For Immediate Release: 6/26/2017 1:48 pm
Worcester, MA (June 26, 2017) - Trinity Financial, a community-driven, diverse real estate development firm with a proven track record of redeveloping complex urban sites from New York to Greater Boston, today announced that they have been selected by the City of Worcester as developers for the former Worcester County Courthouse. Proposed plans for the currently vacant courthouse include approximately 125 new units of residential housing and ancillary amenity space, with half of the units rented at market rates and the remaining units designated for workforce housing with a creative economy focus. The development will include the historic rehabilitation and preservation of the former courthouse.
"We're thrilled to have been selected as the development team for the historic rehabilitation of the former Worcester County Courthouse," said Trinity Financial managing director Kenan Bigby. "This project will provide quality workforce and market-rate housing for the community and breathe new life into Lincoln Square, increasing neighborhood stability and revitalizing a unique piece of Worcester's history."
The Worcester County Courthouse has a prominent history in the community. The oldest part of the courthouse, the Greek Revival building on Main Street, was built in 1843 and rebuilt in1898, and the addition on the Harvard Street side of the property was built in 1954. Since its replacement opened down the street, the nearly 250,000 square-foot building has been vacant for a decade. The City bought the courthouse property from the state for $1 in 2014, and has since invested significantly on asbestos and other environmental cleanup on the building.
"This project will be one of the anchors for our Main Street revitalization. With all the residential developments planned, we're witnessing the emergence of a new downtown neighborhood in Worcester," said Mayor Joseph M. Petty. "After years of work, it's great to see the old courthouse finally moving forward and getting a new life. I want to thank Trinity Financial for seeing the potential in our city and investing in our shared success."
The total development cost of the project is expected to be approximately $53 million, financed primarily with historic tax credit equity, private debt, and other sources.
"The courthouse is a lynchpin to a revitalized North Main Street, and we're thrilled to have found a developer that will do it justice. This project will bring feet on the street that will support small businesses in the area and beautify a key gateway to our city " said City Manager Edward M. Augustus, Jr. "This project will ensure the Worcester County Courthouse is not only a piece of our history, but a part of our future."
Trinity Management, an affiliate of Trinity Financial, will serve as property manager for the redeveloped Old Courthouse. The Architectural Team (TAT) has been selected as the architect for the project and Vanesse Hangen Brustlin (VHB) has been retained as historic consultant.
"This project is an important piece of the puzzle helping to create downtown housing adding to the population density and a vibrant, 18-hour neighborhood with amenities for residents and visitors alike. The development will anchor the north end of Main Street and provide opportunities for both existing and new businesses, contribute to the city's tax base, and offer a desirable residential location." said Timothy P. Murray, president and CEO of the Worcester Regional Chamber of Commerce.
Construction on the courthouse is slated to begin in the fall of 2018 with completion projected for summer 2020.
ABOUT TRINITY FINANCIAL
Trinity Financial is a community-driven, diverse real estate development firm with a proven-track record of redeveloping complex urban sites from New York to Greater Boston. Our work spans half a dozen residential and commercial specialties, from multi-family housing to transit-oriented development. Over the past 30 years we have completed over $2 billion in innovative development, delivering high quality, sustainable, multi-family housing, ranging from affordable to luxury - all with a commitment to people and place.