A group of local and regional non-profits and affordable housing developers are banding together in an effort to purchase the dormant Forbes site and create permanent affordable housing and a resilient waterfront.
The 17.7 acre site is set to be auctioned off after the property was foreclosed on.
In 2019, the Zoning Board approved a 590 residential unit project for the Forbes site, a significantly scaled back version of a plan first introduced by developers, YIHE Forbes of China, in 2015.
Now, GreenRoots is organizing with The Neighborhood Developers, Mystic River Watershed Association, and the Mass Audubon society to purchase the property.
“Two weeks ago, we learned that the site will be auctioned off and we quickly mobilized with the support of our partners, elected officials, and funders for this once in a generation opportunity for community waterfront access to the Chelsea Creek,” GreenRoots Executive Director Roseann Bongiovanni stated in an email.
If the purchase is successful, affordable housing will be developed on the site along with GreenRoots office and event space for the community and organizational partners.
The goal, according to GreenRoots, is to make the Forbes site an environmental justice and community centered gem with green space and coastal resiliency measures.
The holder of the mortgage for the property, Shanghai Commercial Bank Ltd., foreclosed on the site, according to an article in the Boston Business Journal, with the auction set to take place on Oct. 7.
YIHE Forbes purchased the property in 2014 for $11,550,000, according to the city’s assessor’s database. The property is currently assessed by the city at $9,215,000.
Earlier this year, the City Council approved spending nearly $300,000 in safety measures for the Forbes property. At the time, City Manager Thomas Ambrosino noted that the special permit for the site expired before the end of the year and that there was little indication the developer was moving forward with the project.