PRESS RELEASE

For Immediate Release March 11, 2024

Contact: Emma Balaguer / emma@libertysquaregroup.com

Beacon Communities Celebrates Redevelopment of 140 Clarendon

The 1920s YWCA Building will Lodge Low-Income Residents and Formerly Unhoused Individuals with Supportive Services

BOSTON, MA – Beacon Communities and Mount Vernon Company recently celebrated the transformation of the historic YWCA building at 140 Clarendon into over 200 affordable apartments that will allow low-income and formerly unhoused individuals to have their own apartments in one of Boston’s most expensive neighborhoods. The redevelopment of the 1920s building includes the state’s largest bloc of permanent supportive housing for people coming from chronic homelessness and preserves space for the Lyric Stage Company, the Snowden School, and other nonprofits currently residing in the building. The 1929 building is home to the nation’s first YWCA and is listed on the National Register of Historic Places. It lies behind the former John Hancock Tower and adjacent to the Raffles Hotel.

The speed with which Beacon and Mount Vernon Company navigated the complex financial and government regulatory processes – one year from filing to groundbreaking – is being hailed as a model of cooperation between city and state officials, nonprofit partners, and community associations. As the city’s first supportive housing community of its scale, Pine Street Inn will provide case management services specifically for residents transitioning out of homelessness.

“We are incredibly grateful to state and local officials as well as our nonprofit partners for their commitment and dedication to making this transformative project a reality,” said Beacon CEO Dara Kovel. “We hope 140 Clarendon will serve as an example for how to bring desperately needed affordable housing to fruition faster and be a replicable solution for creating homes for populations experiencing chronic homelessness.”

Boston Mayor Michelle Wu praised the collaborative effort. “Making sure residents have a safe, stable place to live is critical in our efforts to ensure Boston is a safe, strong, and resilient city for everyone,” said Mayor Michelle Wu. “The 140 Clarendon community shows how public, private, and nonprofit partners can work together to strengthen our neighborhoods to be a home for everyone.”

Bolstered by extensive public private support and strong political leadership at the city and state levels, the redevelopment of 140 Clarendon also benefited from a lower purchase price during the pandemic. Beacon jumped at the opportunity, and turned in plans to the city in December 2020. With zoning relief from the city as well as financing and tax credits from 15 sources of government and private funding, Beacon was able to manage the extensive renovation.

“MassHousing is grateful for its partners at the city, state, and federal levels that provided the funding and resources necessary to bring this project to life,” said MassHousing CEO Chrystal Kornegay. “140 Clarendon provides a crucial link between housing, transit, and economic opportunity. We are thrilled to begin welcoming new residents to the neighborhood.”

“Pine Street Inn is thrilled to be part of the 140 Clarendon community,” said Lyndia Downie, Pine Street’s president & executive director. “The support services provided by Pine Street are key to ensuring that vulnerable individuals have the resources they need to successfully settle into their new apartments and the larger community. 140 Clarendon embodies the mission of Pine Street to end homelessness by making the safety and stability of permanent housing a reality for 111 tenants,” she added.

While Pine Street Inn’s services will focus on residents who have moved out of homelessness, all households at 140 Clarendon will be able to take advantage of services provided by Beacon’s on-site community engagement team. Resident services coordinators will facilitate programming tailored to specific needs, including on-site wellness visits from medical professionals, access to free or low-cost food assistance, and host community gatherings such as movie nights, holiday parties, bingo, and more.

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About Beacon Communities LLC

Beacon Communities LLC is a privately owned real estate firm that develops, acquires, invests in, and manages a wide range of multi-family housing. Their portfolio includes affordable housing, market-rate housing and mixed income-housing. Their developments range from new construction, to historic adaptive reuse, to the renovation of existing housing. They take on challenging developments and make them succeed. Their driving passion is to create

well-designed, healthy homes that enhance the neighborhoods in which they are located. For more information about Beacon Communities LLC please visit www.beaconcommunitiesllc.com