HRI Communities: $26 million more will convert Touro/Shakespeare into 52 deeply affordable senior apartments, council advances lease cleanups

HRI Communities told the City Council it is poised to close on an additional $26 million in private and state investment to fully renovate the Touro Shakespeare building into 52 affordable apartments for seniors, a development the nonprofit characterized as essential to expand deeply affordable senior housing.

“We are set to close, within the next 2 weeks on an additional $26,000,000 of investment, which will fully renovate the Touro Shakespeare Building into 52, senior apartments serving deeply affordable, senior needs,” Josh Collin, president of HRI Communities, said during the meeting.

Council discussion focused on minor lease cleanups and boundary adjustments needed to move construction forward. HRI and city staff said stabilization work is complete and that a small encroachment of fences will be corrected so work can continue without interruption. A public commenter raised questions about per‑unit cost, observing that $26 million divided by 52 units amounts to approximately $500,000 per unit and asked for clarity on affordability thresholds and AMI targeting.

Council members moved and adopted the recommended action to acknowledge stabilization and authorize the lease updates needed to close financing. The motion was recorded as adopted in council minutes; the transcript records six yeas in the vote narrative.

Next steps: HRI and the city indicated they expect private and state capital to close imminently so renovation can proceed; the transcript does not record final financing documents, AMI targeting specifics (30%/50%/80% of AMI), nor a construction schedule.