579-583 Broadway

Quick facts

City: Chelsea

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

Overview

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.

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Development team

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