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Creighton redevelopment needs additional $4.9 million from city for first phase

12/09/2017 5:42 PM by

From Jeremy Lazarus at the Richmond Free Press:

The project to transform the poverty-stricken Creighton Court public housing area in the East End into a mixed-income development has run into a glitch — the master developer can’t raise all the money needed to construct the first 105 apartments.

[…]

The additional $4.9 million, according to information provided by the city, is needed to cover the cost of developing the first phase of apartments. The total cost of the project is estimated at $30 million, according to city information. [The Community Builders of Boston] apparently only has been able to secure $25 million in tax credits and bank loans.


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