Search

Worcester, MA (2014)

Telegram and Gazette Building

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.

Investor

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

Related Projects