Construction has begun on a $105 million Pine Street Housing Project at 3368 Washington in Jamaica Plain, Boston. One of the foremost nonprofit housing organizations, The Community Builders (TCB), and a homeless services agency called Pine Street Inn (PSI), are working together on this supportive housing project, in an effort to tackle the homelessness crisis which erupted in Boston over the past few years.
The Pine Street Housing project is to be developed on the site of an existing warehouse facility owned by PSI. The warehouse services will be relocated and the structure will be demolished to make way for a 5 story mixed-use apartment building consisting of 202 residential units. This new 144,000 s.f apartment building would be the first of its kind offering accommodation to two population groups, which include the formerly homeless and those who can afford a certain range of incomes. Developers expect this building to be completed by the end of 2023, with Cranshaw Construction serving as the construction manager.
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Pine Street Housing to bring 62 affordable family units and 140 supportive housing units
The Pine Street Housing project will feature 202 residential units comprising 140 units allocated to PSI’s supportive housing scheme for the homeless and 62 family units set aside for people who earn between 60% and 80% of area median income. 21 of these units will be designed for the mobility impaired and 18 units will be built for the sensory impaired, with the inclusion of 2 mobility impaired/sensory impaired units. The design plans by the Boston-based RODE Architects, also features 16,000 s.f ground floor office space which will be leased by PSI, and other amenities for residential use, which include 39 vehicle parking spots, a bike storage area, and 13,400 square feet of outdoor space for residents.
Washington Pine LLC, the owner of the Pine Street Housing Project intends to make a long term service contract with Pine Street Inn, which will ensure that daily twenty-four hour intensive supportive services are available for the 140 units under the supportive housing scheme. In addition, the Boston Housing Authority intends to provide subsidized rates for a total of 156 units through its Project-Based Vouchers, which will include 111 traditional PBV and 45 Mainstream vouchers.
Part of the funding for the project was realized through Boston’s Way Home Fund which was created to assist with permanent supportive housing projects. $10 million was raised through the fund. Some major sources of funding for the project include Bank of America‘s Low Income Housing Tax Credit (LIHTC) worth over $50 million, with over $60 million for construction financing; Mutual Life Insurance Company will also provide tax-exempt bridge financing worth over $30 million and over $20 million in permanent loans.
