International law firm Nixon Peabody LLP announces that its client, Hostelling International USA and its regional affiliate, Hostelling International-New England (HI-New England), have secured funding for the New Boston Hostel, a planned renovation of one of Boston’s historic landmark buildings by leveraging new markets and historic tax credits.

The new hostel—the Hub of Boston—is located in the historic Dill Building in Boston and is expected to be open for guests in the spring of 2012. When the new hostel opens, it will be the second largest in North America, encompassing 55,000 square feet of space. The new 450-bed building will nearly double Hostelling International’s capacity compared to its current site. In accordance with the sustainability goals of Boston’s Mayor Thomas Menino, the project will feature a number of environmentally friendly design elements, including green elevators. Upon completion, project organizers will apply for Leadership in Energy and Environmental Design (LEED) certification and, in doing so, will become the first hostel to receive this distinction.

“This project illustrates how tax credits can work together to bring a planned project to fruition for the benefit of not only the city, but rather a larger community,” said Nixon Peabody partner Jeffrey Sacks, lead counsel to the HI-USA and HI-New England. “It’s an exciting time for real estate development in downtown Boston as great opportunities such as this project become possible.”

The Nixon Peabody legal team also included Sarah Boehs, Anita Pellitier, Forrest Milder, John Cornell, Ruth Silman, and Maria Dubrowsky.