Building Value for our Partners
The Development division of Schochet provides a complete range of real estate services necessary to complete new construction and/or rehabilitation of residential and commercial properties from initial site selection through completed facilities ready for occupancy. Over the years, the company has created numerous developments of significant investment value, most of which are still retained in the company's portfolio.
Schochet has been active in the development of high-end condominiums and luxury housing, as well as office buildings and shopping centers throughout Massachusetts, Maine, Rhode Island, and Connecticut, but has also developed a distinctive expertise in the affordable housing, developing and acquiring thousands of units subsidized under a vast array of state, local, and federal programs.
Schochet prides itself on a long history of working effectively with government, civic, and community leaders to create quality developments which deliver significant benefits to the community at large. Over the course of more than 50 years, it has undertaken a multitude of urban and suburban projects, successfully forging consensus from often divergent community opinions to produce developments of enduring civic pride and economic value.
Among these projects are:
Newcastle Saranac Apartments
Newcastle Saranac Apartments, in Boston’s desirable South End, is an historic 97-unit property providing affordable housing to low-income families. With the property at high risk of conversion to market-rate, Schochet structured a two-phase preservation transaction by partnering with Fenway CDC, a local non-profit, to acquire the property in 2019. Over the following 18 months, Schochet led a tax credit syndication of the property, completed in July 2020. The syndication relied on funding from the City of Boston, MassHousing, and the Massachusetts Department of Housing and Community Development, while utilizing tax exempt debt and low-income housing tax credits. The transaction, valued at nearly $60 million, allows for investment of over $160,000 per unit for rehabilitation and upgrades, and ensures affordability for the long term.
Riverside Towers, Medford, MA, a 200-unit elderly Section 8 property was acquired by Schochet for $30 million in 2007. In 2020, with Schochet retaining its roles as Managing Member and Property Manager, the property was sold to a new partnership for $83.5 million. Schochet and the new owners are refreshing this asset by upgrading units and common areas and partnering with a local provider to offer a wide range of innovative and effective senior services.
The South End Community Health Center
The South End Community Health Center, Boston, MA, is a mixed-use development consisting of a new, state-of-the-art health center facility, 12,000 square feet of retail space, 39 condominiums, 19 townhouses, and 119 underground parking spaces. Located at 1601 Washington Street in Boston’s South End, this $30 million dollar project is the centerpiece of the revitalization of the entire Washington Street corridor, a key initiative of the administration of Mayor Thomas M. Menino.
Brick Market Place
Brick Market Place, Newport, RI, is a mixed-use development built in two phases: The first consisting of 52 condominium residences and 32 commercial spaces sold as condominiums and the second consisting of 20,000 square feet of commercial space, including retail, offices, and a restaurant. This development served as a centerpiece to the economic revitalization of Newport’s historic downtown area.
De La Salle Condominiums
De La Salle Condominiums, is a 34-unit luxury condominium complex located in the heart of the Newport, RI, historic Bellevue Avenue mansion district. A combination of adaptive reuse and new construction, this project retained the architectural splendor of the former private school’s existing buildings while juxtaposing 24 new luxury condominiums.
Weldon House, Greenfield, MA is a 105-unit, elderly apartment complex located in the heart of downtown and completed in 1981 as an adaptive reuse of the Weldon Hotel, a landmark building originally constructed in 1901.
Waterview Apartments, South Boston, MA, is a 49 unit low- and moderate-income elderly housing complex representative of Schochet’s expertise in providing elderly housing in an urban setting.
Cotton Mill Apartments
The award-winning Cotton Mill Apartments in Whitinsville, MA, is an adaptive reuse containing 55 low- and moderate-income apartments.