The city appears to be continuing its development miracle despite the down market that finds investment in new developments at a virtual standstill all over the nation.
The Chelsea Economic Development Board has adopted an agreement with developer Chelsea North for the development of 200+ units of market rate housing in the City’s urban renewal district on Sixth Street.
This area is the former Thomas Strahan Wallpaper site, which runs parallel to the Expressway.
Chelsea North has applied for their zoning permits, according to city officials.
“Financing will make or break this development project,” said City Manager Jay Ash.
Ash said a project of this magnitude requires enormous amounts of time and energy to bring to fruition.
“Chelsea North is vigorously seeking financing,” he added.
The AJ Wright opening in the Marketbasket Mall last week was a huge success.
The build-out of the empty former Marketbasket store represents an investment of millions of dollars, with dozens of craftsmen put to work and dozens more new employees to run and to manage the store.
In addition, the former Marketbasket site is going to become home to three or four retailers, including a major restaurant effort.
The groundbreaking last week of the 120 unit Webster Block, a more than $20 million investment when all is said and done, was another cause for major celebration.
Lt. Governor Tim Murray attended the ceremony and extended the best wishes of the state, which provided the city with $500,000 in public infrastructure money to make the development happen.
Also on hand at the ceremony was East Boston Savings Bank Group Vice-President Thomas Henderson.
EBSB is financing the development with a $15.5 million loan.
According to Ash, the Hilton Hotel is moving forward with plans for a facility in Chelsea at Everett Avenue.
Hilton is expected to file for its zoning permits sometime this month.
City Hall is apparently negotiating with Woodwaste about a plan to relocate from Vale Street part of the company’s operation.
Final discussions are ongoing, according to Ash.
Plans for Vale Street may include a small industrial park type of venue as the area is not suitable for housing, hotels or office space.