WinnDevelopment to begin $44 million 140-unit project in Quincy
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WinnDevelopment to begin $44 million 140-unit project in Quincy

10 May WinnDevelopment to begin $44 million 140-unit project in Quincy

Posted at 14:11h in Multi-Family Housing, Residential by

Project team includes Cube 3 Studio and Dellbrook Construction

Read the full article: NEREJ
May 5, 2017

Quincy, MA A plan by WinnDevelopment for a unique workforce housing community in the city has received a boost from Massachusetts governor Charlie Baker, who chose the property as the backdrop for announcing a $1.3 billion housing bond bill to support similar projects throughout the state.

Baker’s presentation took place at the 1.7 acre site, where WinnDevelopment and its nonprofit partner, NeighborWorks Southern Mass., are moving forward with plans to build a $44 million, 140-unit community that will feature largest number of workforce units ever financed under MassHousing’s Workforce Housing Initiative.

The long-vacant brick office building at the site will be demolished to make way for The Watson on Howard, a community of 28 affordable apartments at 50% AMI, 86 units of middle income housing at 110% of AMI, and 26 unrestricted market rate units. The 8 studio, 85 one-bedroom, and 47 two-bedroom units will feature market rate finishes, and the property will include a gym, community room, and courtyard.

Gilbert Winn, CEO at WinnCompanies

“This development is aimed at people who have incomes too high for subsidized housing but are priced out of affordable market rents as housing costs continue to rise,” said WinnCompanies CEO Gilbert Winn. “This is going to be a high impact project for those who are under-served in the community and we thank the Baker Administration and MassHousing for their leadership to help make it happen.

Construction will be financed by Citigroup, city and state soft loans, Low Income Housing Tax Credit equity, deferred development fees, and equity from WinnDevelopment. The project’s income restrictions will be made possible through permanent financing and a workforce housing loan from MassHousing, city and state soft loans, LIHTC equity, deferred development fees, and equity driven by the Housing Development Incentive Program, a Massachusetts tax credit program for the creation of housing in cities like Quincy.

Led by WinnDevelopment vice president Meade Curtis, work on The Watson on Howard is scheduled to begin by June with occupancy expected by July 2018. Cube 3 Studio is the architect. Dellbrook Construction is the general contractor.

The property abuts the former Fore River Shipyard, once the nation’s premier shipbuilding facility but largely dormant for three decades now. Community leaders hope the mixed-income development will create more private investment opportunities in the area.

Read the full article: NEREJ