First multi-family development in Templeton in 25 years to break ground in May
Rendering | Courtesy of ICON Architecture
The Baldwin School Apartments will break ground in May.
The first approved multi-family development in Templeton in a quarter century will break ground in May after it closed financing earlier in April.
The Baldwin School Apartments, a project which will see a former public school building converted into 54 rental units, has received $1.92 million in funding from Templeton’s Community Preservation Committee, as well as $750,000 from MassDevelopment’s Underutilized Properties Program, according to an April 17 press release announcing the May groundbreaking.
The project received a loan of approximately $50,000 from MassDevelopment’s Brownfields Redevelopment Program, as well as additional financing from MassHousing, Rockland Trust, the Chicago-based nonprofit National Equity Fund, the Massachusetts Historical Commission in Boston, and The Life Initiative, a Boston-based community investment fund created in 1999 by Massachusetts life insurance companies.
The total cost of the project is expected to be approximately $20 million and is being led by MPZ Development of Milton and Capstone Communities of Newton.
“Many small, rural communities face challenges when it comes to meeting housing needs, but I have seen several successful school-to-housing transformations that offer beautiful apartments anyone would love to call home," State Sen. Peter Durant (R-Spencer) said in the April 17 press release. "The support from the Town for this project will surely make it a success and I look forward to the day the ribbon is cut to welcome folks to their new apartments.”
A total of 49 of the 54 units will be designated as affordable, with eligibility for households earning at or below 30-60% of the area median Income. The project will include a mix of lofts, studio, one-bedroom, two-bedroom, and three-bedroom units, with amenities including outdoor courtyard and community green spaces, a children’s playground, and a fitness center.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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