Developers Scale Down Housing Project in Charlestown

Charlestown, Massachusetts — Developers moving to build 705 housing units on city-owned parking lots in Charlestown are scaling down their initial plans.

Trinity Financial became the developer for the 5.1-acre Austin Street parking lots, which sit close to Interstate 93 and within walking distance of the MBTA Orange Line Community College station. The Boston Planning and Development Agency approved the plan after six months of review.

Sheila Dillon, Boston’s chief of housing, noted that there are not many five-acre sites available in the city, highlighting the potential impact of the project. “This is the kind of project that we need,” she said.

The site features benefits such as easy access to public transport and a chance for creative landscaping, including a public plaza, athletic fields, and spaces for arts and education.

However, Goldenfarb mentioned that the site is subject to several restrictions. After attempting to shift a state service road, which runs near the parking lots, the plan was ultimately abandoned.

Trinity adjusted its first phase to include a seven-story, 125-unit building, reducing its original design by five stories and over 90 units. Despite the cut, the overall project still aims for around 700 units, redistributing the eliminated units among the remaining buildings.

Trinity plans to utilize wood-frame construction for cost efficiency. “Construction costs have gone up, so we’re trying to build the most economically feasible project we can in the first phase,” Goldenfarb said.

Despite discussions about including affordable condos, the required government subsidies were not achievable. Thus, Trinity is opting for affordable rental apartments. Potential investors include low-income housing tax credit investors, who view Boston as an attractive market.

Dillon stated that while building remains challenging, the city is dedicated to increasing income-restricted housing for residents. “We’re not going to stop,” she said.