A joint venture between WNC & Associates and First Resource Development Cos. has announced plans to begin construction of a new affordable housing community in Springfield, Mass. The project will transform two historical buildings—which have been vacant for over a decade—into Merrick Park Apartments, bringing the area 62 affordable housing units.
The adaptive reuse project is transforming the previous Springfield Fire and Marine Insurance Co. building and a neighboring residential building at 195 State St. and 19-25 Maple St. It was last used as an administration building for the Springfield School Department and is listed on the National Register of Historic Places. The 62-unit community will be made up of eight studio apartments, 43 one-bedroom units, 10 two-bedroom units and one three-bedroom apartment.
Apartments at Merrick Park are reserved for households earning 30 to 60 percent of the area median income. Additionally, eight two-bedroom units are being held for those using project-based Section 8 rental assistance. Residents will have access to the community’s activity room, laundry facilities and on-site management. Individual units will include refrigerators, microwaves, dishwashers and air conditioning.
Years in the making
The project has been several years in the making, the President of First Resource Development Co., Gordon Pulsifer, shared in a statement about the project. The project was first given the green light to move forward in 2022. The initial approval included Merrick Park Apartments with 41 units and The Residences at The Vault, at 300-310 State St., which had 52 units planned.
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The financing for this $40 million development has come from multiple parties. In February, the project was one of 14 other affordable housing projects to be awarded low-income tax credits and subsidies. That round of funding awarded $158 million for approximately 320 affordable housing communities in Massachusetts.
In addition to the tax credit, the project received a construction loan from the Massachusetts Housing Investment Corporation and a permanent loan from the Massachusetts Housing Partnership. The joint venture is beginning construction immediately and expects to bring the development online in 2027.
Located at the corner of State and Maple Streets in Springfield, the future community is right across from the Springfield Central Library, with multiple public transit options available. The Zoo in Forest Park and Education center is 3 miles away and other retail, dining and entertainment options are within proximity to the community.
WNC’s other affordable housing projects
A leader in the affordable housing industry, WNC & Associates and its other companies have acquired $18.2 billion in assets with more than 1,800 affordable rental communities. WNC has partnered with over 400 developers and multiple investors to provide more affordable housing options across the country.
Late last month, the company was able to launch construction on two similar ventures at opposite ends of the nation. On July 25, WNC, alongside the Portland Housing Authority, launched its revitalization project on Riverton Park in Portland, Maine. The $117.1 million project is adding 182 units to its affordable housing stock for residents earning between 50 to 80 percent AMI.
Five days later, the company announced that it had broken ground on the 110-unit El Camino Real in Oceanside, Calif. The $60.7 million community, being developed with MirKa Investments LLC and Mission Neighborhood Centers Inc., units will be reserved for those earning between 30 and 80 percent AMI. Both projects are expected to come online in 2027.
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