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Public-Private Partnership Starts $155M Redevelopment of Innes Apartments in Chelsea
The Chelsea Housing Authority and partners have celebrated the groundbreaking of a $155-million redevelopment of Innes Apartments in Chelsea, MA.
Eight deteriorating Innes apartment buildings will be demolished as part of this redevelopment to make way for a new, 350,000-square-foot community. The newly reconstructed Innes Apartments will provide new homes for the current residents of 96 units of public housing at the site, an additional 40 units of new middle-income opportunities for new families and 194 market rate apartments.
The AA-compliant, mixed-income redevelopment will include onsite amenities (fitness room, multiple community rooms, two roof deck lounges, bike storage, playground and parking) along with ground-floor retail space to activate the Central Avenue Smart Growth area.
“This project represents a commitment to preserve and improve existing affordable housing, while creating additional workforce and market-rate housing in a transit-oriented, mixed-income development,'” said Ryan McDonough, co-chief investment officer at Marcus Partners, a partner of the project.
Construction is being led by Plumb House, Inc.
Project Partners
- Joseph J. Corcoran Company
- John M. Corcoran & Company
- Marcus Partners
- Cambridge Savings Bank
- Chelsea Housing Authority
- Massachusetts Office of Housing and Economic Development and Department of Housing & Community Development
- ◦Development
