Telegram and Gazette Building

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

Other Massachusetts Projects

Match Charter Public School

Boston,
MA
(2005)

Community, Schools

CDE(s): Capital Impact Partners

NMTC financing supported the construction of the Match Charter Public School

Huntington Theatre

Boston,
MA
(2021)

Theaters and Performing Arts Spaces

CDE(s): National Trust Community Investment Corporation

The redevelopment of a historic theatre that will consist of restoring the 44,000 sq. ft. 750 seat theatre and the attached West Wing that houses back of the house space

A.D. Makepeace Company

Wareham,
MA
(2010)

Timber and Agriculture

CDE(s): Rockland Trust

The A.D. Makepeace Company, based in Wareham, is the world’s largest cranberry grower, the largest private property owner in eastern Massachusetts, and a recognized leader in environmentally responsible real estate

Northstar, New Bedford

New Bedford,
MA
(2023)

Daycare and Early Childhood

CDE(s): MHIC

The project involves financing a new 17,500 square foot state-of-the-art Early Education and Community Center, to be located on what is now a blighted, vacant lot in a largely residential