A six-story affordable housing development on the former site of the Table Talk Pies factory in Worcester's Canal District has received nearly $20 million in funding from the state.MassDevelopment has issued a $19,640,000 tax-exempt bond for the project at 120 Washington St. to support 59 of the 83 mixed-income apartments in the project, the agency announced Wednesday. Construction on the project began in October and is expected to be complete in February 2024.'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,' said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment's Board of Directors.The 83 affordable units will be composed of six studios, 28 one-bedroom, 44 two-bedroom and five three-bedroom apartments restricted to residents making 60% or less of the area median income.
The building is the first phase in a mixed-use redevelopment of the property, which will eventually include over 400 apartments and 20,000 square feet of commercial space.Other funding for the project comes from Low Income Housing Tax Credits, additional subsidies from the Department of Housing and Community Development and conventional bank financing. Boston Capital Development, the developer of the project, also received a $400,000 grant from MassDevelopment's Underutilized Properties Program.Boston Capital Development officially purchased the property from Table Talk in January 2022 when the factory closed and operations moved to its new location in Main South.'Projects like this are made possible by key collaborators such as MassDevelopment,' said City Manager Eric Batista. '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.'The bond was purchased by Eastern Bank and Rockland Trust.'The project at 120 Washington Street in Worcester will anchor the larger development site with 83 units of housing, providing a stable source of affordable homes in a neighborhood with growing access and opportunity,' said Eastern Bank Vice President and Relationship Manager of Community Development Angela Meehan.