Milton, MA – The Holland family recently unveiled their latest residential housing project in Milton. Located along Route 28 at 701 and 703 Randolph Ave., the project is set to transform just under 8 acres of land into a 90-unit apartment complex. Construction is currently underway.
The project is spearheaded by brothers Paul, Joseph, and Michael Holland. South Shore Bank closed on the construction-to-permanent loan to finance the construction of the mixed-income development consisting of two buildings of 60 and 30 units. Of the units, 25% will be affordable at 80% AMI.
“The funding for initiatives of this nature will ultimately create new housing opportunities and deliver meaningful improvements to the quality of life within our community,” said Stephen DiPrete, chief commercial officer at South Shore Bank. “Collaborating with the Hollands on this project to help bring it to fruition exemplifies our core mission. Considering the ongoing demand for residential apartment units in Milton and the pressing need for affordable housing as part of broader community development, we are particularly proud to be part of this important initiative.”
“This represents a mutually beneficial partnership,” stated Jim Dunphy, CEO of South Shore Bank and president of Charlesbridge, MHC. “We are positioned to address a significant community need, support our valued clients, the Hollands, and have the financial liquidity and capability to fund initiatives such as this.”
Each building has basement level garage parking with three floors of apartments above. Amenities include 156 parking spaces, a club room, tenant lounge spaces, fitness room, tenant storage lockers, bike storage rooms, pet washing, EV charging stations, an exterior deck, and recreational area.
“Funding is an essential driver in economic development. We are pleased that South Shore Bank recognized the significance of this initiative and its anticipated positive impact on the community. Working with a bank that shares our values and commitment to the community is important to us,” said Paul Holland, partner at The Holland Companies. “We’re proud of this project and excited for the positive impact it will make in Milton.”
