EDFC Projects: The Hadley (Worcester, MA)
Before
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Architect’s Rendering
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On Friday, February 15, 2008, EDF Corp. closed on the financing and commenced construction of the Hadley Apartments project in Worcester, MA.
Hadley, an historic, 5 story brick structure located just 2 blocks south of city hall in downtown Worcester, MA, was originally constructed in 1923 as the home of Hadley Furniture and Carpet Co. and was occupied through the early 1990's by the former David Burwick Furniture Co.
EDF Corp.'s plans call for a $20,000,000 substantial historic rehabilitation of the building and conversion into 45 apartments and approximately 5,000 SF of ground floor commercial space. Twenty seven units of the units will be 1 bedrooms, 14 units 2 bedrooms, and 4 units 3 bedrooms. Forty of the 45 units will be designated as affordable units and will be priced so that the rents are affordable for individuals and families earning up to 60% of the Worcester Area Median Income (AMI). The remaining 5 units will be available at market rental rates and available to tenants of all incomes.
Financing for the project is provided by the US Department of the Interior (Federal Historic Tax Credit), the Commonwealth of Massachusetts (MassHousing Permanent Loan, MassHousing Priority Development Fund, MA Historical Commission State Historic Tax Credits, DHCD Low Income Housing Tax Credit, DHCD Affordable Housing Trust Fund, and DHCD Housing Stabilization Fund), the City of Worcester (HOME and CDBG), and developer equity.
Hadley is expected to complete construction and open its doors for new tenants in February 2009.
View the Hadley Press Releases:
- The Other Worcester Development (6/22/08)
- Hadley Groundbreaking (5/22/08)
- Worcester's Hadley Project (5/21/08)
- Arts Area Housing (4/26/08)
- Creating A Village (3/20/07)
- Historic Hadley Building (10/12/06)