25 Sixth Street
Quick facts
City: Chelsea
Construction start date: June 2022
Expected completion date: Early 2024
Development type: New construction
Number of new homes: 56 rental apartments (27 one-bedroom, 18 two-bedroom and 11 three-bedroom); 6 homes for sale to first-time homebuyers (3 two-bedroom, 3 three-bedroom)
Total Development Costs: $34 million
Affordability: rental apartments: 8 homes at <30% AMI, 36 homes at <60% AMI and 12 homes at <100% AMI; townhomes for sale: 3 units at <80% AMI, 3 units at <100% AMI
Affordability (for sale): 3 homes for < 80% AMI and 3 homes for < 100% AMI
Throughout construction, The Neighborhood Developers will prepare monthly updates. The updates will provide information about the project, the work happening on site, news of any short-term disruptions, details of how to rent or purchase the homes once they are ready, and other news from our organization. We will also share who to contact with construction-related questions or concerns.
Overview
25 Sixth Street will redevelop an industrial site adjacent to a new MBTA Silver Line Station and revitalize the site with the new construction of 62 affordable homes for families, improved streetscape along Sixth Street, and a walking path through the site to the Silver Line Station providing for a better connection between the Station and Bellingham Square, Chelsea’s downtown core. The transit-oriented development will include 56 new units of mixed-income rental housing for families at 25 Sixth Street and 6 new homeownership units, to meet a growing need for affordable housing production in Chelsea. Property amenities will include a community room, a 4,000 square foot outdoor public space on the second level, 40 at-grade parking spaces, common laundry facilities on three floors and public bicycle parking. The development’s architectural details will emphasize energy efficiency, with details designed to meet the standards for Passive House Certification. The project will apply for DHCD funding in 2021.
Development team
Architect: Utile Architecture + Urban Design
Contractor: NEI General Contracting
Acquisition financing: The Life Initiative
Predevelopment financing: The Life Initiative; Local Initiatives Support Corporation
Low income housing tax credit investor: Massachusetts Housing Investment Corporation
Construction financing: Silicon Valley Bank
Permanent financing: MassHousing
Subordinate debt: Community Economic Development Assistance Corporation; North Suburban Consortium HOME Program
