FOR IMMEDIATE RELEASE
Media Contact: Perry B. Newman, [email protected], (617) 533-9551
Chanie Infante, [email protected], (617) 533-9582
Dorchester Bay, Boston Capital and Escazù Development’s Indigo Block Project Near Completion
May 14, 2021– Boston, Massachusetts –Dorchester Bay Economic Development Corporation’s (DBEDC) newest project, Indigo Block, is on track for completion by August 2021.
The mixed-use, transit-oriented development on a 2.5-acre parcel located at 65 East Cottage Street in Dorchester, adjacent to the Upham’s Corner station on the MBTA Fairmount line, is less than 2 miles from downtown Boston, just 1 mile from I-93.
“Indigo Block is the culmination of years of hard work and many productive partnerships between the community, area stakeholders, government agencies, and private investors. We’re thrilled that Dorchester Bay will soon be able to offer outstanding housing and commercial opportunities, close to transit, for the community,” said Perry B. Newman, Chief Executive Officer of DBEDC. “We commend the City of Boston and the Commonwealth for their increased focus on housing affordability, and we look forward to continuing to be a part of the solution.”
Indigo Block will include 80 mixed-income rental units, nine homeownership units for first-time homebuyers, and 20,000 sq ft of light industrial space and office space. Indigo Block will help address the shortage and affordability of housing and provide opportunities to expand local small businesses and job creation in the community.
Leasing opportunities are now available for the light industrial space, which can accommodate up to six commercial tenants. Commercial spaces will be ready for delivery to tenants by June 2021. Dorchester Bay offers flexible lease terms and a tenant improvement allowance.
The first floor design is for light industrial uses, with four loading bays, 20-foot ceiling height, and an elevator to a mezzanine level. It is ideal for uses like food production, R&D, maker space, robotics, STEM-oriented uses, and other job creation opportunities. The second floor is designed for office uses. On-site parking is available for tenants.
“Indigo Block demonstrates that innovative partnerships can bring exciting opportunities for our community,” said K. Beth O’Donnell, Director of Real Estate Development for DBEDC. “Newmarket Community Partners has been instrumental in helping us move the project along and providing guidance on leasing opportunities. This project will succeed in large part because of these partnerships.”
Funding support for Indigo Block includes financing from Eastern Bank, Boston Private Bank, The Life Initiative, Boston Financial, MassHousing, Property and Casualty Initiative LLC, Community Based Housing (CBH), and The Northern Trust Company. The project was also made possible with the support of local, state, and federal funding from the City of Boston Department of Neighborhood Development (DND), Inclusionary Development Program (IDP) funds, HOME Program, Affordable Housing Trust Fund (AHTF), Low-Income Housing Tax Credits (LIHTC), Commercial Area Transit Node Housing Program (CATNHP), funds from the Department of Housing and Community Development (DHCD), and New Market Tax Credits (NMTC) from Massachusetts Housing Investment Corporation (MHIC) and Local Initiatives Support Corporation (LISC).
Dorchester Bay and its partners, Boston Capital and Escazú Development, are developing rental units that will house low to middle-income households. The rental units will offer 44 units of affordable rental housing to households making up to 60% of the Area Median Income (AMI) and 36 units set aside for households making between 61% and 90% of AMI.
Davis Square Architects designed Indigo Block to be energy and resource-efficient and will be the second LEED-certified neighborhood development project in Boston.
Significant development is slated for Uphams Corner, a designated arts and culture district. As the fast-paced changes approach, the development of Indigo Block comes at a time when affordable housing and equitable jobs are in high demand. Dorchester Bay has been a leader in equitable development ensuring residents and local small businesses can remain and thrive in the neighborhood.
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About Dorchester Bay Economic Development Corporation
Dorchester Bay Economic Development Corporation (DBEDC) is a community development corporation founded by local civic associations in 1979 to address the problems of economic disinvestment, unemployment, crime, community tensions, and the shortage of quality affordable housing undermining Boston’s Dorchester neighborhoods. Over the last 40 years, we have worked in partnership with local leaders and stakeholders to build and preserve 1,100 units of affordable housing and over 200,000 square feet of commercial space, to engage residents in community life, and to support a robust economy through small business support and economic development. The structures we have built are physical manifestations of our work, but at its core, our work is about strengthening our community, which is made up of the people who live and work in our neighborhood.
For more information, visit the DBEDC website at www.dbedc.org, follow us on Twitter @dbedc, like us on Facebook, connect with us on LinkedIn, and subscribe to our email list.
About Escazú Development
Escazú Development, formed in 2013, adopts an entrepreneurial approach to real estate development and construction management, creating value for its public, private, and local community partners. A growing real estate development company, Escazú Development is involved in the creation of a range of housing and commercial development ventures in greater Boston’s neighborhoods.
The firm takes a collaborative approach to development that involves stakeholders in government, private capital partners, nonprofits, and community neighborhood groups. Our firm and its leadership have an unwavering commitment to developing and investing in urban areas where there is a need for economic growth and opportunity. As a minority-owned enterprise, Escazú has a deep commitment to excellence, growth, and collaboration with local municipalities and their leadership.
About Boston Capital
Boston Capital and its affiliated entities have experience in various aspects of the affordable and market-rate multifamily housing industry; including development, investment, and lending. The company was established in 1974. BC has placed $11 billion in equity into over 230,000 apartments across 3,640 properties nationwide. The majority of the company’s experience is with affordable housing. On December 16, 2020, BC sold the majority of its LIHTC investment portfolio. Prior to the sale, BC provided services for the structuring, monitoring, financing, and selling of syndicated tax credit investment limited partnerships. Boston Capital’s continuing business lines after this transaction include Development, LIHTC Debt Financing, Market Rate Multifamily Investment, and Asset Management. BC currently owns interests in approximately 215 properties totaling over 10,000 units. Our long-term experience across a wide range of properties and locations provides a strong foundation for the future growth of these business lines.
