Construction complete on new Downtown Fitchburg apartment complex
Photo | MassHousing
A rendering of the Rees-Larkin development at Moran Square in Fitchburg
The redevelopment of Downtown Fitchburg continues with the completion of a 44-unit mixed-income development at 10 Main St. The project also has 8,400 square-feet of commercial space on the first floor.
The project, undertaken by Boston developer Rees-Larkin, consists of a former firehouse, the Harper Building, a former commercial building, and a newly-constructed five-story building.
The apartments are a mixture of studio, one-, two-, and three-bedroom units. Twenty units will be affordable to households earning less than 60% of the area median income (AMI), with five units further restricted for extremely low-income households earning less than 30% of AMI, according to a June 2021 press release from Massachusetts-based bank, Rockland Trust. The bank provided a $14 million construction loan to Rees-Larkin for the project.
Among other sources of funding, the Massachusetts Housing Finance Agency provided $5.5 million in financing for the project and the Massachusetts Department of Housing and Development provided $10.2 million in equity from the allocation of Low Income Housing Tax Credits.
The project was built with an eye towards energy efficiency, according to a June 14 press release from Lunenburg-based power company Unitil.
Unitil provided incentives of $141,350 in energy efficiency rebates as well as technical assistance. The improvements are expected to save over 172,000 kWh per year of electricity and more than 1,650 therms of natural gas per year. The savings in electricity alone represent what 23 homes typically use annually, according to the press release.
The project is one of several undertaken to bring new life to Fitchburg’s downtown area.
Fitchburg State University is restoring a vacant proscenium theater, and building a new black box theater on Main Street. Fitchburg Cultural Alliance opened a new arts space in a former Fidelity Bank building, also on Main St. The area has also seen new restaurants and cafes spring up in recent months.
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