Total investment is expected to be in the $40 million range, according to Frank Cretella, president of Landmark Developers. The bulk of the project will encompass 197 residential units, of which 57 will be designated for affordable housing. Also on tap are employment training centers and a community outreach center to be operated by the MCRACDC, as well as the group's new headquarters.

As part of the agreement, the MCRACDC will get an undisclosed amount of money up front as well as 8% of the net profits from the redevelopment, with the money slated to be used to fund additional community projects, including recreation and education-related facilities. "We've already begun other redevelopment projects in the area," Cretella says. "So we thought it was a great way to give back to the community by designating a portion of the profits to the MCRACDC and let the community decide what direction the redevelopment should take."

The 100 Monitor St. site still needs to be acquired, and Cretella estimates that it will cost $4.5 million to buy it and complete an environmental cleanup. Construction is expected to begin early next year.