Highland Terrace
Quick facts
City: Chelsea
Date completed: 2012
Total development cost: $10.4 million
Development type: New construction
Number of homes: 32 rental apartments
Affordability: 4 units for <30% AMI; 4 units < 50% AMI; 24 units < 60% AMI
Overview
Highland Terrace is located in Chelsea’s Box District, and provides 32 affordable homes for families. Apartments range from one to three bedrooms in size and all but three apartments have private entrances directly to the street, connecting the development’s design to the neighborhood. The project was built at the same time as the Box District Park (shown in the above photo), which was developed and is owned by the City of Chelsea, providing much-needed green space. Highland Terrace is the first TND development to pursue LEED certification and anticipates receiving Gold status. Three units are accessible and developed for those with sensory impairments.
Development team
Development consultants: David Koven, Peter Munkenbeck
Architect: ICON architecture, inc.
Contractor: NEI General Contracting
Equity: Bank of America
Federal low incomes housing tax credits: The Low Income Housing Tax Credit Program of the Commonwealth of Massachusetts Department of Housing and Community Development
Permanent financing: Massachusetts Housing Partnership
Subordinate debt: The Commonwealth of Massachusetts Department of Housing and Community Development; MassHousing; Community Economic Development Assistance Corporation; North Suburban Consortium HOME Program; and the City of Chelsea
Predevelopment and acquisition financing: The Life Initiative
Additional funds: MassDevelopment Brownfields Redevelopment Fund; NeighborWorks America; The Neighborhood Developers; and Massachusetts Business Development Corporation
Construction loan: Bank of America
