Project is the Largest Mixed-Use Condo Development in the City in Over a Decade

Broadway Capital, Inc., a regional developer of mixed-use projects in Chelsea, announced today their intention to reposition the Nursing Home at 932 Broadway. The property, which closed down last summer, will feature a rare ownership opportunity in the city, with six affordable units at 80 percent AMI.

“While during our due diligence on this project, we talked to many City officials, members of the community and organizations. It was clear to our team that ownership was a big issue,” said Mike Vienneau, Broadway Capital's Managing Director. “We heard the community loud and clear. As a result, this will be the largest condo development in Chelsea in the last decade. We think it will also be affordable to a lot of people in the city.”

Since starting the company in Chelsea in 2005, Broadway Capital has invested in other properties with an eye towards enhancing the residential opportunities for those who call Chelsea home and are looking to move to Chelsea. The company bought its first property on Hawthorne Street, a four-unit property and now the portfolio features more than 180 units – some 90 percent of them in Chelsea. Transforming the former Broadway nursing home into a 33-unit apartment community will be the company’s largest investment and undertaking to date.

“One of the big reasons we invested early in Chelsea was that we knew the community was vibrant, diverse and ready for growth. The community has changed so much since we started Broadway Capital and I’m excited to be part of the city’s growth,” Vienneau said. “The local city government has invested heavily in systems and services; the infrastructure has improved significantly; and, the property values have gone up. It’s a very dynamic community and I don’t see the growth slowing down anytime soon.”

In addition to the residential units, the project will also feature a new corporate headquarters for Broadway Capital, which will be on the first floor of the building. As a result, the company is adding four full-time employees and will seek out Chelsea residents first, as part of that effort.

“Chelsea is a great city and a wonderful community to live and work in. We loved this project from the start due to its location and proximity to public transportation and Boston,” Vienneau said.