The Neighborhood Developers (TND) have purchased a previously-permitted project on Cottage Street in Chelsea – with it being the first development permitted that faces the Silver Line and not the street – from noted Everett developer Greg Antonelli for $4.5 million.
TND Director Rafael Mares said they intend to convert the project to an entirely affordable building from what was 20 percent (14 units) of affordable housing in the original project.
“We will be making it all affordable housing,” he said. “We’re going to decrease the size of the building a little because we don’t need that large of a footprint and it will create a lot more open space.”
Mares said they will also be transforming nine two-bedroom units and two one-bedroom units into 11 three-bedroom units, while increasing the open space from 8,700 sq. ft. to 10,184 sq. ft.
Antonelli had proposed the project and permitted it a few years back, and it was the City’s first development that faced the Silver Line and not the street – making the new transit service a focal point of the development.
Antonelli said he didn’t intend to sell the project, but believes it’s in very good hands with TND.
“There was no intention for me to ever sell that project, but when TND came to me, they were a great Chelsea organization that I knew would finish the project the way I would want it done,” he said.
Mares said they were particularly interested in the project because of its location, as the organization has been moving quickly to buy more affordable housing and ownership opportunities in Chelsea, Revere and Everett.
“It’s just a great location,” he said. “We do Transit Oriented Development (TOD) and want people to live next to public transit. We have the Box District already right next to the Silver Line, and this is another Silver Line site. It’s an excellent opportunity. When the Silver Line came in, there were questions about who it would serve. With this building, that ensures even more people will be served by the Silver Line who access affordable housing.”
Mares said they will now seek funding for the project, and he is hoping they might be approved next summer in the 2022 round. If not then, they believe it would be funding in 2023. He anticipates a 12-month construction period once funding is secured.