Boston Charter School Using MassDevelopment Bond to Build New Hyde Park Home
December 16, 2015
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Anders Peterson, Boston Prep, 617-333-6688 x117
MassDevelopment has issued a $17.5 million tax-exempt bond on behalf of Boston Prep, a public charter school in the city’s Hyde Park neighborhood. Boston Prep is using bond proceeds to build a three-story school that will house its middle and high school programs. The 49,000-square-foot building will include classrooms, common areas, science labs, a library, small group instructional spaces, a gym, a cafeteria, outdoor athletic space, and seamless technology integration. Citizens Bank purchased the bond, and MassDevelopment estimates the project will create nearly 100 construction jobs.
“Charter schools across the Commonwealth are in high demand and need improved and expanded facilities to educate the next generation,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to work with Boston Prep to help the school move to its new Hyde Park home.”
Opened in 2004, Boston Prep serves 415 students in sixth through 12th grade. The School’s mission is to prepare students to succeed in four-year colleges and to embody, in thought and action, lifelong ethical growth by cultivating the virtues of compassion, courage, integrity, perseverance and respect. Over the past five years, 100 percent of Boston Prep’s seniors have been accepted to four-year colleges.
“The MassDevelopment team was an excellent partner on this transaction,” said Sharon Liszanckie, Executive Director of Boston Prep. “We are thrilled now to be able to deliver a permanent home for the students, teachers, and families who have worked so hard to make Boston Prep successful.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.