Boston – MassHousing has provided $8.1 million in CommonWealth Builder financing for the development of Two Chestnut Place in downtown Worcester, which will feature 22 new condominiums for purchase by moderate-income, first-time homebuyers. Synergy and the Planning Office for Urban Affairs (POUA) will redevelop a former 4-story office building into the condo complex for homebuyers earning up to 80% of the Area Median Income (AMI).
“MassHousing is pleased to be part of this opportunity to develop 22 brand new homes in the heart of Worcester that will be affordable to first-time homebuyers,” said MassHousing CEO Chrystal Kornegay. “These new homeowners will be able to put down roots in homes they can afford in Worcester’s downtown with all the services and amenities available there.”
Located at 22 Elm St. in downtown Worcester, the development plan calls for the adaptive reuse of the existing building that was originally built in 1877 for residential use, expanded and converted to office use in 1960, and expanded again for further office space in the 1990s. The new housing will include 6 one-bedroom units, 13 two-bedroom units and 3 three-bedroom units. The new housing will be less than a quarter mile from multiple Worcester Regional Transit Authority bus stops and approximately half a mile from Worcester Union Station with access to the Framingham/Worcester MBTA Commuter Rail line. The site is also near Worcester City Hall, Worcester Common, and St. Vincent Hospital, and is within half a mile of numerous restaurants and retail shops.
“Synergy is grateful for the support of MassHousing and the partnership of the Planning Office of Urban Affairs as they help bring more affordable housing to Worcester,” said David Greaney, founder and CEO of Synergy. “Developing Two Chestnut Place will allow the dream of homeownership to become a reality for Worcester residents and strengthens Synergy’s commitment to the city.”
“We’re grateful for another opportunity to utilize MassHousing’s CommonWealth Builder program to provide first-time homebuyers in our community with an opportunity to build equity, and for an opportunity to develop housing that lessens the wealth inequality gap,” said Bill Grogan, president of the Planning Office for Urban Affairs. “This project will be transformative for Worcester and serves as a model for the Commonwealth.”
In addition to the $8.1 million in CommonWealth Builder Funding MassHousing is providing, The Life Initiative is providing $4.2 million in construction financing and the City of Worcester is providing $2 million in Affordable Housing Trust funding. The general contractor is NEI General Contracting. The architect is DMS Design, and the management agent will be Synergy.
