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

Hibernian Hall Project

Boston,
MA
(2004)

Historic Rehabilitation, Office, Retail, Retail and Commercial

CDE(s): MHIC

Rehab of historic building into arts and cultural center with performance space

Lynn YMCA

Lynn,
MA
(2017)

Community, Daycare and Early Childhood, Recreation, Shelters and Community Food, YMCAs and YWCAs, Youth and Families

CDE(s): Bluehub, Capital One, MassDevelopment, MHIC

The Lynn Y project comprises the land acquisition and new construction of 64,000 sq. ft. state of the art recreational facility in the city of Lynn, MA for the YMCA

Cape Ann YMCA

Gloucester,
MA
(2019)

Brownfield Remediation, Community, Daycare and Early Childhood, Fighting Cancer, Healthcare, Recreation, YMCAs and YWCAs, Youth and Families

CDE(s): TD Community Development Corporation

NMTC financing transforms a contaminated site into a sparkling new community facility.

Massachusetts Green High Performance Computing Center

Holyoke,
MA
(2011)

Mixed-use, Science and Tech

CDE(s): Affirmative Investments, Building America CDE, CDF Development (Cordish), MassDevelopment, Urban Research Park CDE

Finaning for the Massachusetts Green High Performance Computing Center, New England's first high performance computing center.