DEVENS — A 46-unit mixed-income apartment building is moving forward at 77 Grant Road in Devens following a land sale and $4 million loan from MassDevelopment.
MassDevelopment announced on Aug. 13 that it sold the property to 77 Grant Rd LLC, an affiliate of Elite Home Builders LLC, which plans to construct the three-story, 56,000-square-foot building.
Named Emerson Green Residences, the development will include common-area amenities and 23 permanently income-restricted apartments. The building will use energy-efficient construction designed to achieve a Home Energy Rating System score of 55 or better.
Financing includes a $6.5 million loan from Florence Bank for acquisition and construction costs, MassDevelopment’s $4 million loan for construction costs, and $1 million from the Harvard Municipal Affordable Housing Trust, which will allegedly increase the affordability of 12 of the income-restricted apartments.
Elite Home Builders will also complete parking, landscaping, grading, and stormwater improvements and install new water, sewer, electric, gas, and telecommunications infrastructure.
According to MassDevelopment, the project will also include roadway improvements that include the completion of a section of Marshall Street between Grant Road and Marshall Lane, as well as finishing the sidewalk along Grant Road.
Construction is expected to begin within the next several weeks and conclude in 2027.
The project follows the 2024 removal of Devens’ 282-unit housing cap under the Mass Leads Act, which opened the community to additional residential development.
“A strong economy depends on strong communities with enough housing to support a growing workforce,” said Economic Development Secretary Eric Paley, who serves as Chair of MassDevelopment’s Board of Directors. “Projects like Emerson Green Residences help strengthen Devens as a place where businesses can grow, workers can live, and communities can thrive. By expanding housing alongside economic development, we’re creating the conditions for long-term investment, job creation, and regional growth.”
