CapeBuilt Development Uses MassDevelopment Loan to Clean Up Site, Make Way for 46 Market-Rate Apartments in Hyannis
September 5, 2019
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Craig Sexton, CapeBuilt Development, 508-364-8024
MassDevelopment has provided a $412,000 loan to CapeBuilt Pleasant Street, LLC, an affiliate of CapeBuilt Development, as it prepares six contiguous lots in Hyannis for redevelopment. The project site – located at 24, 28, 44, 56, 64, and 66 Pleasant St. – is currently home to four condemned buildings with asbestos-containing materials. CapeBuilt will use loan proceeds to remove and dispose of the hazardous materials, demolish the buildings, and clear the site for 46 market-rate apartments. This will be the initial phase of CapeBuilt’s new development, called Sea Captains Row, to be located along Pleasant Street between Main and South streets.
"This project accomplishes two agency priorities: bringing underutilized property back into productive use, and supporting the creation of new housing units in the Commonwealth,” said MassDevelopment President and CEO Lauren Liss. “We’re proud to support CapeBuilt Development with loan financing as it cleans up and prepares this Hyannis property for redevelopment.”
CapeBuilt has been recognized by the National Association of Home Builders as a leading developer of residential communities and resilient coastal homes, and in 2017 CapeBuilt and MS Ocean View received the organization’s Community of the Year award for their Heritage Sands cottage neighborhood in Dennis Port. CapeBuilt’s newest project is located in the Hyannis Growth Incentive Zone, which was created to encourage the revitalization of downtown Hyannis and to direct growth to areas where adequate public infrastructure is available. The project will also help address a critical need for year-round workforce housing on Cape Cod. In 2017, a report from the Cape Cod Commission estimated that 4,800 year-round rental units need to be created on the Cape to meet current demand.
“The past decade has seen ever-dwindling attainable housing options for working individuals and families on Cape Cod,” said CapeBuilt Development President Rob Brennan. “However, as we break ground for Sea Captains Row, we look forward to demonstrating what is possible when local officials, the Baker-Polito Administration and mission-driven lenders like MassDevelopment are at the table and roll up their sleeves alongside developers and builders.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.