At Red Line terminus, a green light

Governor Mitt Romney's administration has given the green light to redevelopment around the Ashmont Red Line station, which is to include 116 new apartments and condos.

Romney recently announced the award of $2.75 million in loans from several state agencies for the new housing and retail complex next to the busy transit hub.

Trinity Financial, Inc., a Boston private developer, plans to break ground this spring on the $50 million project, which will include 10,000 square feet of retail space.

The housing is to consist of 74 affordable rental units and 42 market-rate condominiums.

The retail space probably will include a restaurant or cafe, according to Trinity vice president Vince Droser. He said construction probably would take 18 to 20 months.

In addition to the private development, the MBTA is planning a $50 million rebuilding of the station itself, and the city is planning to reconfigure the street network in the area and add a public art project, which is still being developed.

Droser said the three projects will revitalize Dorchester's Ashmont neighborhood.

''The station has been an eyesore, and the area around the station has been a source of concern in the area for many years," he said.

Romney announced the state loans as part of a $516.5 million package of aid to projects located near transportation hubs across the state.

The governor has touted transit-oriented development as a key to promoting ''smart growth" in Massachusetts.

Trinity's Ashmont project has been on the drawing board for several years.

It received a setback last June, when the state rejected the developer's application for financial aid, saying the project was too costly.

Trinity then revised the plans and increased the number of market-rate units.

Robert Preer can be reached at preer@globe.com.