The project will preserve a historic downtown building and add another to create 80 affordable housing units for seniors 55+
WORCESTER, Mass., Oct. 16, 2024 (GLOBE NEWSWIRE) — WinnDevelopment, a Boston-based company integrating workforce (middle-income) housing into its mixed-income projects, and WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, have begun construction on The Residences on Lincoln Square in downtown Worcester. The new senior residential community will preserve and convert the historic three-story Lincoln Square Boys Club building into 16 affordable housing units, while also constructing an adjacent five-story building with an additional 64 units. A single-story glass enclosure will connect the buildings via the ground floor, allowing residents access between the two. The 80-unit development for seniors aged 55+ is scheduled for completion in April 2026, with an anticipated $70M total development cost. WinnResidential will be the property manager.
The Lincoln Square Boys Club building, originally constructed between 1928 and 1930, has been vacant since 2006. It is situated on a lot just shy of an acre in the Worcester Institutional District, which contains some of the city’s most significant 19th and 20th century civic buildings and architecture.
Once completed, The Residences on Lincoln Square will offer 19 studios, 46 one-bedroom and 15 two-bedroom apartments (of those, 11 units will be designed to be accessible for residents with disabilities, becoming ADA compliant). 12 of the units will be restricted to residents earning 30% or less of the Area Median Income (AMI) and the remaining 62 will be for those earning up to 60% AMI.
Extensive renovations to the historic building include rehabilitating the red brick, granite and limestone masonry, repointing areas of mortar deterioration, replacing the roof, and replacing the dated windows with vintage-inspired, simulated double-hung awning windows.
The new construction component will utilize best practices in urban infill design and construction. The five-story building will be located over an abandoned city street and existing tunnel/underpass. The building will be supported on a mixture of new foundations and partially on the footing and mat foundations supporting the existing underpass, utilizing a steel-framed podium spanning over the underpass. F.W. Madigan Company Inc. is the general contractor.
In-unit amenities will include a new refrigerator, microwave, LVT flooring, dishwasher, range, window blinds, garbage disposal, central air conditioning, and intercom. Project amenities include on-site management, kitchen, controlled access, laundry facilities, lounge, surveillance cameras, activity room, elevator, social services and resident activities.
Financing for the project includes Federal LIHTC, MA State LIHTC, Federal Historic Credits, and MA State Historic Credits. Massachusetts Executive Office of Housing and Livable Communities is the bond issuer, providing soft financing. Rockland Trust is providing construction financing, Massachusetts Housing Partnership is providing permanent financing, and the City of Worcester is providing additional soft financing.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: https://www.wncinc.com/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cd25b7a9-9216-4c03-8c4b-81c56e2bc3b8
CONTACT: MEDIA CONTACT: IDEA HALL Rachel Fuller rachel@ideahall.com
