TOD Development will bring 67 units of new housing to formerly vacant downtown parcel
On Wednesday, June 14, Governor Charlie Baker joined state housing and transit officials, local municipal officials and private sector development partners to break ground on 67 mixed-income, transit-oriented rental housing units adjacent to the Beverly Depot Commuter rail station.
Beverly Barnat, as the project is called, also will include ground floor retail/commercial space. It is being built on a formerly vacant site at 112 Rantoul Street and is being developed by Barnat Development.
The development will create 16 workforce housing units affordable to middle-income households, representing the first major shovel-ready redevelopment property under the Baker-Polito Administration’s “Open for Business” Real Estate Asset Leveraging (REAL) Strategy and an investment of MassHousing’s $100 million Workforce Housing Initiative.
HNEF is also supporting the project with a $4.9 million investment. In addition to MassHousing and HNEF funds, Beverly Barnat is being financed by Boston Private and the Federal Home Loan Bank of Boston.