Posted on May 14, 2014
CHELSEA, May 14, 2014 --- The remaking of an abandoned industrial area known as the Box District marked another milestone recently as Gov. Deval Patrick was on hand to celebrate the completion of the Flats at 44 Gerrish and to help break ground on an abutting development that will be known as the Flats at 22 Gerrish.
“Growth requires investment, and investments like these to support increased access to housing will help catalyze growth in Chelsea and beyond,” said Governor Patrick. “If we want to expand opportunity in our Commonwealth, this is what government must do and do well.”
Developed by Mitchell Properties with public and private funds, the Flats at 44 Gerrish features 41 market-rate studio, one- and two-bedroom apartments, and five apartments (four studio, one one-bedroom) at 80 percent of median income. At the May 14 grand opening, Mitchell Properties President Bart Mitchell said that all but three apartments had been rented.
The Flats at 44 Gerrish is the first housing development to be built under the state's Housing Development Incentive Program (HDIP), which provides a state income tax credit of up to 10 percent of the qualified cost of rehabilitations that create market-rate housing in Gateway Cities.
When complete, the Flats at 22 Gerrish will feature 50 rental apartments. Twenty-nine units will be market rate and 21 will be affordable to families below 60 percent of area median income. The two properties and the Box District neighborhood are adjacent to land that will be part of the new Silver Line Gateway Expansion, which will connect Chelsea with the Seaport District and South Station.
The Flats at 22 and 44 Gerrish are the sixth and seventh housing developments to be built in what was once a vacant, polluted industrial area. Four 100 percent affordable rental developments were developed by The Neighborhood Developers of Chelsea while three primarily market-rate apartment complexes were developed by Mitchell Properties.
"The Flats are a great example of how the Patrick Administration’s initial investments in affordable housing in the Box district have paid off,” said DHCD Undersecretary Aaron Gornstein. “They have unlocked private investments in market-rate housing and have transformed this Gateway City neighborhood. Our new program, the HDIP, has been critical to enabling this private investment.”
MHP continued its long-standing support of affordable housing in Chelsea and the Box District, providing long-term financing commitments of $5.3 million for 22 Gerrish and $5.9 million for 44 Gerrish. Previously in the Box District, MHP has provided long-term loans for Janus and Atlas, Highland Terrace, and Atlas Lofts.
For more information about this neighborhood and MHP's financing options, contact Senior Loan Officer Amanda Roe at aroe@mhp.net.