Mayor celebrates progress in transit-oriented project as developer signs lease with Wainwright Bank

BOSTON, MA - December 7, 2006 - Boston real estate development firm Trinity Financial signed a lease agreement today with Wainwright Bank for space in the company’s transit-oriented development, at 1900 Dorchester Avenue in Dorchester, adjacent to the MBTA’s redevelopment of the Ashmont Peabody Square MBTA station. The Trinity project, to be called “The Carruth”, will consist of 42 moderately priced condominiums, 74 affordable rental units, parking and retail.

A nationally recognized socially progressive bank, Wainwright’s plan for its new 3,500 square foot branch at The Carruth includes an upscale espresso bar open to the general public. The bank will also seek LEED certification from the U.S. Green Building Council for its use of “green” construction materials and methods. Wainwright recently received a Silver LEED certification for its Coolidge Corner branch and is seeking a Gold certification for its Newton Centre branch.

“We are excited for the opportunity to serve the residents of Ashmont and surrounding businesses and nonprofits,” said Jan Miller, President and CEO of Wainwright Bank.

Underscoring the project’s importance to the revitalization of the neighborhood, Boston Mayor Thomas M. Menino and MBTA General Manager Daniel Grabauskas commented on the event. "The Carruth is a model for transit-oriented development and for the type of community involvement that benefits all," said Mayor Menino. "Dorchester should be proud of what we are accomplishing, and I look forward to attending the ribbon cutting.”

MBTA General Manager Grabauskas added: "The investment the MBTA is making at Ashmont Station will continue to be a catalyst for redevelopment in and around Peabody Square," said MBTA General Manager Daniel A. Grabauskas. "The project represents another example of transit oriented development that the MBTA is working hard to promote. In addition to increasing ridership, T.O.D. on T-owned land generates much needed non-fare revenue for the Authority".

The building’s name, The Carruth, reaches back to Dorchester’s history. In the 1850’s, Nathan Carruth, a forward thinking apothecary merchant, recognized the potential value of Dorchester’s land and was instrumental in creating the Old Colony Railroad line that ran from Boston to Quincy and stopped at the Ashmont location. The convenience of the new Ashmont train stop allowed Bostonians to live in Dorchester and commute by train. All of this changed the town forever and led to the annexation of Dorchester by Boston in 1870.

The developers believe the new building, named after Carruth, will attract individuals that want the convenience of a home near public transportation. The six-story building, designed by The Architectural Team with interiors by Best of Boston interior designer, Dennis Duffy, is currently under construction. The anticipated occupancy date is Spring 2008.

Trinity Financial, Inc. is a Boston-based professional real estate development firm specializing in residential and commercial development. Established in 1987, Trinity Financial has developed a number of complicated projects in the City of Boston. The Trinity team has a successful record in developing urban mixed use projects including for-sale and mixed income housing, retail space and community facilities that enhance existing conditions in urban neighborhoods.

With $800 million in assets and eleven branches throughout Greater Boston, Wainwright Bank is widely recognized as one of the most socially progressive community banks in the country. It has provided over $570 million in loan commitments for local initiatives including affordable housing, homeless shelters, environmental protection, HIV/AIDS services, and more. Recent recognition includes being ranked 18th among the “100 Best Corporate Citizens” by Business Ethics magazine.

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