The transition from downtown Brockton’s block to multipurpose development, including affordable market-priced housing, is nearing completion with ongoing funding packages.
Trinity Financial is building the second phase of the Enterprise Center. This is a multi-year project that includes 224 new mixed-income apartments upon completion and a 65,000-square-foot office, retail store, and artist exhibition space in Block, which previously housed the Brockton Enterprise Newspaper. There is a new municipal parking lot built by the city.
Trinity aims to complete the second final stage of the project, September 2022, as it is now fully funded after its recent closure with Mass Housing and other state and private sources of funding. We have started construction of 111 rental apartments. ..
Jonathan Brammer, Vice President of Asset Management at Trinity based in Boston, said:
“We continue to be very supportive of our efforts to revitalize downtown Brockton, and we believe this project will help drive these goals, and all that downtown Brockton offers. We provide 111 homes with quality housing with excellent facilities and access. “
Opposite the city’s commuter train station, the 3.5-acre site is adjacent to Main Street, Center Street, Monteroro Street and Petronelli Way.
In the first phase of the project, the former Brockton Enterprise building on Main Street will be restored to its original 1887 brick façade, plus a 47,000-square-foot office and an 8,800-square-foot future. Converted to restaurant space.
Phase 1, completed in 2015, also included the construction of a new building on Center Street with 113 apartments. 71 units are affordable and 42 units prefer artists. The building also includes 1,500 square feet of retail space and an art gallery. A city park honoring veterans of the Korean War and the Vietnam War has been restored.
Complementing the $ 63.5 million construction, the city has built 414 parking garages. A $ 10 million state grant supported a $ 17 million project completed in 2019.
The $ 48.2 million second phase will include the construction of a new building with 111 rental apartments (58 of which are affordable) with an outdoor plaza on Petronelli Way.
Second-stage financing includes a $ 19 million mass housing loan, a $ 30.6 million state and federal tax deduction, $ 3.5 million from a state affordable housing trust fund, and a state housing and community development agency. Includes $ 3.5 million. Bank of America offers construction loans and is a tax credit investor. Blue Hub Capital provided a state tax credit loan.
Rob May, director of planning and economic development at Brockton, said the early stages of the project were before the city’s 2016 Downtown Action Strategy and Urban Revitalization District, while the Enterprise Center was located in downtown the city. He said it was “optimal” for revitalization efforts.
He said the downtown strategy encourages multipurpose, transit-oriented development. As part of that effort, the city has adopted Chapter 40R. This is a type of smart growth zoning that allows developers building multipurpose projects near transportation facilities to exceed normal density limits if at least 20% of the units are affordable. Enterprise Center was licensed in Chapter 40R.
“We are very pleased with what they have done,” May said, saying the project is advancing Brockton’s goal of bringing 1,000 new housing units downtown. 380 units are being completed, licensed, or under construction, including the second phase of Trinity and other recent projects.
Brahmer of Trinity Financial said it was clear that city officials were working on a vibrant downtown vision. “We bought that vision very quickly, and now the market is catching up with the city and what we see as a possibility.”
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Brockton’s Enterprise Center has homes, retail stores, offices, and art galleries.
Source link Brockton’s Enterprise Center has homes, retail stores, offices, and art galleries.