Beacon Communities, a Boston-based real estate development firm, is planning on rehabilitating Quincy Tower, a 16-story elderly affordable housing community at 5 Oak St. West in Chinatown.
Beacon proposed a $71 million capital improvement program for the 162-unit property. The improvements will “ensure the building’s continued safe and efficient long term operation,” and also include upgrading the building’s exterior, common areas, mechanical and hot-water systems, cabinetry and finishes and improving the building’s accessibility.
Because of the increasing development taking place in Chinatown, Beacon believes there is “an immense need to maintain all existing affordable housing options in this unique and important neighborhood.”
The project will be funded through new financing, federal and state tax credits, “soft debt” from the city and the state’s Department of Housing and Community Development in order to keep the apartment complex affordable. Construction is to start in December and wrap up by February 2018, if all goes according to plan.
The property’s management company is Beacon Residential Management LP. The project’s architect is The Architectural Team, and Keith Construction Inc. is the general contractor.