Chinatown Mixed Use Development is approved!

Chinatown Mixed Use Development is approved!

The residential and retail complex planned to go up on a vacant parcel on the fringe of Chinatown has hit more than a few roadblocks in the last couple years. It seems the City, the developers and the community have finally agreed on the vision for this vacant parcel at the corner of Kneedland and Hudson Streets.

Early plans for the development included 325 condo units. Last week the development team of New Boston Fund Inc. and the Asian Community Development Corporation won city approval for a revised plan for 295 rental apartments, 50 condos, retail stores, an underground garage, and a park.

According to the developers, 40% of the units, which includes 95 rental units and 50 condos, will provide affordable options to buyers / renters looking to live downtown. The average price of a two-bedroom condo will be about $175,000, while a two-bedroom apartment will rent for about $540 a month to qualified tenants, and for about $1,170 at market rates. Project executives said they will seek city and state housing subsidies to help finance the work.

One of the two buildings in the complex is a striking 20-story apartment tower that will be visable from the highway. The developers are confident that this $130 million mixed-used project will completely change the landscape of the area. This particular piece of land, located at the outskirts of Chinatown, is currently an eyesore whose focus is the on-ramp to I-93. “It will be an iconic building that signals you’re entering Boston,’’ said Kirk Sykes, who runs a New Boston real estate investment fund. “We want to create vibrancy and activity where there’s just dirt at the moment.’’

Construction of the project is scheduled to start in the first half of 2012.

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