FOR IMMEDIATE RELEASE:
October 12, 2006

Historic Hadley Building to Provide Mixed-Income Rental Housing in Worcester Arts District

Worcester, MA – The Worcester Arts District will soon see the addition of 45 units of mixed-income rental housing in the historic Hadley building thanks to $3.3 million in loan commitments from MassHousing.  This is the first phase in a three-phase development plan by the developer to create 170 units of mixed-income housing as part of the city’s overall $1 billion downtown revitalization project.

“The conversion of the historic Hadley Building into 45 units of mixed-income rental housing is a great example of a smart growth development,” said MassHousing Executive Director Thomas R. Gleason.  “Not only will a historic building be preserved, but the addition of mixed-income rental housing will add new life to the Worcester Arts District and the downtown area.”

Located at 653 Main Street, Hadley Building Apartments will consist of the historic renovation of the former Hadley Building into 45 mixed-income rental units.  Of those units, 40 will be affordable to households earning no more than 60% of the area median income, which is $38,700 for a three-person household in Worcester.  The unit breakdown will include 27 one-bedroom apartments, 14 two-bedroom apartments, and 4 three-bedroom apartments.  The ground floor of the development will provide 5,000 square feet of commercial space, and on-site management office and community room.  The developer will also provide parking for 50 cars on an adjacent lot.

“With its prime location on Main Street, the Hadley Apartments project will serve as the portal for the redevelopment of Worcester’s Arts District,” said David Rodriquez-Pinzon, President EDFC, LLC.  “The project will bring a vacant historic building back to productive life with the strong support of Senator Harriette Chandler, Representative John Fresolo, city and state, and private stakeholders.”

“I am extremely proud to have helped secure the necessary funding to see this project come to fruition.  This is just one of many exciting projects happening in the City of Worcester,” said Representative John Fresolo.

In addition to the $3.3 million from MassHousing, the project will receive $594,000 from the Affordable Housing Trust Fund, which is jointly administered by MassHousing and the Department of Housing and Community Development (DHCD).

Other financing from the project includes $530,000 from the City of Worcester and $550,000 in HOME funds from DHCD. The developer will also receive Low Income Housing Tax Credits, and federal and state historic tax credits.  The sale of these tax credits is expected to raise an additional $10.4 million for the project.

The developer of the project is EDFC, LLC an affiliate of Economic Development Finance Corporation, whose principal is David Rodriquez-Pinzon.  The architect is Fine Associates and the contractor is JT Callahan & Sons.  The management agent is WinnResidential.

The renovation of Hadley Building Apartments is expected to begin late Fall 206 and be completed in December 2007.  Next year the developer plans to build phase two of the development plan, which is the construction of a 60-unit condominium building to be known as Beacon Place.   The final phase of the project is still in development.