HNEF I provides $1.2 million for new transit-oriented rental housing development in Codman Square
HNEF I has closed on its eighth project investment – 191 Talbot Avenue – a development in Codman Square, a historic Boston neighborhood within the larger Dorchester neighborhood of Boston that was historically and still is one of Dorchester’s major commercial centers.
Located at the intersection of Talbot Avenue and Bernard Street, the new project will have 14 moderately priced rental apartments and ground floor commercial/retail space. It is being built on a lot that has been vacant for more than ten years and which most recently was occupied by a gas filling station.
191 Talbot Avenue is across the street from the Joseph Lee Elementary School, less than 200 feet from the recently renovated Talbot Avenue MBTA commuter rail station (Fairmont Line), and about a mile to the Ashmont and Shawmut Red Line stations. There are many opportunities for outdoor recreation, with parks, basketball courts, soccer and lacrosse fields, and a playground nearby, and Franklin Park one mile away. A variety of retail stores, restaurants, schools, medical services, and many other amenities are also within walking distance. The City of Boston has taken significant steps to promote outdoor walking/bicycling/play opportunities for residents; it recently invested over $2 million into Harambee Park to add play, ballfields and walk/bike paths and added bike lanes to Talbot Avenue.
The project’s developer, TLee Development, LLC, intends to build 191 Talbot Ave. to meet Passive House standards. Passive House stands for quality, comfort and energy efficiency and is the world’s leading standard in energy efficient construction.
When considering this project as a potential investment, the HNEF team found significant opportunity for positively impacting the safety, walkability, and activity in the neighborhood and for reducing health disparities among its residents. Creating safe, quality housing with easy access to transit and outdoor recreation will also contribute to the ongoing revitalization of Codman Square.
191 Talbot Avenue is HNEF’s eighth project investment, for a total of $20.6 million Invested by HNEF I to date.