Construction Underway on New Bedford’s Largest New Downtown Project in 38 Years
New Bedford, MA — Construction is underway on the new mixed-use development, 10@8th, a landmark project in downtown New Bedford. The five-story building, developed by Alinea Capital Partners, is the city’s largest new downtown project in 38 years. It includes 52 units of mixed-income and affordable rental housing as well as commercial space on the first floor. Designed by Boston-based DHK Architects, Inc., the building will be LEED-certifiable.
The beam raising seen in the photo was coordinated by the construction company on the project, D.F. Pray General Contractors.
Courtesy of D.F. Pray Construction
There will be 12 one-bedroom apartments, 36 two-bedroom apartments, and four three-bedroom apartments. Of the 52 new apartments, eight will be restricted to households earning up to 30 percent of the Area Median Income (AMI) and supported by a federal Section 8 Housing Assistance Payment contract. The majority of the apartments, 36 units will be restricted to households earning up to 60 percent of AMI, and eight apartments will be for households earning up to 80 percent of AMI.
The new 10@8th will be completed later this summer -- after the new South Coast Rail New Bedford line opens this spring.
Financing for the project is being provided through a variety of sources: MassHousing will provide $2.2 million in permanent financing and $14.2 million in tax credit equity bridge financing.
Other financing sources include tax credit equity from an allocation of state and federal Low Income Housing Tax Credits as well as direct support from the Massachusetts Executive Office of Housing and Livable Communities (HLC) (including American Rescue Plan Act (ARPA) funds), construction financing from JPMorgan Chase & Company, New Bedford ARPA and CGBG financing, funds through the Affordable Housing Trust Fund, which MassHousing manages on behalf of HLC, Solar Tax Credit financing, and Mass Save financing. The Massachusetts Housing Investment Corporation will be the tax credit syndicator and investor.