Photo courtesy of WinnCompanies

What: The Elmwood
Where: 526 Hartford Turnpike, Shrewsbury
Owner: WinnCompanies
Built: 2024-2026

The recent completion of a $35.2 million residential project in Shrewsbury created 93 new low-income, affordable, workforce and market-rate apartments.

Boston-based WinnCompanies developed The Elmwood, transforming a vacant 9-acre parcel into two energy-efficient, 3-story buildings.

Designed by architects CUBE 3 and built by Dellbrook-JKS, the Passive House-certified project includes high-efficiency electric HVAC systems and a 150-kilowatt rooftop solar array.

Project financing sources included state and federal low-income housing tax credits awarded by the Massachusetts Executive Office of Housing and Livable Communities, as well as subordinate loans. MassHousing provided permanent financing, tax credit bridge loan financing and workforce housing initiative loans. Bank of America provided tax credit equity and construction financing, and Community Economic Development Corporation (CEDAC) also helped finance the project.

They Said It:

“The Elmwood reached full occupancy very quickly, providing clear evidence of the strong demand for apartment options across the income spectrum in this region. We’re pleased to deliver a community that not only supports the economic strength of greater Worcester but also aligns with public policy goals for the production of quality, energy-efficient mixed-income housing.”
— Adam Stein, president WinnDevelopment