February 14, 2018

Sever Street apartments slated for $15M rehab

The Fruit Sever Apartments on Sever Street in Worcester.

The owners of the Fruit Sever Apartments in Worcester are planning a $15-million renovation of the 132-unit building after receiving the tax exempt bond from MassDevelopment.

The state finance and development agency announced the bond to Boston-based The Community Builders on Wednesday.

The funding will allow the addition of two affordable units and upgrades to common areas, mechanical systems and the Sever Street building's exterior.

According to the city's property records, the 88,000-square-foot building was constructed in 1965.

The Community Builders purchased the property for $8.7 million in June 2016, according to filings with the Worcester County Registry of Deeds.

The renovations will preserve the affordability of 118 units, which will be available to households earning up to 60 percent of the area median income. The other 14 units will be available to tenants at market rate.

According to MassDevelopment, the agency assisted the Massachusetts Department of Housing and Community Development with the approval of federal low income housing tax credits, which will provide $9.1 million in equity for the project.

"We are proud of our partnership with MassDevelopment, which allows us to preserve and construct apartment homes for families of all incomes throughout the Commonwealth," said John Fraser, project manager for The Community Builders, in a statement. "With the renovation of Fruit Sever Apartments, Worcester residents will have updated, energy-efficient apartments to call home."


Type your comment here:

Today's Poll Would your company consider changing its name or brand if it had a connection to an undesirable event or ideology?<>
Most Popular on Facebook
Copyright 2017 New England Business Media