Maynard school-to-housing project receives $3M from Clinton Savings Bank, MassDevelopment

Photo | Courtesy of Civico Development, LLC An effort to convert a historic Maynard schoolhouse to a residential building has received $3 million in loan financing.

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By Eric Casey

An effort to convert a historic Maynard schoolhouse into a 12-unit, mixed-income apartment building has received a combined $3 million in loan financing from MassDevelopment and Clinton Savings Bank.

The project, which will see the former Calvin Coolidge Elementary School at 12 Bancroft St. in downtown Maynard converted into a residential building, will benefit from a $1.15-million tax-credit bridge loan from MassDevelopment and a $1.86-million mortgage from Clinton Savings Bank, according to a press release issued by MassDevelopment on Thursday.

“The historic former Calvin Coolidge Elementary School has served Maynard in many ways over its long history and will soon enter a new chapter as apartments, where residents will have easy access to downtown shops, restaurants, and more,” Marcos Marrero, MassDevelopment deputy director and senior executive vice president, said in the press release, “MassDevelopment has been pleased to award grant funding from our Underutilized Properties Program and now partner with Clinton Savings Bank to provide loan financing to advance construction and breathe life back into this important property.”

The project is being led by Maynard Bancroft LLC, an entity led by Worcester-based firm Civico Development CEO Andrew Consigli, with Civico contributing to the project.

Located next to a public park, the schoolhouse was first constructed in 1902 and operated as an educational facility until 1981. The building has seen a variety of other uses in the time since the 1980s but has been mostly vacant since October 2018.

“The Town of Maynard is excited to continue to work with and support Maynard Bancroft LLC and Civico in the development of this site for the re-use of the old Coolidge School,” Maynard Town Administrator Greg Johnson said in the release. “We share Civico’s re-envisioning of the previously town-owned property as a unique opportunity for attractive housing while preserving the neighborhood’s appeal.”

When renovations are complete, the building will feature three two-bedroom units, seven one-bedroom units, and two studios, with nine of the units rented at market value and three reserved for households earning 60-80% of area median income. Construction began in August and is expected to be completed by mid-2025.

Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.

CORRECTION: An earlier version of this article incorrectly stated Consigli Construction CEO Anthony Consigl leads Civico Development and Maynard Bancroft LLC. In fact, both entities are led by Andrew Consigli, Anthony’s brother.