Developer Plots $55M Condo Conversion for Former Factory Buildings

CHELSEA, MA-A former industrial site along Chelsea's waterfront will get new life when a Somerville developer begins a $55-million conversion project to turn some of the former factory buildings into 225 loft-style condo units. The area will be surrounded by courtyards, canals and pedestrian skywalks.

Chelsea's Forbes Industrial Park, once the site of a wrapper and label manufacturing plant during World War II, will morph into an environmentally sensitive residential project when developer Davis Design/Development begins renovation work on the buildings within the next six months. The company, which recently received a $9-million interim mortgage loan from Hudson Realty Capital LLC of New York City, has already started site work on the project. The firm has demolished several of the 19 factory buildings and cleaning contaminants from the 17.7-acre site, Spencer Garfield, managing director of HRC, tells GlobeSt.com. A portion of that initial funding will also be used to build a model condo unit on the property.

"It's really an interesting project and we're glad to be part of it," Garfield says of the project, which has yet to be named. Plans call for the demolition of about 85,000 sf of the existing 330,000 sf of factory space and the conversion of the remainder into 225 condominium units along with 20,000 sf of space available for retail or restaurant use, Garfield says.

Bounded by Mill Creek and the Chelsea River, the development will use environmentally friendly and recycled materials that will be surrounded by green space and retrofitted with canals and exterior pedestrian walkways to give the old factory buildings a modern feel. The interior will feature flexible floor plans and earth-friendly, mill-style loft dwellings. A fleet of environmentally friendly rental cars and possibly a water taxi will also be available on site. Representatives from Davis Design/Development could not be reached by GlobeSt.com for further comment.