BOSTON-The Boston Redevelopment Authority’s board of directors has approved an 80-unit condominium project at 80 Broad St. in the waterfront district near Faneuil Hall The developer, Broad/Franklin Development Trust, will build a 14-story building on the site, and will include ground-floor retail and below-grade parking. The property currently serves as a parking lot.

In a release from the BRA the emphasis is on the additional housing the development will bring to the area, an issue that has plagued the city. “It has long been our goal to find creative and workable solutions to address Boston’s housing crunch,” says Mark Maloney, director of the BRA. “And this project will not only ameliorate pressures to the city’s housing market, it will also reach our goal of bringing more housing to our downtown and near the Central Artery Greenway.”

As part of the project proposal, the developer will retain the historic four-story building at 72 Broad Street, which is located right next door to the new structure. The affordable housing component of this project includes two units on site and an additional monetary contribution totaling $499,200.

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