Old Colony Redevelopment, Phase 2
MassHousing has closed $33.4 million in construction financing for Phase Two of the redevelopment of Old Colony Apartments in South Boston. Phase Two will result in the demolition of 223 existing units and the construction of 95 apartments in two mid-rise buildings, as well as 34 new townhomes.
MassHousing also provided $26.7 million for Phase One of the project, which saw the demolition of seven blighted apartment buildings; the construction of 116 new units in one mid-rise building and four clusters of townhomes; and the construction of a new 10,000-square-foot community center. Here’s a video from the ribbon-cutting of Phase One:
Originally built in 1940, the 840-unit Old Colony is among the oldest public housing communities in the country, and is the most distressed property in the Boston Housing Authority’s portfolio. The property is being redeveloped in multiple phases over the next 10 to 12 years.
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