Construction has begun on The Coolidge, a new 64-unit housing complex in Sudbury that aims to serve active seniors and adults aged 55 and over, according to B'nai B'rith Housing.
“This is a huge milestone for us for a development that will allow more local seniors to remain in their community by choosing to live at The Coolidge,” B'nai B'rith Housing executive director Susan Gittelman said in a press release.
Though The Coolidge is owned by CCC Post Road Limited Partnership, it will be controlled by B’nai B’rith Housing, based in Brighton, which purchased the land for $2 million from the Mercuri family this May. BBH is a nonprofit developer that aims to create affordable housing in Greater Boston’s underserved suburban communities.
The Coolidge’s first residents are expected to move in mid-2014, according to a press release.
Affordable housing is desperately needed by Lincoln-Sudbury seniors – according to the U.S. Census, 30 percent of households with occupants over 65 years old annually earn less than $50,000. All of the units will be affordable for households earning no more than 60 percent of the area’s median income, currently $39,600 for a single person and $45,300 for two people.
The apartments will cost about $16.7 million to build, and will be financed by Bank of America/Merrill Lynch. Roughly $10.7 million of private equity has been raised in connection to an award of federal and state tax low-income housing credits through the Commonwealth of Massachusetts’ Executive Office of Housing and Economic Development.
Other funding will come from The Sudbury Housing Trust, MetroWest Home Consortium, the state Affordable Housing Trust fund and the state Housing Stabilization Fund.
“We are grateful to all of our public and private lenders and investors, as well as leadership within the Town of Sudbury and the Patrick administration, which recognized the transformative effect that this opportunity will have on the lives of older adults living in Metrowest,” said Gittelman.
A new, colonial-style building will replace the decaying greenhouses and single family home currently occupying the site. The finished development will include surface parking, a meeting room, a library, a fitness center and outdoor patios.
The Sudbury development will fill a gap in the town’s current options for aging residents. Three years ago, BBH completed 33Comm, a similar complex in Newton’s Chestnut Hill neighborhood. The developer works closely with individual towns to create a plan that meets local residential shortcomings.
“The housing that we create is very special, and not only because it is of the highest quality possible,” said Gittelman. “Our goal is to work closely with area senior-service agencies to promote education, wellness, and health.”