CapeBuilt Development Receives Loan for Hyannis Projects

HYANNIS – CapeBuilt Development has received a $412,000 loan from MassDevelopment to help build 46 market-rate apartments in Hyannis.

CapeBuilt is redeveloping lots on Pleasant Street, between Main and South Streets, and the loan proceeds helped to remove and dispose of the hazardous materials and demolish the buildings on the sites.

“They had fallen into disrepair, were crumbling around themselves and also had asbestos and other contaminants that had to be addressed before the buildings could be safely brought down and taken off site,” said CapeBuilt President Rob Brennan.

The $12-15 million Sea Captain’s Row development, will include a number of Cape-style coastal cottages.

Groundbreaking on the project is expected to take place in late fall or early winter, with a projected opening by 2021.

Brennan is hoping that the development will help revitalize the area between the Steamship Authority docks and Hyannis Main Street.

“It’s incredibly encouraging to be able to bring your efforts and layer on projects to a neighborhood that already has a rich sense of history and a rich sense of place,” said Brennan.

The company is also re-developing the historic office space at 255 Main Street into market-rate apartments on the second floor and a café on the first floor, with plans to open in the spring.

The building was once known as the Saturday Night Club, where members of the Hyannis Board of Trade gathered in the early 20^th century.

In 2017, a report from the Cape Cod Commission estimated that 4,800 year-round rental units need to be created on the Cape to meet current demand.

Brennan believes that the downtown Hyannis area is the perfect spot to address the demand.

“Giving people a great location to live in, those folks living here add to the economic vitality of the area,” said Brennan.

“Also folks that are maybe taking the train in from Boston and hoping on the ferries at the Steamship Authority, this is a central gateway in Hyannis.”