Local leaders, community activists and developers broke ground Friday on a new Boston housing project that’s being billed as the first in New England intended for gay, lesbian, bisexual, transgender and queer seniors.

A vacant city-owned school building in Hyde Park will be converted into 74 mixed-income rental units for people ages 62 and older. The $47 million project, known as The Pryde, is being led by developer Pennrose and the nonprofit group LGBTQ Senior Housing.

LGBTQ Senior Housing President Aileen Montour said she was inspired by a lack of accommodations aimed at LGBTQ seniors.

“Where are we going to live as we get older where we can be our authentic selves? There was nothing going on,” said Montour. “So I raised my hand.”

According to Montour, the units will be rented out by lottery.

“We’re doing extensive outreach to our communities to make sure everyone who’s interested from the LGBTQ community has got their name in that lottery,” said Montour.

In a press release, Pennrose Regional Vice President Charlie Adams thanked Hyde Park residents for supporting the project.

“The Hyde Park community has completely embraced us and our plans for this building as a welcoming and friendly complex,” said Adams.

At Friday’s groundbreaking, Adams credited Montour for her yearslong work pushing for LGBTQ-friendly housing.

“I would not be standing here were it not for the dedication, perseverance, and commitment of Aileen Montour,” said Adams.

Boston Mayor Michelle Wu was among those on hand for the groundbreaking. “We are at a major moment to support our seniors and to ensure that our LGBTQ+ seniors will live their lives that everyone deserves in our city,” said Wu. “The Pryde is a celebration of what’s possible when we take a compassionate, inclusive approach to housing. When we recognize housing not as a privilege for some, or a luxury, but as a right.”

The project is scheduled to be finished by the fall of 2023.