MassDevelopment

Hyannis apartment complex moves ahead

September 10, 2019 : Cape Cod Times, by Geoff Spillane


HYANNIS — A residential rebirth is underway in the east end of Hyannis.

Bolstered by a $412,000 loan from MassDevelopment, the state’s finance and development agency, initial work has begun on the Sea Captains Row market rate apartment complex, located on Pleasant Street between Main and South streets.

Demolition of condemned buildings, land clearing and removal of hazardous materials on six lots on the street began in late-July and is now complete, according to Rob Brennan, president of Amesbury-based project developer CapeBuilt Development.

“This project accomplishes two agency priorities: bringing underutilized property back into productive use, and supporting the creation of new housing units in the Commonwealth,” Lauren Liss, president and CEO of MassDevelopment, said in a statement.

CapeBuilt is now working with the state agency to close on a second round of financing and is soliciting construction bids to proceed with the first phase of the project.

“MassDevelopment and the Baker-Polito administration have stepped up to the plate to support development of workforce housing on Cape Cod,” Brennan said during a Times visit to the site on Tuesday.

Brennan says the project pairs well with MassDevelopment, as it addresses housing production, economic development and blight. He also praised the administration’s Housing Choice Initiative, which advocates for cities and towns to adopt zoning best practices related to housing production — including issues of density, scale and location — by a simple majority vote rather than a two-thirds supermajority.

The first phase of Sea Captains Row, estimated by Brennan to cost $7.5 to $8 million, will consist of 46 units, including two in the former Patriot Press building that will be income affordable for artists in residence.

Brennan expects construction to begin this fall, and since modular components are being used, work should be able to continue throughout the winter.

“Our goal is to have them (residents) in and having barbecues next summer, whether it be Fourth of July or Labor Day,” Brennan said about expected occupancy for the first phase of apartments.

When completed, there will be a total of 60 units. Monthly rents have yet to be determined. The design of the complex will feature Greek revival architecture, inspired by buildings on the street that fell into disrepair and could not be saved.

Sea Captains Row is not CapeBuilt’s only project currently in progress in the east end.

Around the corner at 255 Main St., the company is undertaking a $2 million renovation of the former Furman Building to create 10 one- and two-bedroom market rate apartments and 3,500 square feet of retail space.

Seven of the 10 apartments, which will rent for approximately $1,600 to $2,200 monthly, have already been reserved, according to Brennan. The apartments are expected to be ready for occupancy in the spring of 2020.

“The markets for whom these (apartments) are being developed for is working families on Cape Cod,” Brennan said. “People on the Cape who make this such an attractive place for second homeowners deserve their own neighborhood.”