Harvard Finally Relocating Housing Development
BOSTON (CBS) -- It's been years in the making.
A groundbreaking was held Monday at the former Brighton Mills shopping center, for the $157 million Charlesview Residences.
As part of a controversial land swap, the project will replace a 40-year-old development that will be turned into part of the Harvard Business School campus. The project is being called one of the city's largest private, assisted housing projects in years being built by nonprofit housing developing company Community Builders.
The new development is being financed through $100 million in financing through Mass Housing, private equity, Section 8 subsidies and a cash payment from Harvard University.
The first phase should be ready for occupancy by 2014, according to the developers. A second phase later will add more than 70 condominiums on nearby Telford Street.
WBZ NewsRadio 1030's Anthony Silva reports.
