Austin Block

Austin Block (the "Stone House")
92 Main Street, Charlestown
circa 1822

(1980-1984)

Financed and managed structural stabilization and exterior restoration on behalf of the owners with grants from the Massachusetts Historical Commission

Assisted Paramount Development, Inc. assemble parcels for $9,000,000 residential project

Conveyed improvements and right to preservation tax credits to Paramount Development, Inc. in exchange for a $260,000 mortgage covering rehabilitation and acquisition costs

Eventual condominium sales repaid mortgage

Hold preservation restriction agreement (easement) on the property and monitor to ensure preservation of historic characteristics

1980

1999

(click images for larger views)

This 1,500 sq. ft. 1799 "Stone House" located on a very prominent corner in a depressed neighborhood in Charlestown was on the verge of collapse. The owners had inherited it and 5,600 square feet of land, but had neither time nor interest in real estate development or management. Historic Boston offered to raise money to stabilize (and later restore the exterior of) the structure, in exchange for a mortgage on the building and the land along with an exclusive right to act as the owners’ agent. With this much site control, Historic Boston could persuade a development team to incorporate the "Stone House" into a 110-unit condominium project with underground parking. The larger project repaid our investment, bought out the owners, transformed the neighborhood, and preserved the "Stone House" as the focal point of its development.