St. Therese
Architectural elements of the former St. Therese church were incorporated into the landscaping.
Quick facts
City: Everett
Completion date: 2022
Development type: New construction
Number of homes: 77 rental apartments (70 one-bedroom, 7 two-bedroom); 6 townhomes for sale (6 three-bedroom)
Affordability: Senior apartments: 30 units at <30% AMI, 47 units at <60% AMI; townhomes: 3 units at <80% AMI, 3 units at <120% AMI
Total Development Costs: $38 million
Commercial space: PACE Health center operated by NeighborHealth
Supportive Services: Mystic Valley Elder Services
Overview
In its first development in Everett, TND produced St. Therese, a property for seniors that pairs quality homes with easy on-site access to health care and wellness services. Named for the former St. Therese Parish, TND created a community asset featuring affordable rental homes for seniors, homeownership opportunities, public green space, and a new health center to serve residents and neighbors alike.
The development includes a new building on Broadway with 77 affordable rental homes for seniors aged 62 and older, with a new health center on the ground floor to serve building residents and senior members of the broader community. The health center is operated by NeighborHealth, through its Neighborhood PACE program, which provides comprehensive care and support for seniors, including preventive care, specialist visits, prescription drug coverage, and health and wellness programs. Neighborhood PACE is the ideal solution for those who want an alternative to nursing home care for the right combination of medical, social, recreation, rehabilitation, home care, and other services. Of the 77 homes at St. Therese, more than one third will be restricted for households earning up to 30% AMI.
Building amenities include a community room, fitness room, on-site management office, laundry and parking. A pocket park on the site, Little Flower Park, incorporates architectural elements from the former church building and an interpretive exhibit to honor the rich history of St. Therese Parish in Everett.
The redevelopment also includes six new construction three-bedroom townhouse condominiums, sold at below-market prices – three homes restricted for households earning up to 80% AMI, and three for households earning up to 120% AMI. These homes help to fill a gap in the housing market in Everett, where there is a very limited supply of three-bedroom homes for sale, and where housing prices continue to rise.
Development team
Architect: The Architectural Team, Inc.
Contractor: Bald Hill Builders
Acquisition financing: The Life Initiative
Predevelopment financing: Blue Hub Capital
Low income housing tax credit investor: Enterprise
Construction financing: Boston Private
Permanent financing: Boston Private
Subordinate debt: MassHousing; Community Economic Development Assistance Corporation; City of Everett; North Suburban Consortium HOME Program
Additional funds: Charles H. Farnsworth Trust
