Telegram and Gazette Building

New Markets Tax Credit Coalition

Worcester,
MA
(2014)

Telegram and Gazette Building

Adult Education, College or Vocational Training, Community, Historic Rehabilitation, Mixed-use

New Garden Park is now home to Quinsigamond Community College.

Investment

NMTC Amount: $13,760,000
Total Project Cost: $37,198,094

IMPACT

58 FTE jobs
107 construction jobs
Rehabilitation of a vacant or under-utilized historic structure.

CDEs

MassDevelopment, MHIC, USBCDE

Investor

US Bank

Project Description

The Telegram & Gazette building hosted Worcester’s only daily newspaper for more than a century. Financing was needed to make the building usable and complete an ambitious downtown redevelopment plan led by New Garden Park, Inc., the real estate affiliate of the Worcester Business Development Corporation. MassDevelopment worked with Fidelity Bank and other partners to provide more than $17.5 million to New Garden Park, including a leveraged loan, mortgage insurance guaranty, HUD 108 bridge loan, and New Markets Tax Credit financing. Our financing expertise succeeded in keeping this complex, time-sensitive project moving. Now home to Quinsigamond Community College, the new space will help 30,000 students prepare for the future and spur economic development in the heart of downtown Worcester.

MAP

Address: 20 Franklin Street, Worcester, MA 1608

Census Tract: 25027731700

Site Visits

Congressman McGovern (D-MA) Tours Telegram and Gazette Building Renovation

The Telegram and Gazette building hosted Worcester’s only daily newspaper for more than a century. Financing was needed to make the building usable and complete an ambitious downtown redevelopment plan.

Learn more...

Oct-2015

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