Table Talk Lofts receives $20M for Canal District affordable housing
Photo | Worcester Planning Board
The first phase of the 400-unit affordable housing complex on the former site of Table Talk Pies.
A Canal District development bringing 83 units of affordable housing to the former manufacturing site of Table Talk Pies will receive $19.6 million from a tax-exempt bond issued by state agency MassDevelopment.
“Revitalizing downtown properties into mixed-income housing and retail spaces is a key way we can address the state’s housing crisis, create more vibrant neighborhoods, and stimulate local economies,” Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors, said in the Wednesday press release announcing the bond.
The bond, issued on behalf of 120 Washington 4 LLC, an affiliate of Boston Capital Development, LLC, was purchased by Boston’s Eastern Bank and Rockland Trust Bank. It is specifically for the construction of 59 of the units.
Phase one of the project known as Table Talk Lofts is under construction now. When the entire project is completed, it will provide more than 400 mixed-income units and 20,000 square feet of commercial space about a block from the Polar Park public baseball stadium.
“This particular site located next to Polar Park is crucial to unlocking the full potential of the Canal District by bringing much needed housing including affordable units to the neighborhood. When public and private interests work together we can take big steps to move the City forward, and our residents are the beneficiaries,” Worcester City Manager Eric Batista said in the press release.
In October, the Boston-based quasi-public Massachusetts Housing Partnership committed $7.1 million in permanent loans to the project, according to the MHP website.
Table Talk Lofts will receive 4% low-income tax credits for 59 of the units and 9% low-income tax credits for 24 of the units, according to MHP.
In October, the Gov. Charlie Baker Administration awarded a $400,000 grant from MassDevelopment’s Underutilized Properties Program to help Boston Capital Development, LLC advance a portion of the larger project at 120 Washington St., according to Wednesday’s press release.
Boston Capital purchased the site for the project from Table Talk Pies in January for $4.5 million.
The project is expected to be completed in February 2024.
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Question:
$20mil or $19.6mil?
$400k is quite a large discrepancy no?
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