Innes Apartments

JJC Company was designated by the Chelsea Housing Authority (CHA) in 2016 to lead the redevelopment of Innes Apartments, a 96-unit state-funded public housing development built in the 1950s. A joint venture with John M. Corcoran & Company, the project is currently in construction on a $150 million redevelopment in a landmark public-private partnership with investment from DHCD, Marcus Partners, Cambridge Savings Bank and participant banks Eastern Bank and Harbor One Bank. This project was made possible with the award of a planning grant from DHCD under the Partnership to Expand Housing Opportunities (PEHO) program. In addition to the grant, the project will also receive over $20M in public subsidies for capital improvements, as well as being financed with private capital.

The JJC team guided the project through the establishment of a 40R Smart Growth Overlay District, which was jointly approved by the Chelsea City Council and the State, and will result in a total payout of over $1.3 M to the City. The project will also generate over $3.4 M in initial tax revenues, increasing by over $800,000 per year, after the first fifteen years through a Tax Increment Financing (TIF) agreement.