the Metropolitan
The Metropolitan: A model for mixed income development
boston, ma - Completed 2005
overview The Metropolitan leveraged the experience of Asian Community Development Corporation (ACDC) in developing Oak Terrace to take on new challenges: the 5% owner-occupancy rate in Chinatown and the increasingly expensive cost of housing in Boston’s downtown core. The result is a mixed use 23 story high-rise containing 251 rental and homeownership units, 115 (or 46%) of which are affordable to low and moderate income families. ACDC successfully incorporated an extraordinary number of affordable units by capturing and capitalizing on the intrinsic value of the site’s desirable location
As testament to the demand for affordable units and the desirability of units within The Metropolitan, over 3000 applicants entered the lottery for the affordable units in late 2003. All the affordable rental units have been occupied since March, 2004.
in downtown Boston, access to a plethora of public transportation options, and existing diversity and density that allowed the market-rate condominiums to subsidize the affordable housing component. ACDC partnered with for-profit developer Edward A. Fish Associates (EAFA) to complete development of The Metropolitan in 2004. The $89 million high-rise project includes 251 rental and homeownership units, 115 of which are affordable to low and moderate income families. The 133 rental units have rents ranging from $365 for the formerly homeless to luxury units renting at $2,600 per month and the 138 for-sale condominiums sold at prices affordable to families earning 80% of area median income to prices in excess of $1 million for the penthouse units, the first in the neighborhood. Additionally, The Metropolitan includes community space for community-based social service groups; street-level retail and commercial space; and two-levels of underground parking with 283 spaces. The 23-story Metropolitan is the tallest affordable housing project in the country sponsored by a community development corporation. At 46% affordable and with over 40,000 square feet of community space for public use and agencies, The Metropolitan certainly reached new heights of community development.
Asian Community Development Corporation
The Metropolitan: A model for mixed income development
program TYPE OF space
quantity
gross sq. ft.
Residential
251
305,007
Rentals
133
151,275
Condominiums
138
153,732
Community Use
32,214
Commercial
7,600
Parking
238
Total
74,974 419,795
The residential component consists of the following: type of space
# units
bedrooms
affordability
18 one-bedroom Market rate condominium
84
58 two-bedroom
Market
8 three-bedroom 8 one-bedroom Affordable Condominium
34
20 two-bedroom 6 three-bedroom
26.5% at 80% AMI 47% at 100% AMI 26.5% at 120% AMI
11 one-bedroom Market Rate Rental
52
30 two-bedroom
Market
11 three-bedroom 6 one-bedroom Affordable Rental
81
30 two-bedroom
Up to 60% AMI
10 three-bedroom 35 studios Total
251
138 condos + 133 rentals
115 (46%)
LIHTC The limited partner Sun America Affordable Housing Partners received an annual tax credit amount of $999,945 for a ten-year period. The credits were calculated at 8.23% of certain expenditures incurred in connection with building construction. A total of $7,748,799 of tax credit equity was contributed to the project.
“The Metropolitan utilizes the well-respected model of mixed-income development coupled with the emerging emphasis for mixed-use development to create a dynamic new project that serves myriad populations successfully within a sound financial structure. The Metropolitan is the future.� - MassHousing
Asian Community Development Corporation
Rental Units (2nd through 9th Floors) Owned by Rental LLC: Sun Yi LLC (0% interest) + EA fish associates (100% interest). Rental LLC is the borrower with respect to MassHousing and other debt on the rentals. Affordable Rentals (scattered throughout) Owned by Community LLC: Sun Yi LLC (.01% interest, ACDC controlled) EA Fish Associates (.01%) Tax Credit Investor (99.98%) market Rentals (scattered throughout) Owned by Metro LLC, whose members are EA Fish Associates (100% interest)
commercial condo (1st floor) ACDC office space
BRA office space
EA Fish Associates owns remainder of commercial space
Garage Condo (Underground) Owned by EA Fish Associates (Parking granted using easements (to the BRA for YES, to BCNC, to residential owners who purchase spaces, 44 spaces for Oak Terrace, and other Chinatown and Bay Village residents).
financial overview Sources
amount
LIHTC (Federal) (3 rounds)
$7,748,799
State Funds Affordable Housing Trust (AHT) State HOME
$2,000,000 $750,000
Local Funds City HOME/CDBG City Demolition Contribution Linkage and Housing (Millenium) BRA Loan BRA Acquisition
$1,500,000 $300,000 $1,811,159 $750,000 $920,000
Total Sales
$55,324,378
Total Perm Loan
$15,248,000
Total Other Sources
$3,017,652
total development cost
$89,369,988
Asian Community Development Corporation
The Metropolitan: A model for mixed income development
For Sale Condos (10th through 23rd Floors) Individual units (affordable and market-rate) are owned by individual owners.
The Metropolitan: A model for mixed income development
38 Oak Street, Boston, MA 02111 | Tel 617.482.2380 | info@asiancdc.org | www.asiancdc.org
Asian Community Development Corporation