Gov. Charlie Baker joined Mayor Michelle Wu, among other elected officials and dignitaries, on Thursday, Dec. 9, at the old YW Boston (formerly YWCA Boston) headquarters at the corner of Clarendon and Stuart streets in Back Bay for the redevelopment project that will transform the building into affordable housing, with 111 of its 210 planned units expected to go to people experiencing homelessness.
“This project is a great example of public and private partners coming together to deliver a unique asset to the neighborhood by maintaining a cultural institution and providing a solution to homelessness: housing with services for our most vulnerable neighbors,” said Gov. Baker. “We are pleased to support Beacon Communities and Pine Street Inn on this dynamic project that will benefit hundreds, and we are eager to continue working with local partners to create new housing and pursue innovative projects across the state to meet the diverse needs of our Commonwealth.”
Beacon Communities and the Mount Vernon are partnering with the Pine Street Inn to renovate 50,000 square feet of space now comprising the existing 66-room Hotel 140 and 118 apartments into studio and one-bedroom rental units while the site’s three largest commercial tenants, the Lyric Stage Company of Boston, a nonprofit performing arts center; the Snowden International School; and YW Boston itself, will remain there as part of the plan. Numerous other lenders and partners helped make this project possible, including the City of Boston, the U.S. Department of Housing and Urban Development, the Massachusetts Department of Housing & Community Partners, the Boston Housing Authority, Bank of America, BlueHub Capital, Metro Housing, and the Massachusetts Housing Partnership, among others. Financing for the project includes $6 million in funding from the Massachusetts Department of Housing and Community Development; a $37.2 million permanent loan, a $20.3 million bridge loan, and $500,000 in Capital Magnet Fund financing from Mas Housing; $8,039,955 in funding from the City of Boston Department of Neighborhood Development; a Federal Low Income Housing Tax Credit and Historic Tax Credit equity in the amount of $43,975,833 from Bank of America; and $23,575,000 of State Low Income Housing Tax Credit equity from the Commonwealth.
Moreover, The city’s Department of Neighborhood Development is providing $8 million in direct subsidies for the project, while the BHA is providing 210 Project-Based Vouchers (PBV) to support tenancy of low-income households in every unit..
“Housing stability must be the foundation of our recovery,” said Mayor Wu. “Today’s groundbreaking shows what’s possible when we collaborate across different sectors and levels of government to create much-needed affordable housing in our neighborhoods. This project will provide much-needed housing and services for residents experiencing homelessness.”
The Pine Street Inn and Beacon’s Community Engagement team will provide formerly homeless resident with on-site services at the building.
“Pine Street Inn is thrilled to partner with Beacon Communities to provide permanent housing for over one hundred individuals experiencing chronic homelessness,” said Pine Street Inn President and Executive Director Lyndia Downie. “This partnership is a huge step forward in our efforts to provide every person with a safe, stable place to live, ensure they receive the services they need, and ultimately end homelessness in Boston.”
Beacon Communities, in partnership with Mount Vernon Company, will own the new development, which will be managed by Beacon Residential Management Limited Partnership. Construction on the project is expected to be completed in 2024.