Jamaica Plain
Boston sees a Revival in Rental Units
Are you interested in renting an apartment in the neighborhood of Mission Hill, but have been having trouble finding affordable options? Your luck is about to turn around!
The Pickle Factory, which once housed a brewery, a national sheet music publisher, and then the R & S Works, is now being cleansed and constructed into affordable housing units. The new and improved brick structure will now be called the Oliver Lofts, and will contain 60 apartments as well as several artist studios.
The area wouldn’t necessarily be defined as ‘up and coming,’ sitting at the borders of Mission Hill, Jamaica Plain, and Roxbury, in fact, the American Brewery Lofts on Heath Street are still auctioning off unsold condos in their fourth year since opening.
So what makes Oliver Lofts different? All of the units are apartments, most of them being geared towards those with limited incomes. In this way, the lofts represent a revival in residential constructions in communities across the state.
Affordable housing projects are underway after being stopped dead in their tracks just two years ago due to the financial crisis thanks to an infusion of federal stimulus funds and the return of banks and other real estate investors that had been the traditional financiers of such developments. Out of a number of projects that are waiting to get done, commercial builder managing director, Matt Mittelstadt, states that “the only ones that are really getting done are affordable housing.”
Jamaica Plain is also completing two low-income apartment buildings on Centre Street, says executive director of Jamaica Plain Neighborhood Development Corporation, Richard Thal. When a lottery was held for the 30 completed units, more than 1,400 applicants applied, persuading investors to return to the affordable housing market.
The apartment sector is benefiting from the fallout from the economic recession and the sub-prime mortgage crisis; with many more middle class residents shut out of home ownership, the demand for reasonably priced units is from more than just the ‘poor.’
If you’re looking for an apartment in Mission Hill, Jamaica Plain, or any other Boston neighborhood, contact Phoenix Realty to schedule an appointment with a knowledgeable and qualified agent who can help you in your search.
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