Spencer Green features 48 new affordable apartments on the site of the former Chelsea Armory, with 8 units priced for extremely low-income households. Fresh modern design encourages resident engagement and connection to the community. Green and environmentally sustainable building practices are employed throughout.
Spencer Green is supporting Chelsea’s economy: We estimate its construction created 74 jobs and that its residents will spend a minimum of $5.7 million locally over the next 10 years.
Environmentally sustainable features include:
- Photovoltaic panels that generate electricity
- An underground cistern that recycles rain for irrigation
- Energy efficient systems throughout, including a state-of-the-art elevator that consumes 40% less energy
- A super-insulated white roof keeps each building cool in summer and warm in winter
- Extensive use of recycled and sustainable construction materials including hardwood flooring in the community room that is on its third life, reclaimed first from Boston University, then from the Armory’s old basketball court
- Healthy homes standards such as no carpets, and paints and adhesives that are low in volatile organic compounds.
|Total Development Cost||$15.2 million|
|Number of Units||48 rental apartments|
|Affordability||8 units for <30% AMI; 40 units 50% to 80% AMI|
|Development Consultants||Peter Munkenbeck, David Koven|
|Contractor||NEI General Contracting|
|Investor/ Limited Partner||Bank of America|
|First Mortgage||Mass Housing|
|Lenders||DHCD Low Income Housing Tax Credits, Mass Housing Priority Development Funds, DHCD HOME Funds, North Suburban Consortium HOME Funds|
|Equity Investment||NeighborWorks America, LISC/ Home Depot Green|
|Construction Loan||Bank of America|