The Elmwood, a 93-unit, mixed-income apartment community in Shrewsbury, has been completed by Boston-based developer WinnCompanies.
The $35.2-million project sees a mix of low-income, affordable, workforce, and market-rate units spread across two buildings at 526 Hartford Turnpike, according to a Tuesday press release from WinnCompanies.
The community was completed in April, rounding an 18-month construction process, according to real estate data website CoStar. The community is already fully occupied, according to the press release.
“The Elmwood reached full occupancy very quickly, providing clear evidence of the strong demand for apartment options across the income spectrum in this region,” Adam Stein, president of WinnCompanies subsidiary WinnDevelopment, said in the press release. “We’re pleased to deliver a community that not only supports the economic strength of greater Worcester but also aligns with public policy goals for the production of quality, energy-efficient mixed-income housing.”
The site was built to passive house standard, featuring high-efficiency HVAC systems and a 150-kilowatt rooftop solar array.
There are 13 low-income apartments at the Elmwood, available to households earning up to 30% area median income, as well as 43 units open to those earning up to 60% of area median income, and a further 21 units available to those making up to 110% of area median income. The remaining 16 units are market rate.
The Massachusetts Executive Office of Housing and Livable Communities assisted the project with state and federal Low-Income Housing Tax Credits, as well as subordinate loans.
Further financial help came from MassHousing, which provided $49 million in permanent financing, tax credit bridge loan financing, and loans from the agency’s Workforce Housing Initiative.
Bank of America provided tax credit equity and construction financing.
Quincy-based Dellbrook-JKS served as the project’s general contractor, while Cube 3 in North Andover served as the architect.
Amenities at the site include a playground, dog park, club lounge, work-from-home spaces, and a fitness center. The property is managed by WinnResidential, an arm of WinnCompanies.
Completion of the project comes as WinnCompanies works to finalize The Residences at Lincoln Square, a 80-unit affordable housing site for seniors located at the site of the Worcester Boys Club at 2 Grove St.
Founded in 1971, WinnCompanies has 4,600 employees in 27 states, Washington D.C., and Puerto Rico.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
