractor NEI General Contracting
Permanent Financing Metro Credit Union
Subordinate Debt The Commonwealth of Massachusetts Department of Housing and Community Development; North Suburban Consortium HOME Program; and City of Chelsea
Additional Funds NeighborWorks America