Gardner Street in Allston Starts a Housing Project for Working Tenants
Boston-based Hamilton Co. has started the construction phase of a workforce housing complex that features a total of 40 units. The building is located at Packard’s Crossing in Gardner Street, Allston. It has entered its second stage of development, which is estimated to be worth $100 million.
The construction is currently the talk of the town because of its moderately priced housing. The complex is at 79 to 83 Gardner Street and will not have income requirements unlike the other construction on Beverly Street. The required annual income in that part of downtown Boston is from $17,578 to $60,000. Compared to other new apartments in this part of Boston, the rents at this project will be much lower.
How Much Will It Cost to Rent at the New Gardner Street Workforce Housing Complex?
According to the developer of the project, the rents will be a lot lower than most of the other apartments in Allston neighborhood. The average rents will be from $2,700 to $2,900 per month depending on the type of the unit. Earlier this year, Hamilton Co. has completed the first phase of another project at 40 Malvern Street, which is a 48-unit building costing $20 million.
There are 39 two bedroom units in the building, while the remaining one is a one-bedroom apartment unit. The prices mentioned are about 30 to 40 percent less than the other properties in the surrounding areas, such as in the Seaport District and the Back Bay.
Currently, the median rents in Allston range from $3,000 to $3,800 depending on the type of property. Meanwhile, the median sales price has increased with per square foot priced at $496, which was previously $468 last year.
Although there is no word yet as to what each unit offers, potential renters can expect to have some commendable facilities and a convenient design that would make their stay comfortable.
An Important Part of the Project
The construction, as mentioned above, is at its second phase in which the project has included the preservation of a Victorian house in Packard’s Crossing area in Allston. It is one of the few remaining freestanding houses in this particular location, which makes the building even more interesting.
The Victorian-era house, along with the other properties at Packard’s Crossing was once called the Mahogany Row. They lined the Gardner Street, and they were used to house the prominent families of the 19th century, particularly those who worked in the lumber industry.
The preserved Victorian house at 83 Gardner Street will serve as the lobby for the bigger apartment complex. Aside from that, it will also contain the only one bedroom unit and two other two bedroom units. When the whole project is finished, it will feature a four-story building with 40 units and total to 47,736 square feet of residential space. It will also supply a covered parking area for 40 vehicles.
The workforce housing at Beverly Street has already started accepting applicants. While this one at Gardner Street will still have to enter its final phase of construction next year, it is expected that demand for the units will be high. It is especially because there will be no required minimum and maximum annual incomes for the qualifying applicants.
Workforce Housing in Boston
Many workers continue to benefit from workforce housing, which is where they get affordable places to live that are close to where their jobs are. This type of housing is essential for employees who typically work in the tourism and service industries.
The workforce housing initiative in Massachusetts targets people and families who have incomes of 61% up to 120% of AMI or Area Median Income. The funding allows up to $100,000 of subsidy for every unit of housing. As part of Boston, Allston’s Gardner Street housing project can provide a big help for those who want affordable apartments for rent, while also offering easy access to their jobs. The MTBA Green Line (B), as well as some businesses, is just a few blocks away from the workforce housing complex.