Table Talk Lofts developer selected for WHA 374-unit Lakeside Apartments project
Photo | Courtesy of Worcester Housing Authority
A rendering of a planned redevelopment of Worcester's Lakeside Apartments
The Worcester Housing Authority selected Boston Capital Development and its partner on the project, E3 Development LLC, for the WHA’s redevelopment of its 202-unit Lakeside Apartments complex.
The developer will demolish and rebuild a 374-unit complex in three phases with 248 units reserved for residents earning 30% of area median income, with another 57 for those earning 60% AMI. There will be 44 units available to first-time homebuyers, according to a Friday press release from the WHA.
“We’ve done [projects like this] across the country,” Managing Director Rich Mazzocchi of Boston Capital said in the press release. “It’s a passion of ours. We want to provide more affordable housing, which is much needed for this community.”
The project is being done through the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration program, which allows WHA to leverage future guaranteed rents and subsidies to secure the loans needed to bring the project to fruition. Funding will come from multiple sources at the local, state, and federal level, according to the press release.
Boston Capital is redeveloping the former manufacturing site of Table Talk Pies in Worcester’s Kelley Square, naming the new development Table Talk Lofts. Boston Capital is currently building the first phase: a seven-story building containing 83 units restricted to people making less than 60% AMI.
E3 Development is a woman-owned Newton-based development and consulting firm, which has taken part in projects in Attleboro and Charlestown and has consulted for the Town of Hudson to address affordable housing needs.
WHA CEO Alex Corrales told WBJ in November the WHA would take a more active role in battling the affordable housing crisis in Worcester.
“Part of our vision is rather than go out and compete for land out in the city, let's take a look at our current portfolio … There may be opportunities for us to increase the number of units,” Corrales said in November.
WHA partnered with Boston developer Trinity Financial to redevelop its Curtis Apartments in Worcester’s Great Brook Valley Neighborhood, adding 155 units to the number of apartments currently on the site.
Trinity Financial redeveloped the former courthouse on Main Street in Worcester into mixed-income housing.
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