The Metropolitan - Reaching New Heights in Mixed-Income and Mixed-Use Development
M ETROPOLITAN Reaching New Heights for Mixed-Income and Mixed-Use Development The
<ul><li>Developer: </li></ul><ul><li>Parcel C LLC </li></ul><ul><li>Asian Community Development Corporation </li></ul><ul><li>Edward A. Fish Associates </li></ul><ul><li>Architect: </li></ul><ul><li>The Architectural Team, Inc. </li></ul><ul><li>General Contractor: </li></ul><ul><li>Suffolk Construction Company, Inc. </li></ul>Development Team
History of Land Acquisition 1960s – City of Boston used eminent domain to demolish homes on the site for urban renewal. Site remained undeveloped for 30 years 1986, 1993 – Boston Redevelopment Authority (BRA) rejected garage proposal twice after receiving strong community opposition 1990 – BRA approved Chinatown Master Plan and zoned site for residential, forbidding institutional 1994 – The City transferred site control to Chinese Consolidated Benevolent Association. Site designated for community use. 1995 - 7 community organizations joined to propose a community center; national design competition held 1999 – BRA released Request for Proposal. Edward A. Fish Associates + Asian CDC won. 2001 – Height increased to 23 stories to accommodate affordability. Some residents concerned height above Chinatown Master Plan.
2002 - Demolition began in June. Groundbreaking ceremony for The Metropolitan was held on August 15, 2002. 2004 - Project completed Construction
COMMERCIAL CONDO (1 st FLOOR) ACDC owned office space EAF Associates own remainder of office space BRA owned office space and community room GARAGE CONDO (UNDERGROUND) Owned by EAF Associates RENTAL UNITS (2 nd TRHOUGH 9 th FLOORS) Owned by Rental LLC: Sun Yi LLC (0% interest) + EAF Associates (100% interest). AFFORDABLE RENTALS (scattered throughout) Owned by Community LLC*: Sun Yi LLC (.01% interest) EAF Affiliate (.01%) Tax Credit Investor (99.98%) MARKET RENTALS (scattered throughout) Owned by Metro LLC, whose members are EAF Affiliates (100% interest) FOR SALE CONDOS (10 th THROUGH 23 rd FLOORS) Individual units (affordable and market-rate) are owned by individual owners. Ownership
Lessons Learned 1. Community education key to engaged participation 2. Community understands tradeoffs when formulating goals 3. CDC decision-making rights important in partnerships 4. Property management experienced with diverse residents important
If you have questions, please contact: Janelle Chan Real Estate Project Manager [email_address]