65 Pine Street
Chelsea, MA 02150

Very rare corner lot in Chelsea Massachusetts approved for 20 one-bedroom work-force and affordable residences. Located in an OPPORTUNITY ZONE (ID25025160400) and a transit-oriented, amenity-rich neighborhood. Location provides convenient access to business, cultural, medical, and recreational opportunities. Easy access to public transportation routes and highways. Steps to buses and 1/2 mile to commuter rail to Boston and major metro Boston and regional highways. Can be developed as condominiums or apartments. Qualifies for MassHousing "Commonwealth Builder Grant" of up to $4,250,000. Approval of variances recorded in registry, allows for 17 work-force housing units at 120% AMI and 3 affordable units at 80% AMI. Commonwealth builder grant of 4,250,000 for 17 @ 100% AMI and 3 @ 60 AMI. The City of Chelsea has waived 100% of the CITF fdevelopment fee for the 100/60 AMI split. Chelsea is the 26th most densely incorporated place in the United States. Entitled land with minimal site work required is exceedingly rare. Full set of schematics available. Schematics show 2 buildings separated by a shared outdoor terrace and a 20-car parking garage below one of the buildings. Contact John Craig at 781-296-4271 for financials - construction budget, condo sell out, and/or first year apartment NOI