SBOL_01_21_2021

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THE PRINT EDITION

THURSDAY, JANUARY 21, 2021

VOLUME XIX- ISSUE 74

BPDA Approves L Street Station

by Rick Winterson

T

he Boston Planning and Development Agency (the BPDA) granted approval for a mixed-use redevelopment of the original Edison Power Plant site. Everyone now residing in South Boston is familiar with the power plant’s massive structure and stacks, which tower over the intersection of L/Summer and First Streets and are painted in

HAVE YOU HEARD?

shades of brown and pink. The site’s first groundbreaking took place 122 years ago in 1898. After a century of supplying electric power (coal-fired for decades), including occasional peak load shaving most recently, the Edison complex was mothballed 15 years ago, is still inaccessible to the public, and will need some environmental remediation. The approved redevelopment project is formally called “L Street Station”; it’s specifically located at the address “776 Summer Street”, and extends from the corner of Summer and First to the truck access road into and out of Conley Terminal. The real estate development partnership behind this project consists of Hilco Redevelopment Partners and Redgate Capital Partners. Redgate’s lengthy project track record includes many successful multifamily and mixed-use projects in Greater Boston. Hilco is particularly noted for transforming sites at the end of their useful life into striking Continued on Page 2

After-School Special

By Ginger DeShaney Boys & Girls Club Program Provides Some Normalcy

T

he kids in the Edgerley Family South Boston Boys & Girls Club after-school program are part of something special … especially during the COVID-19 pandemic.

OUR RATE IS “ONE OF

HOME EQUITY LINE OF CREDIT

1.75 % 2.50 % APR+

+

APR

1st 6 months then prime minus .75% for life

current fully-indexed rate

“We’re in this thing together. We’re a team; we’re a club,” said Michael Letchfield, Program Director at the Club and the manager of the afterschool program. “The kids think, ‘It was a difficult year but my Club was behind me and I was part of something.’ “The members really appreciate what they are getting,” Michael Continued on Page 4

the best

AROUND!”

Super-EASY Online Application at massbaycu.org/heloc, or call (617) 269-2700 or visit our South Boston branch.

Serving Greater Boston since 1936. Federally insured by NCUA

EQUAL HOUSING

OPPORTUNITY

+ APR= Annual Percentage Rate. 1.75% Annual Percentage Rate (APR) is an introductory rate for the first six months. After the introductory period, rate on the outstanding balances will revert to Prime Rate as published in the Wall Street Journal on the first day of the calendar month minus (-) 0.75%. Prime rate as of 04/01/2020 is 3.25%. The APR may vary monthly. Minimum rate 2.50% and maximum rate 18.00%. 10 year draw period. 15 year repayment period. Minimum $10,000 draw at closing and $1,000 advances thereafter. 80% combined LTV to $200,000 (</=70% LTV $300,000). Proof of adequate property insurance required and Flood Insurance may also be required. Subject to credit approval. Other terms and restrictions apply including 620 minimum credit score. Offer subject to change without notice. NMLS ID #615913


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