(Courtesy Image) An illustration of the proposed 225 Centre St. building.
JACKSON SQ.—The 225 Centre St. development recently received $46.8 million in funding from MassHousing, New Market Tax Credits and union pension funds.
The project, which will create 103 new apartments along with retail and commercial space, is the first part of a $250 million redevelopment in Jackson Square. The 225 Centre St. development is a joint venture between Mitchell Properties and Community Builders, Inc.
“This part of the parcel is the linchpin for the other parcels to secure their financing,” said Jeff Beam, Community Builders’ project manager for the development. “It’s the spark that will implement the rest of the development.”
Site preparation started in December, but there is a planned groundbreaking ceremony in April. Construction is expected to be completed in April 2013.
Bart Mitchell, a JP resident and owner of Mitchell Properties, recently became CEO and president of the nonprofit Community Builders.
About 11 acres of land in Jackson Square is being redeveloped by a team that includes Mitchell Properties, the Jamaica Plain Neighborhood Development Corporation and Urban Edge.