Image courtesy of MassDevelopment
A proposal to convert a former shoe factory in Framingham to 258 market-rate and affordable apartments has landed construction financing.
Originally built in 1910, the Bancroft building is a 4-story wood-framed and concrete structure that overlooks Farm Pond and downtown Framingham’s MBTA commuter rail station. After its shoe-making days, the building was later used to manufacture automobiles and headwear, and most recently, as live-work space for artists.
Development by a team of Washington Square Ventures, Bedrock Estate Partners and LaSalle Investment Management is expected to complete by January 2021. The project will feature 160 loft-style units within the former mill building and 98 units in a new L-shaped, podium-style building that will feature outdoor balconies and underground parking. Residents will have access to amenities such as an outdoor pool, patio deck, community room, workout facility and walking trails.
“The development presented Washington Square Ventures with the opportunity to preserve and transform a historic asset of Framingham industry, which had fallen into disrepair, into high-quality apartments sorely needed to support the significant retail, technology, and healthcare employment base in Framingham and the MetroWest market,” said Washington Square Ventures Managing Partner Justin Krebs.
Financing was provided by three community banks and MassHousing, the state’s economic development financing authority. Hudson-based Avidia Bank, Swansea-based BayCoast Bank and Whitinsville-based UniBank each provided $15 million loans, while MassDevelopment provided a $2.5 million loan.
“This project will breathe life into a historic mill building in Framingham and add hundreds of units to the commonwealth’s housing stock,” MassDevelopment President and CEO Lauren Liss said in a statement.
