DEVENS — On Thursday, MassDevelopment announced that 77 Grant Rd LLC, a real estate development entity affiliated with Elite Home Builders LLC, will build a three-story, 56,000-square-foot building at 77 Grant Road featuring 46 new mixed-income apartments and common-area amenities. MassDevelopment is selling the parcel of land at 77 Grant Road in Devens together with a $4 million loan to 77 Grant Rd LLC.
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.
MassDevelopment expects construction of Emerson Green Residences to begin in the next several weeks and be completed in 2027.
“Massachusetts needs more homes, and we’re working every day to build them,” said Gov. 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.”
The housing development was made possible through the passage of the Mass Leads Act, which was signed into law in November 2024 by Gov. Healey. The new legislation removed the cap on housing units allowed in Devens, as the community was previously limited to a maximum of 282 housing units. This legislative change enabled 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.
“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.”
Of the 46 apartments at Emerson Green Residences, 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 for Emerson Green Residences 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.
“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.”
“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 state Sen. John J. Cronin.
The state and MassDevelopment have made it a priority to further increase housing production in Devens to address the regional and statewide housing shortage:
“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.”
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. They partner with businesses, nonprofits, developers, banks, and municipalities, providing resources to help create jobs, build housing, and foster vibrant communities across the state.
“Access to quality affordable housing is essential for the resilience and diversity of our communities,” said State Rep. 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.”
During fiscal 2025, 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.
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.
-MassDevelopment
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