Highland Terrace

Chelsea’s Box District takes the next step forward in its transformation with Highland Terrace, TND’s newest multifamily housing development. Highland Terrace, with 32 units of newly built affordable rental apartments for families, knits together two earlier TND projects – Janus Highland and Box Works Homes. Highland Terrace features one, two and three-bedroom apartments in three buildings on Gerrish Avenue and Library Street, and all apartments have private entrances, air-conditioning, off-street parking and modern finishes. The development also features a community room to host TND programs and community events in the Box District. Once an underused industrial district, the Box District has become a vibrant residential neighborhood during the past several years, with the input of many neighborhood residents, local and state officials, and TND and its development partners. The Box District now has more than 200 units of affordable and market-rate housing completed or in development, including rental apartments and home ownership units. Next door to Highland Terrace is the Box District Park, a new public park built and designed by the City of Chelsea, which opened in July 2012 and has quickly become a community hub. As part of TND’s commitment to creating healthy and sustainable housing, Highland Terrace’s design includes many environmentally sensitive features, and has been certified LEED Platinum, making it the first LEED Platinum project in TND’s portfolio and the city of Chelsea. Please follow this link to learn more about the LEED Program and click here to see several examples of how LEED’s design features appear at Highland Terrace.

 

Total Development Costs $10.4M
Development Type New Construction
Number of Units 32
Affordability 24 units at 60% AMI; 4 units at 50% AMI; 4 units at 50% AMI
Developer/Sponsor The Neighborhood Developers
Development Consultants Peter Munkenbeck and David Koven
Owner Highland Terrace Limited Partnership
Architect ICON architecture, inc.
Contractor NorthEast Interiors Inc.
Equity Investor Bank of America, N.A., NeighborWorks America
Permanent Financing Massachusetts Housing Partnership
Lenders Massachusetts Affordable Housing Trust Fund, Mass. Dept. of Housing and Community Development HOME Program, North Suburban Consortium, HOME Funds, City of Chelsea, CEDAC Community Based Housing
Construction Loan Bank of America, N.A.
Acquisition + Pre-Development The Life Initiative
Brownfields Funding MassDevelopment