Hotel project mandates over $2 million for affordable housing.
The proposed project will include two parcels on Commonwealth Avenue and Beacon Street, as well as renovation of The Hotel Buckminster in Kenmore Square. The project will add 677 new hotel rooms which, with the blending of housing and hotel markets due to short term stay platforms like Airbnb, will add valuable supply to the market. The project will also require a payment of $2,092,090 to the city to preserve and create low and moderate income housing across the city. Housing mitigation payments are required since this is a Development Impact Project.
The comment period is open until May 1st.