Brockton, MA MassDevelopment has provided $3.293 million in financing to 47 Pleasant Street Realty Trust, a subsidiary of South Shore Property Management, LLC, a professional property management company. The company is using the financing, which consists of two loans, to buy and renovate 47 Pleasant St., a former office building that has been vacant for several years located in the city’s Transformative Development Initiative District, into 24 market-rate housing units. The project is also receiving federal and state tax credits, and MassDevelopment’s financing will provide bridge financing to South Shore Property Management until it receives those tax credits.
This is the first Housing Development Incentive Program (HDIP) project proceeding under the newly expanded HDIP program. HDIP promotes the production of market-rate housing in Gateway Cities, and last year, governor Charlie Baker secured legislation making several reforms to the HDIP program. These reforms more than doubled the capacity of HDIP tax credits to support Gateway City housing projects, and expanded program eligibility to new construction. HDIP credits are supporting the redevelopment of 47 Pleasant St. at a level that would not have been possible, prior to last year’s reforms.
“Last year, our administration revamped the Housing Development Incentive Program to create the necessary conditions to bring projects like this to fruition, which will transform vacant office space into market-rate housing that is missing in Brockton,” said Housing and Community Development undersecretary Chrystal Kornegay. “The revitalization of downtown Brockton is the remarkable achievement of coordinated efforts across agencies to leverage existing resources and infuse new energy into the city, and we are proud to be a partner in this work.”
“Prioritizing creative housing solutions is crucial for families in the Brockton community and throughout Massachusetts,” said MassDevelopment president and CEO Marty Jones. “MassDevelopment is pleased to help support the redevelopment of 47 Pleasant Street, which will transform a formerly vacant, blighted building into a vibrant housing complex in Brockton’s TDI District.”
South Shore Property Management is a professional property management company with over 25 years of combined experience in the South Shore area. The majority of its properties are located in Brockton, which offers close proximity to Boston at a more affordable rate. With access to several different commuter rail lines and bus stops located throughout the city, an abundant supply of entertainment and shopping, access to parks and playgrounds, medical facilities and more, Brockton is an ideal place to live.
“We are proud to be a part of downtown Brockton’s continued revival and economic development,” said Geoffrey Anatole of South Shore Property Management. “This project will provide quality market rate units less than one mile from the commuter rail. MassDevelopment has been a critical partner in making this project a reality, and we are excited they chose to be part of this development.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.