Spencer Row, completed in December 2010, provides 32 new construction affordable family apartments in Chelsea, MA.
Spencer Row provides a neighborhood quality to the street edge, with ground floor units opening directly to the street, and balconies providing private outdoor space. A modern design ties the development to the area’s emerging character, while responding to the scale of the neighborhood. The building has a gross floor area of 35,732 square feet, with a parking garage below, and three stories of housing above. An elevator enhances accessibility and a community room supports resident interaction and provision of resident services. Design, construction methods, and materials all include sustainable and “green” elements.
Spencer Row is part of TND’s efforts to create strong, mixed-income neighborhoods throughout Chelsea. Spencer Row redeveloped the site of a vacant manufacturing building, and the property now provides families with access to amenities in one of Chelsea’s up-and-coming areas, the Spencer Corridor. The site is one block from the Mary Burke Complex, with four elementary schools, athletic fields, and playgrounds. The neighborhood has benefited from significant housing investment, including: One Webster (120 market rate apartments), Keen Lofts (23 mixed income condos); Spencer Lofts (100 market rate condos); and TND’s Spencer Green development (48 affordable family apartments). Adjacent well-maintained single and two-family homes and a church contribute to making this an ideal family neighborhood. The creation of additional affordable family housing opportunities in this neighborhood furthers TND’s goal of connecting low-income residents with local amenities and creating affordable housing choices in mixed-income neighborhoods throughout the City.
|Total Development Cost||$10.1 million|
|Number of Units||32 rental apartments|
|Unit Types||7 one-BR, 18 two-BR, 7 three-BR|
|Affordability||8 units <30% AMI; 24 units < 60% AMI|
|Development Consultants||Peter Munkenbeck, David Koven|
|Architect||ICON architecture, inc.|
|Contractor||NEI General Contracting|
|Investor/Limited Partner||Bank of America|
|First Mortgage||Mass Housing Partnership|
|Lenders||DHCD Low Income Housing Tax Credits, NeighborWorks America, DHCD HOME Funds, MassHousing Affordable Housing Trust Fund, North Suburban Consortium HOME Funds, CEDAC Community Based Housing, City of Chelsea Affordable Housing Trust Funds|
|Acquisition + Pre-Development||CEDAC|
|Construction Loan||Bank of America|