Worcester offices to be converted to apartments
The former Fallon Health building along Elm Street in Worcester will be converted into apartments thanks to a Housing Development Incentive (HDIP) Award of $2.5 million.
This project was proposed by developer Synergy Investment earlier this year and will receive in addition a tax increment exemption of 15 years from the city of Worcester. The project will convert an office building into 198 apartments and will also receive assistance from a new program from the state designed to turn vacant or underused office buildings into residential establishments.
There will be a mix of studio units and units with one and two bedrooms in the building. A building four stories high will also be developed by Synergy attached to the Fallon building that will become 22 condominiums affordable for those who earn 80 percent of the median income in the area. Often when such projects are announced local print shops step in to create flyers and posters with more information about features, amenities, and monthly rents.
About $73 million is expected to be spent by Synergy on the renovation. Fallon Health is expected to move into a smaller space at what was once the Unum headquarters next to the Mercantile Center.
Work on the building is expected to begin this summer. The project is expected to be completed sometime in the fall of next year.
This project was proposed by developer Synergy Investment earlier this year and will receive in addition a tax increment exemption of 15 years from the city of Worcester. The project will convert an office building into 198 apartments and will also receive assistance from a new program from the state designed to turn vacant or underused office buildings into residential establishments.
There will be a mix of studio units and units with one and two bedrooms in the building. A building four stories high will also be developed by Synergy attached to the Fallon building that will become 22 condominiums affordable for those who earn 80 percent of the median income in the area. Often when such projects are announced local print shops step in to create flyers and posters with more information about features, amenities, and monthly rents.
About $73 million is expected to be spent by Synergy on the renovation. Fallon Health is expected to move into a smaller space at what was once the Unum headquarters next to the Mercantile Center.
Work on the building is expected to begin this summer. The project is expected to be completed sometime in the fall of next year.