Samuels Proposes 850-Unit Waterfront Development In Lynn
Samuels & Associates has set its sights on building the largest development ever in the Boston suburb of Lynn.
The developer has proposed a $450M, 850-unit multifamily project along the city's waterfront, Itemlive first reported.
The 1.1M SF project at 830 Lynnway is part of the city's ongoing waterfront redevelopment plan and is slated to include 26K SF of retail, 8 acres of public, open space and shoreline restoration.
"This is an incredibly exciting site, with the capacity to become one of the region’s most dynamic waterfront locations," Samuels & Associates President Joel Sklar said in a release.
The project received site plan approval from the city, as it aligns with Lynn's South Harbor Implementation Plan, which has two other ongoing projects: a 218-unit mixed-use project at 811 Lynnway and a 331-unit project at 800-810 Lynnway.
Samuels plans to set aside 10% of the units in the project as affordable housing for families earning no more than 60% of the area median income.
The project marks the biggest housing development in the city's history and one of the largest mixed-use projects planned in the Boston suburbs, according to the release. It is projected generate $120M in tax revenue for the city over 30 years.
Lynn officials have proposed a $45M tax break for Samuels, which must be approved by the city council, and the project still needs to go through a state permitting process, the Boston Business Journal reported Wednesday.
