Boston-based developer Samuels & Associates has unveiled plans for a $450 million project to construct an 850-unit residential complex along the Lynn waterfront. The proposed development, located on the South Harbor site near a former General Electric Co. facility, will span 1.1 million square feet and consist of three buildings.
The centerpiece of this dynamic mixed-use project is an eight-acre public park, complemented by retail spaces and restaurants. With approval from the city of Lynn for its site plan, Samuels now awaits City Council’s decision on granting them a 20-year tax break worth $45 million.
While state permitting is still pending, construction is expected to take place in phases over approximately ten years. As part of their commitment to community development and affordable housing initiatives, Samuels has set aside 10% of the residential units for residents within 60% of the area median income.
This exciting new project by Samuels promises to revitalize and enhance Lynn’s waterfront area while providing much-needed housing options for local residents at various income levels.
