MassDevelopment Advances Multifamily Housing in Devens, Next Phase of Emerson Green Neighborhood

Kelsey Schiller, 857-325-3477
kschiller@massdevelopment.com

DEVENS, Mass. – Today, MassDevelopment announced the sale of a parcel of land at 77 Grant Road in Devens together with a $4 million loan to 77 Grant Rd LLC, a real estate development entity affiliated with Elite Home Builders LLC, which will build a three-story, 56,000-square-foot building on the site featuring 46 new mixed-income apartments and common-area amenities.

The new multifamily building, named Emerson Green Residences, represents the next phase of the larger Emerson Green neighborhood developed by NOW Communities that currently includes 35 single-family homes, 20 duplex units, and three townhomes, all of which are already occupied.

"Massachusetts needs more homes, and we're working every day to build them,” said Governor Maura Healey. “That's exactly what this project in Devens will do by creating dozens of new mixed-income apartments for workers, families and young people who want to live and build their future here. We were proud to remove the cap on housing in Devens through the Mass Leads Act, and we're excited to see more homes moving from legislation to construction."

"Strong communities need housing for people at every stage of life,” said Lieutenant Governor Kim Driscoll. “Emerson Green Residences will give more workers and families an affordable place to live while supporting the continued growth of Devens and the surrounding region. We're proud to partner with MassDevelopment and local leaders to move projects like this forward and create more housing across Massachusetts."

"A strong economy depends on strong communities with enough housing to support a growing workforce," said Economic Development Secretary Eric Paley, who serves as Chair of MassDevelopment's Board of Directors. "Projects like Emerson Green Residences help strengthen Devens as a place where businesses can grow, workers can live, and communities can thrive. By expanding housing alongside economic development, we're creating the conditions for long-term investment, job creation, and regional growth."

“MassDevelopment is pleased to welcome the next phase of the Emerson Green neighborhood in Devens as Elite Home Builders advances construction on a new 46-unit apartment building,” said MassDevelopment President and CEO Navjeet Bal. “We are proud to sell this property and provide complementary loan financing to Elite Home Builders, working across our agency and with community partners to bring this high-impact project to fruition.”

Emerson Green Residences will include 46 apartments, 23 of which will be permanently income restricted. The building will feature energy-efficient construction designed to achieve a HERS rating of 55 or better. Additionally, as part of the project, Elite Home Builders will also complete parking, landscaping, grading, stormwater improvements and new water, sewer, electric, gas, and telecommunications infrastructure. The project will also include roadway improvements to complete a section of Marshall Street, between Grant Road and Marshall Lane, and finish the sidewalk along Grant Road.

Project financing includes a $6.5 million loan from Florence Bank for acquisition and construction costs and a $4 million loan from MassDevelopment for construction costs. The Harvard Municipal Affordable Housing Trust is also providing $1 million towards the project, which will increase the affordability of 12 of the income-restricted apartments. MassDevelopment expects construction of Emerson Green Residences to begin in the next several weeks and be completed in 2027.

“We're grateful for the opportunity to work with MassDevelopment and NOW Communities to bring the Emerson Green Residences to life,” said Cohen Babcock, Vice President of Development, Elite Home Builders LLC. “This 46-unit multifamily building will create much-needed workforce housing for Devens and the surrounding communities — something we're really excited about and proud to be part of. As the builder, owner, and operator of Emerson Green Residences, our goal is to provide Devens with a vibrant lifestyle rental community featuring Class A amenities, while being a good neighbor and an active, engaged member of the community.”

“At Florence Bank, we believe strong relationships build strong communities,” said Andrew Sullivan, Vice President of Commercial Loans, Florence Bank. “We’re honored to partner with MassDevelopment and work alongside the development team at Elite Home Builders to assist in expanding housing opportunities and contribute to the continued growth of our community. We look forward to seeing the positive impact this development project will have for generations to come.”

Located in north central Massachusetts, Devens is a 4,400-acre mixed-use community and an award-winning model for military base reuse. After serving as the U.S. Army’s New England headquarters for 79 years, Fort Devens was closed in 1996. Since then, MassDevelopment has worked to transform this site into a sustainable and thriving mixed-use community, providing municipal services, education, environmental protection, and infrastructure improvements to support continued redevelopment and job creation.

The Commonwealth and MassDevelopment have made it a priority to further increase housing production in Devens to address the regional and statewide housing shortage:

• In November 2024, Governor Healey signed into law the Mass Leads Act, which removed the cap on housing units allowed in Devens (the community was previously limited to a maximum of 282 housing units). This legislative change enables MassDevelopment to seek developers for multiple parcels within Devens that are already zoned for housing. 
• Accordingly, in December 2025, MassDevelopment issued Requests for Proposals for the disposition and development of multiple residentially zoned sites in Devens totaling approximately 69.3 acres. 
• Additionally, the Mass Leads Act established the Devens Housing Working Group to determine a strategy for increased housing production elsewhere in Devens, including in the Innovation and Technology Center zoning district, with the group releasing a final report in May 2025 that recommended amending local zoning bylaws to allow for housing in that district. 
• In February 2026, MassDevelopment announced the sale of approximately two acres of land at 25 Adams Circle in Devens to Reframe Systems Inc., which is developing 12 for-purchase townhomes in six duplexes on the site.

"I’m excited to see a mixed income housing project move forward in North Central and grateful that MassDevelopment continues to make housing production a part of the economic growth success story of Devens," said Senator John J. Cronin.

"As the State Senator representing most of Devens, I have been a strong advocate for expanding housing in the community, particularly multifamily and affordable housing, to provide more options for people who work and live in the Nashoba Valley," said Senator Jamie Eldridge. "I want to express my gratitude to MassDevelopment for its support and financing of the Emerson Green apartment building, as well as to the Harvard Municipal Affordable Housing Trust (MAHT) for its $1 million contribution to ensure that more of the rental units are affordable. With the significant economic development taking place in Devens, it is critical that housing opportunities keep pace so that more people can afford to live in the community."

"Access to quality affordable housing is essential for the resilience and diversity of our communities," said Representative Danillo Sena. "This project demonstrates what we can achieve when the state works with local partners to create high-quality mixed-income housing. I thank the developers for their work on this issue, and I am thrilled to see this project move towards closing in Devens."

"Harvard's Municipal Affordable Housing Trust's strong commitment to securing affordable housing units at Emerson Green represents a significant investment in Harvard's future,” said Harvard Town Administrator Dawn Dunbar. “Not only will these homes help ensure that residents of varying incomes have the opportunity to live, work, and remain in our community, but also works to advance the Town's commitment to expanding affordable housing opportunities.  This achievement reflects the dedication and collaboration of the Municipal Affordable Housing Trust, the Harvard Select Board, Town staff, the developer, and many community partners, most notably MassDevelopment, who worked together to make this project a reality."

“The Devens Enterprise Commission is glad to see NOW Communities partnering with Elite Home Builders, LLC to advance this critical phase of the 130-unit Grant Road subdivision,” said William Marshall, Chairman of the Devens Enterprise Commission. “The 46-unit rental apartment complex that was permitted under our Innovative Residential Development Regulations will offer a range of even more affordable and energy-efficient housing options in Devens that will help tackle the state’s affordable housing crisis and further the sustainable redevelopment goals of the Devens Reuse Plan.”

MassDevelopment, the state’s development finance agency and land bank, delivers financing solutions, real estate expertise, and other assistance to strengthen and grow the Massachusetts economy. We partner with businesses, nonprofits, developers, banks, and municipalities, providing resources to help create jobs, build housing, and foster vibrant communities across the state. During FY2025, MassDevelopment financed or managed 409 projects generating investment of more than $4.65 billion in the Massachusetts economy. These projects are estimated to create or support 25,246 jobs and build or preserve 2,867 housing units.

*Project rendering, courtesy of Elite Home Builders LLC