One of the eight new projects approved last week by the board of the Boston Redevelopment Authority was a 239 affordable housing unit and hotel development near North Station in the Bulfinch Triangle and adjacent to the North End.
Developer Related Beal won approval to construct 239 rental units that will be aimed at households making between 30 and 165 percent of area median income. The project will also consist of a 220 room hotel, associated 220-space parking garage and ground floor retail space (submitted proposal). According to the BRA’s press release:
With no market-rate units, the project represents a departure from the recent wave of high-end downtown housing developments. Related’s proposal supports Mayor Walsh’s goal of adding 20,000 new middle-income units to Boston’s housing stock over the next 15 years.
Apart from the housing component, the developer has committed to a number of other benefits. Related Beal will make a $500,000 contribution to design and build a new park. Several hundred thousand dollars will be dedicated to other infrastructure improvements in the neighborhood. And to meet the project’s linkage obligations, the developer will contribute over $467,000 to the Neighborhood Housing Trust and more than $93,500 to the Neighborhood Jobs Trust.
Slightly higher than a former proposal known as “The Murano,” the building will be 14 stories between North Washington, Causeway and Beverly Streets.
Related Beal is seeking a 121A tax agreement to help finance a portion the $220 million project and to offset the high cost of land and construction downtown. Construction is expected to begin before the end of 2015 and take approximately 26 months.