SPRINGFIELD, Mass. (WWLP) – More than 300 apartments at Baystate Place on Chestnut Street in Springfield will be renovated.
MassDevelopment has issued a $37,890,326 tax-exempt bond and a $988,891 taxable bond on behalf of BC Baystate Place LLC to buy, renovate, and equip the Baystate Place apartment complex located at 414 Chestnut St. in Springfield`s Memorial Square neighborhood.
Baystate Place has 346 mixed-income rentals across three buildings that were built in 1974 and will be converted from market rate to affordable as follows:
- 289 units will be rented to families earning up to 60% of the area median income ($50,460 for a four-person household)
- 35 units will be rented to families earning up to 30% of the area median income ($25,230 for a four-person household)
- 22 units will be rented at market rate
Units will have kitchens and bathrooms replaced, new flooring, paint, and windows. The common areas will be reconfigured and upgrades, including a wellness center and fitness rooms. The courtyard will be upgrades, a new handicap ramp, and upgrading or replacing elevators, parking lots.
Improvements include the roofs, heating and cooling, ventilation, fire safety, plumbing stacks, water and waste lines, intercom and security systems, main breakers, switchgear, and unit electrical loan centers.
A tax-exempt bond MassDevelopment was also issued on behalf of Beacon Communities at Colonial Estates in Springfield for affordable housing in 2013.
“The Baker-Polito Administration believes that preserving and expanding affordable housing in Gateway Cities and urban centers is crucial to addressing our Commonwealth’s housing crisis and stimulating long-term economic prosperity,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “MassDevelopment’s bond financing is a key tool in bringing developers, municipalities, and financial institutions together to make these projects happen.”
“MassDevelopment is pleased to continue our years-long partnership with Beacon Communities LLC as it undertakes this major investment for residents of Baystate Place in Springfield,” said MassDevelopment President and CEO Dan Rivera. “We are proud that this project includes extensive renovations to preserve hundreds of housing units, and that Beacon has committed to converting an additional 63 apartments to be affordable for families earning a range of incomes.”
“Massachusetts has a strong history of developing affordable housing, and we continue that commitment by preserving and expanding our existing portfolio. In addition to substantial interior and exterior improvements, Beacon Communities will increase affordability at Baystate Place,” said Housing and Community Development Undersecretary Jennifer Maddox. “We are proud to work with thoughtful and dedicated partners like MassDevelopment and Beacon Communities to provide affordable housing opportunities to households across Massachusetts.”
“I want to thank MassDevelopment President and CEO Dan Rivera and his team, Secretary of Housing and Economic Development Mike Kennealy and Governor Charlie Baker and Lt. Governor Karyn Polito for their continued belief and investment in the City of Springfield,” said Springfield Mayor Domenic J. Sarno. “This much-needed investment and partnership with Beacon Communities at Baystate Place on Chestnut Street will greatly benefit our residents in the Memorial Square neighborhood. The renovations will improve almost every aspect of these buildings, from replacing kitchens and bathrooms to upgrading common areas and the fitness room and installing a new handicap ramp, and roof and ventilation work. This initiative complements my Administration’s commitment to improving the quality of life for our residents and improving our housing stock for all of our residents.”
“We are thrilled to preserve and renovate this critical affordable housing asset that has served so many households in Springfield for decades,” said Beacon Communities CEO Dara Kovel. “We thank MassDevelopment, Citibank, MHIC, DHCD, and the City of Springfield for their support and expertise in closing this complex transaction.”