The loan and sale are the latest moves by the state to encourage housing development at the former military base.
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MassDevelopment has sold a two-acre plot of land and provided a $4-million loan to a developer to support the construction of a 46-unit apartment building in Devens.
The quasi-state agency sold 77 Grant Road in Devens for $575,000 to an entity associated with Westborough-based Elite Home Builders on Thursday, according to Worcester District Registry of Deeds records. That same day, MassDevelopment announced it had issued the loan to support the construction of the three-story Emerson Green Residences at the site.
In addition to the MassDevelopment loan, the project is being supported by a $6.5-million loan from Northampton-based Florence Bank and $1 million from the Harvard Municipal Affordable Housing Trust.
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Emerson Green Residences will include 26 income-restricted units. Construction is expected to begin in the third quarter, with completion expected in 2027.Â
The loan and sale are the latest moves by the state to encourage housing development at the former military base, which has been transformed into a regional enterprise zone. A 2024 law signed by Gov. Maura Healey eliminated a cap on the number of housing units allowed in Devens.
The new apartment building is billed as the next phase of the larger development of the Emerson Green neighborhood, which already includes 35 single-family homes, 20 duplex units, and three townhomes.Â
Beyond Emerson Green, MassDevelopment released a request for proposals for the sale and development of 69 acres of land for housing in December. In February, MassDevelopment announced it had sold two acres of land to Andover-based Reframe Systems for the development of 12 townhouses.
State Sen. Jamie Eldridge (D-Marlborough) said the development of housing in Devens is critical in order to keep pace with economic development happening in the regional enterprise zone.Â
Businesses in Devens include fusion energy firm Commonwealth Fusion Systems, advanced metals manufacturer VulcanForms, and pharmaceutical ingredient developer Veranova.Â
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.Â
