Housing Assistance celebrates groundbreaking of Cornerstone Hyannis - a 50-unit affordable housing community

Hyannis, MA Housing Assistance, a Cape and Islands nonprofit focused on addressing housing insecurity for residents, joined state and local leaders, project partners, and community members on May 1 to celebrate the groundbreaking of Cornerstone Hyannis, a new 50-unit affordable housing community located at 268 Stevens St., which replaces a blighted lot.

Cornerstone Hyannis is the first project under the Cornerstone Homes Cape Cod flag, a new Housing Assistance initiative to create attainable, high-quality homes for middle-income buyers on the Cape.

Located within a short walk of Main St., the transit-oriented development includes a mix of 18 one-bedroom, 27 two-bedroom, and five three-bedroom units. The site aligns with smart growth planning on Cape Cod as it makes use of previously developed and underutilized land while improving the site’s environmental conditions and protecting the existing natural resources.

The project is being designed by SV Design and constructed by Dellbrook | JKS with engineering by DiPrete Engineering.

The three-story building is designed to complement the scale of the surrounding area and will feature modern finishes and a wide range of amenities, including a community lounge that opens onto an enclosed patio with grills and a fire pit, sitting areas on each floor level, secure mail and storage spaces, exterior bike storage, two elevators, and high-efficiency systems.

Construction is expected to be completed in summer of 2027, and sales of the units will be conducted through a lottery administered by Housing Assistance. Unit prices start at $278,000 for one-bedroom units at 100% of Area Median Income (AMI), the income level that reflects what an average local household earns. The income limit for the development goes up to 120 percent of AMI, except for four units that will be sold at market rate with no income restriction.

“Marking this groundbreaking for Cornerstone Hyannis is exciting because we can see this long-planned project finally taking shape,” said Alisa Magnotta, CEO of Housing Assistance. “Cornerstone Homes is about creating opportunities like this that allow people to live close to where they work and contribute to the long-term success of their communities.”

 “With Cornerstone Hyannis, we are taking a longtime vacant lot, which was previously a car dealership, and creating new opportunities for Cape Codders to own a home right in the heart of Hyannis.” said David Quinn, vice president of real estate development at Housing Assistance. “Because the units will be sold to middle-income buyers, the new homes will be of benefit to people who may not qualify for traditional ‘affordable housing’ but also can’t afford homes on the open market.”

“Groundbreakings are my favorite days because we get to actually see tangible progress on the toughest issue facing Cape Codders and Islanders,” said state Sen. Julian Cyr. “This is a model for home ownership that we can replicate across the region.”

“At SV Design, we believe that everyone deserves a place to call home. This groundbreaking project at 268 Stevens St. not only reflects our commitment to innovative and sustainable design, but also our dedication to fostering inclusive communities where families can thrive,” said Thad Siemasko, founding principal at SV Design.