Trinity Financial Reaches Key Milestones on Two Projects

A rendering of the Treadmark project in Dorchester, MA. Courtesy: Neoscape

BOSTON—Real estate developer Trinity Financial recently turned dirt on its mixed-use Treadmark development in Dorchester and cut the ceremonial ribbon on its $195-million venture with Apartment Investment and Management Co. at One Canal St. in the Bullfinch Triangle. The Treadmark groundbreaking at the former Ashmont Tire Co. site earlier this month, was attended by a host of dignitaries, including Gov. Charles Baker and Boston Mayor Martin Walsh. Gov. Baker and Mayor Walsh also attended the ribbon cutting at the One Canal Apartment Homes project, an . AIMCO and Trinity Financial venture. Treadmark received significant state and city support, including more than $3 million in state and federal tax credits that will generate approximately $22 million in equity for the project, $3 million in rental subsidy funds and more than $4 million in funding from the City of Boston. Boston Private Bank is providing a construction loan for the project of $34 million and also provided a permanent loan of approximately $3 million for the retail component of Treadmark. The $45-million Treadmark development will, when completed, feature 83 mixed-income apartment units. The six-story building, at 1971-1977 Dorchester Ave., is across the street from Trinity’s mixed-income, mixed-use building The Carruth and will feature 51 affordable rental units and 32 ownership units all designed by HGTV star and Boston-based interior designer Taniya Nayak of Taniya Nayak Design. Treadmark will also include 5,098 square feet of ground-floor retail. Trinity Financial senior project manager Mathieu Zahler tells Globest.com that construction started on the project earlier this year and the firm expects to deliver the units in July 2017. Unit mixes at the property include studios, one-bedroom, one-bedroom + den and several two-bedroom residences. The one-bedroom +den units are not available as rentals. “We believe this project is a model for how to create affordable and middle-income housing,” Zahler says. “This public-private partnership is a national model for collaboration; the city and the state made significant investments, and our relationships with the public and private institutions we worked with were vital in making this project come to fruition.” The public-private partnership was key to not only moving this project forward but also providing the needed workforce housing in the diverse neighborhood. “Our goal is to accelerate Ashmont’s revitalization while maintaining a strong connection to the community whose involvement was so vitally important to getting this project underway,” Zahler notes. He expects demand to be strong for the sought after affordable rental units, which he says are in short supply in the city. The affordable component of the project makes up the first four floors of the building. Floors five and six will feature the for-sale condo units. A total of 16 of the condo units will be sold at “workforce housing” price levels or approximately 110% of the area median income. One-bedroom workforce units are priced at approximately $325,000 to $330,000. Zahler reveals that Trinity Financial is in negotiations with specialty food store American Provisions of South Boston, which is interested in leasing 2,500 square feet at the north end of the building. Trinity has established a sales office across the street from the project site at 1908 Dorchester Ave. The One Canal development was also a public private partnership. The 12-story, 310-unit apartment community developed by Trinity Financial in partnership with AIMCO, features studios to three-bedroom homes plus 44 luxury penthouses on the building’s top two floors. Amenities include a 2,000-square-foot fitness center and a rooftop social deck with a heated pool, fire pit lounge, and an outdoor. One Canal also boasts 21,000 square feet of retail space that will house Boston’s location for City Winery, a concert venue, restaurant and winery. According to its website, City Winery, which has locations in New York City, Chicago, Nashville and Atlanta, is expected to open at One Canal St. in early 2017.