We all know living in South Boston – including the neighborhoods of Fort Point and the Seaport – is very expensive. For those of you who are giving up hope on being a homeowner in South Boston, there’s a glimmer of hope!
According to Boston.com, Massport has partnered with a Boston-based developer – The Community Builders – to build a 200-unit, income-restricted apartment building on a Massport site. The building will be a 15-story tower on D Street, next to the port authority’s parking garage.
The first of its kind in this area, the new development will feature 200 units available based on four income ranges – a maximum of 30% of area median income for the least expensive units ($44,520 for a family of four) up to 120% ($178,080), meaning monthly rents will range from $950 to $3,000-plus.
Massport’s chief development officer, Andrew Hargens, believes it could take three years for the developers to secure permits and financing before construction would begin. Massport officials expect the developers will seek state and federal affordable housing subsidies.
You can read the full details here!