Boston Business Journal | By Catherine Carlock
October 21, 2016
Beacon Communities, a Boston-based multifamily real estate development firm, has plans to rehabiliate Quincy Tower, a 162-story elderly affordable housing community at 5 Oak St. West in Boston’s Chinatown neighborhood.
Beacon is proposing a $71 million capital improvement program at the 162-unit property, which was completed in 1978. The improvements will “ensure the building’s continued safe and efficient long term operation,” and include improvements to the building exterior, upgrading common areas, improvements to the property’s mechanical and hot-water systems, replacing cabinetry and finishes and upgrading the building’s accessibility.
“With the significant amount of market rate development currently taking place in Chinatown, there is an immense need to maintain all existing affordable housing options in this unique and important neighborhood,” Beacon Communities wrote in its Oct. 17 project notification form to the Boston Planning & Development Agency. “Without the preservation of this development, 161 units of affordable housing are at risk of becoming market-rate housing to serve growing demand for small units in close proximity to Boston’s core. The preservation of this development provides a critically important opportunity to maintain an affordable housing resource that would be very difficult and costly to replace today.”