Walsh Touts Affordable Housing Development For Downtown Boston
The city of Boston and real estate firm Related Beal on Tuesday announced plans for what they called the city's "first 100% affordable and workforce housing development to be built in more than 25 years."
Located across the street from North Station, the 14-story building, named The Beverly, will offer 239 "income-targeted apartments" above street-level retail, according to a press release.
"Our partnership with Related Beal will give hundreds of families and individuals the opportunity to live downtown in affordable, transit-oriented housing," Mayor Marty Walsh said in the statement.
The residential units will be available to households with incomes between 30 percent and 165 percent of Area Median Income. Twenty-four of the apartments will be three-bedroom units. Thirty percent of AMI for a household of four is $31,000; 160 percent of AMI for a same-size household is $165,450, according to the Boston Planning and Development Agency.
Walsh, who faces reelection this fall, has called for the creation of 53,000 new units in Boston by 2030 to help tamp down housing costs, and he's increased the contributions developers must make for affordable housing.
Related Beal and the mayor's office worked together to keep the Citgo sign in Kenmore Square, after the developer purchased the building the sign sits on.
The Beverly is set to open in January, with lease applications available this summer.
With reporting by WBUR's Newscast Unit and Benjamin Swasey