The old Chinatown development at the corner of Hudson and Kneeland — right at the gate of Chinatown — got the greenlight from the city and will start construction in 2012. The new $130 million, 20-story development will feature 295 apartments and 50 condos, a 13,000 s/f park, and a community center. A whopping 40 percent of the units, say the developers, will be priced as “affordable” housing units, with two bedroom apartments going for as low as $540 a month (and up to $1,170).
This is one of the many older stalled projects in Chinatown, and original plans originally called for a mostly condo development of 325 units. I still can’t get my head around anyone make a profit with $540 two-bedroom units. Then again, many Chinatown residents feel the city owes Chinatown after the city took a lot of property for eminent domain to build the express way connections between Chinatown and South Station.