Leggat McCall, Boston Housing Authority Land $172M for Charlestown Redevelopment

• $172 million financing secured for mixed-income housing in Charlestown
• 266-unit project combines market-rate and affordable housing
• Part of a larger 2,699-unit Bunker Hill redevelopment plan

What is being redeveloped in Charlestown

Boston Housing Authority is partnering with Leggat McCall Properties and Joseph J. Corcoran Co. to redevelop Building F within the Bunker Hill Housing site. The nine-story building will deliver 266 units, including both market-rate and affordable housing. This phase is part of a broader effort to transform an aging public housing community into a modern mixed-income neighborhood.

What the financing means for execution

The $172 million capital stack includes a construction loan from Cottonwood Group and equity from the City of Boston. This type of structure reflects strong public and private alignment. The city is directly supporting the project while private capital enables construction to move forward. For developers, this reduces risk and helps push large-scale housing projects through a challenging financing environment.

What the mixed-income model means for returns

The project blends affordable and market-rate units within the same building, creating a more balanced income profile. Affordable units provide stability, while market-rate units offer upside potential. This combination also allows developers to access public funding and incentives that would not be available in a fully market-rate project.

What the full redevelopment means for supply

The larger Bunker Hill plan aims to deliver 2,699 units over time, replacing outdated housing while increasing density. This adds meaningful supply to the Boston market, where housing shortages remain a major issue. It also transforms a single-site public housing complex into a more integrated, mixed-use community.

What this means for investors and developers

This project highlights how public-private partnerships are becoming essential in today’s housing market. Rising costs and affordability requirements are pushing developers to work more closely with cities. These deals offer more predictable outcomes while still allowing for long-term upside. For investors, mixed-income developments backed by public funding continue to stand out as stable opportunities in supply-constrained markets.