Image courtesy of ICON Architecture

Groundbreaking is scheduled next month for Templeton’s first multifamily project in over 25 years following the completion of a financing package by a pair of Boston-area developers.

The Baldwinville School will be converted and expanded into 54 apartments, 49 of which will be reserved for households earning 30 to 60 percent of area median income.

Milton-based MPZ Development and Capstone Communities of Newton are partnering on the project, which received $1.9 million in Community Preservation Act funding from the town of Templeton and $750,000 from MassDevelopment’s Underutilized Properties Program.

“The goal of these programs, which we administer on behalf of the Commonwealth, is to breathe new life into underused sites for the benefit of our residents and communities – and that’s exactly what MPZ and Capstone are achieving here in Templeton,” MassDevelopment CEO Navjeet Bal said in a statement.

Additional funding was provided by the Massachusetts’ Executive Office of Housing and Livable Communities, MassHousing, Rockland Trust, National Equity Fund, the Massachusetts Historical Commission, and The Life Initiative.

Designed by ICON Architecture of Boston, the project will be designed to Passive House building envelope standards. Apartments will include loft-style units, studios and 1- to 3-bedroom units.