Fitchburg, Worcester developments credited $4M in effort to boost Gateway City housing stock
Photo | Timothy Doyle
One Exchange Place in Worcester
Three housing developments in the downtown areas of two Gateway Cities in Central Massachusetts have received a combined $3.8 million in tax credits from the state’s Housing Development Incentive Program.
The three projects, two in Downtown Fitchburg and one in Downtown Worcester, will see the construction of a combined 68 housing units. The awards were part of a statewide grant of $18 million toward the creation of 288 units in Gateway Cities, closing out the third and final HDIP application round from 2024, according to a press release from the Gov. Maura Healey Administration on Tuesday.
All three projects have received tax increment exemption deals from their local municipal governments.
Efforts to turn a historic Downtown Worcester property into a mixed-use development featuring 44 residential units received $2.3 million. The project, being led by CMK Development Partners of New Bedford, will see the One Exchange Place property converted into 26 studios, 14 one-bedroom units, three two-bedroom units, and one three-bedroom unit, along with a space for a commercial restaurant.
The $16-million project received a TIE agreement worth an estimated 196,500 over its 15-year term.
A Fitchburg project constructing 16 residential units in a mixed-use building at 633-639 Main St. by Methuen-based Prime Real Estate Investment received $1.06 million.
The development will have 14 two-bedroom units and two one-bedroom units built above ground-floor retail space, said Liz Murphy, executive director of community development & planning for the City of Fitchburg, who described the project during a June meeting of the City’s Economic Development Committee.
Another project at nearby 329-335 Main St. with eight residential units under construction received $440,000 from the state. This development, being led by Pprops Development of Westminster, will construct five one-bedroom units and three studios above ground-floor retail space, said Murphy.
“HDIP funding is Fitchburg's most important tool to revitalize and restore downtown,” Sen. John Cronin (D-Leominster), said in the Tuesday press release. “The funds awarded today will help the city continue to move forward and make Main Street a more walkable, livable place for residents and visitors alike.”
Both of the projects in Fitchburg are part of an area local officials have been working toward revitalizing through an increase in housing, in an attempt to create an 18-hour mixed-use district.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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