Plans for a long-awaited affordable housing project at 361 Broadway were unveiled at last week’s Planning Board meeting.
However, the Planning Board will not take up consideration of the site plan review and recommendations to the Zoning Board for the project until its March 22 meeting. Several Planning Board members were concerned that a revised plan was forwarded to the planning department several hours before the meeting, and wanted the additional time for a further review of the plan.
The project proposed by Arx Urban calls for the renovation of the existing Broadway building, and the demolition of the adjacent commercial garage to make way for a new building that will ultimately result in 62 residential units.
“We are a socially minded developer based out of Boston, and we have been working on this project with the city of Chelsea for a few years now, and we are very excited to unveil it,” said Benjamin Moll, one of the founders of Arx Urban.
The development, known as 4th @ Broadway, will take up about half of a city block between 5th St. and 4th St. on Broadway, Moll said.
“An affiliate of ours acquired the building almost five years ago with the intent to redevelop the back portion of the garage,” said Moll.
Overall, Moll said Arx Urban is proposing a 62 unit, mixed-income project with a large affordable housing component which will include the rehabilitation of the existing 19-unit building, as well as keeping the current six commercial tenants of the building in place with below market rates.
Ultimately, Moll said he anticipates the 60 percent of the units will be available at 60 percent of the Area Median Income or below, which he added far exceeds the criteria of Chelsea’s inclusionary zoning ordinance.
The 361 Broadway building has a long history in the city, having burned down during the Great Fire of 1908 and then being rebuilt in 1916 as part of the redevelopment of Bellingham Square. It was known as the Executive Building and hosted the Yiddish Theater as well as other performing arts initiatives throughout the 1940s before it transitioned into a more traditional commercial building.
Since the 1980s, the building has been eyed by developers, and projects as large as 135 units were proposed as late as 2006, according to Moll.
Moll said his team has been meeting with city leaders and organizations and has much support for the project.
“The real key goal is to create income restrictions for a range of Chelsea residents … and we want to preserve the existing local retailers,” said Moll.
The project will consist of two buildings that will be connected, with a courtyard in between. Moll said the project will also bring streetscape improvements and make the area more pedestrian friendly.