09/23/2026
Executive Office of Housing and Livable Communities, Mayor Sean Reardon, MINCO Development Corporation and MassHousing broke ground today for the third phase of housing on the Newburyport campus, made possible by Governor Healey’s Momentum Fund
9/22/2026
Officials in hard hats stand with shovels in hand behind a pile of dirt to mark the official groundbreaking for the development.
NEWBURYPORT – Ground was broken today for the third phase of Newburyport Crossing, which will create 92, new, mixed-income apartment homes adjacent to the Newburyport Commuter Rail Station and the city’s Clipper City Rail Trail.
MINCO Development Corporation is developing the third phase of Newburyport Crossing with financing through the Healey-Driscoll Administration’s Momentum Fund, which is managed by MassHousing, construction financing from Rockland Trust, and MINCO Development and its affiliates. MassHousing is also partnering with Berkadia and Freddie Mac to provide permanent financing for the project.
The third phase is being developed in a four-story building and will add 92 apartment units to the 160 units developed by MINCO in the first two phases of Newburyport Crossing.
“Building more housing is one of our top priorities, and the Momentum Fund is putting that commitment into action,” said Governor Maura Healey. “We created this fund to help move housing projects into construction faster, and in Newburyport that means 92 new homes are now moving forward. We’re going to keep using every tool we have to build more homes and lower housing costs across Massachusetts.”
“The Healey-Driscoll Administration is putting innovative tools to work to build more homes across the Commonwealth, and Newburyport Crossing is a great example of what that looks like in action,” said Housing and Livable Communities Secretary Juana Matias. “By leveraging public investment, we're helping unlock 92 new transit-oriented homes, on top of the 160 already developed at this site. That's exactly what the Momentum Fund is designed to do: move strong projects forward and deliver the housing Massachusetts residents need.”
“This is exactly the kind of housing we need in Newburyport, high-quality rental and affordable housing at different price points, located steps from public transportation and close to our downtown. Lou Minicucci and MINCO have been tremendous partners to the City, and they continue to demonstrate that you can create great projects while also helping communities address the very real housing challenges we face,” said Newburyport Mayor Sean Reardon. “I also want to thank the Healey-Driscoll Administration and the Executive Office of Housing and Livable Communities for believing in and investing in this project. This is smart, transit-oriented development that will provide more opportunities for our workforce, young professionals, and seniors to call Newburyport home, while also creating a new commercial opportunity at this location.”
“MassHousing is thrilled to support the development of the latest phase of Newburyport Crossing, which will offer its future residents quality rental housing options steps away from a commuter rail station and with immediate access to Route 1,” said MassHousing CEO Chrystal Kornegay. “Momentum Equity is helping to accelerate new mixed-income housing growth in communities like Newburyport where it is needed the most and putting innovative finance to collaboratively work to address the state’s housing needs.”
“MassHousing’s commitment to assist MINCO in funding the third phase of Newburyport Crossing has been transformative. Their participation has allowed us to overcome construction challenges and costs, enabling and providing much needed affordable housing to the Newburyport community. MINCO CEO Eric Loth, Jr., who was responsible for coordinating with MassHousing, would like the entire team there for their commitment and for their creative and dedicated effort to bring this project to reality,” said MINCO President Louis P. Minicucci Jr.
"Arrowstreet is proud to have contributed as the architect of Newburyport Crossing at Parker Street for Minco," said David Bois, partner at Arrowstreet. "The project embodies the Commonwealth’s commitment to creating sustainable, affordable, and diverse housing opportunities across Massachusetts. Our design draws inspiration from Newburyport’s distinctive architectural character, reinterpreting its historic forms through a contemporary palette of brick and metal. The interior design draws inspiration from the city’s rich maritime history, creating spaces that connect the building’s modern identity with the character and heritage of its surroundings."
Created through Governor Healey’s Affordable Homes Act, the $50 million Momentum Fund is a new financing tool designed to help build more mixed-income housing across Massachusetts.
In Newburyport, the Momentum Fund is allowing the construction of new housing that had been permitted and shovel-ready for years. Newburyport Crossing Phase III received its Chapter 40R Smart Growth District Plan Approval in 2022.
Of the 92 apartments, 23 will be income restricted for households earning up to 80 percent of the Area Median Income (AMI). There will be 23 studios, 30 one-bedroom units, 24 two-bedroom units, and 15 three-bedroom units.
The development amenities will include a two-story foyer, library, top-floor lounge, outdoor deck, fitness center, bike storage, courtyard and patio, and pet wash area. The site is bordered by US Route 1 and the Clipper City Rail Trail. Downtown Newburyport is one mile away and MBTA Newburyport Commuter Rail station and regional bus service are located within a five-minute walk.
Republic Building Contractors is the general contractor and Arrowstreet, Inc. is the architect.
