The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge Street, near the city’s main street and commercial district, as reported this week by the Revere Journal.
The phased development plan would create about 790 new public housing units, replacing the existing 431 units on the site, while adding roughly 910 market-rate units as well as community amenities and public open spaces. Out of the public housing units, 570 would be family units while 220 units would be designated for senior and the disabled. Current residents of the existing housing units, which are about 70 years old, would be relocated on-site while construction is ongoing being moved into the new units.
RHA’s plan would create Revere’s third Smart Growth district, leveraging a planning tool established by the state’s Smart Growth Zoning and Housing Projection Act that is intended to promote affordability and mixed-use development.
CBRE’s latest multifamily research shows an improvement in market fundamentals as U.S. apartment rents grew slightly in the third quarter and new construction continued to slow. Average apartment rents rose by 1% year-over-year and 0.5% quarter-over-quarter to $2,268, the brokerage found. Positive performance in across the Midwest, Northeast and Pacific regions supported rent growth, with...
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Berkadia has closed a $219 million Fannie Mae loan to support the modernization of a 984-unit affordable housing community that was originally built in 1951 in Manhattan’s Washington Heights neighborhood. The 15-year permanent loan forms part of a $669 million capital structure that also includes an approximately $214 million subsidy from New York City and...
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Cunat, Inc. announced the launch of Cunat Exchange X DST, which is seeking to raise $56.17 million. The DST owns The Residence of Fox Meadows, a newly developed 540-unit multifamily community in McHenry, Illinois, approximately 50 miles northwest of Chicago. Cunat developed The Residence of Fox Meadows and sold the property to the DST for...
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