The Worcester Business Development Corp. (WBDC) recently awarded several leading individuals and organizations for their respective roles in the restoration of the Hanover Theatre in downtown Worcester.
Built in 1904 and formerly known as the "Poli Palace," the theater sat vacant for many years until it was restored last year.
The Hanover Theater opened in March 2008 after eight years of planning, fundraising, historic restoration and new construction.
The $31 million project was successfully completed as a result of a combination of strong public and private support, according to the Massaschusetts Housing Investment Corp.
The 2009 Bowditch Award, named after the late Robert S. Bowditch, a founding member of the WBDC, went to two individuals: Mary DeFeudis, a local investor and philanthropist, was credited with making the first major individual gift, kicking off the successful and ongoing capital campaign for the theater restoration. DeFeudis is an active member of the Worcester Center for the Performing Arts Board.
Frederick Eppinger, CEO and president of Hanover Insurance Co., played a leading role in bringing the project to fruition. His company’s foundation was the leading corporate donor, and Eppinger was an active member of the team, involved from concept through completion of the project.
Special Recognition Awards were given to Ed Madaus and Paul Demoga, two local businessmen for their "bold vision and pivotal role in restoring the theater." They decided to rehabilitate the theater and founded the Worcester Center for Performing Arts for that purpose. They acquired the property and went about raising funds, assembling financing and lining up support.
Deb Favreau, senior investment officer at Massachusetts Housing Investment Corporation (MHIC), was credited for her role and for MHIC’s efforts in "putting together one of the most creative financing packages in the country to construct the theater." MHIC provided a $17.6 million financing package, combining New Markets and historic tax credit financing.
Mike Pagano, Bill Senecal and their firm, Lamoureaux Pagano Assoc, a Worcester-based architectural firm, were honored for their "careful blending of historic restoration and creative modernization," which has made the theater "an artistic and operational winner."
Troy Siebels, executive director of the Hanover Theatre for the Performing Arts, was honored for the multiple roles he played in the project – for "handling the business side and artistic side with equal effectiveness and efficiency." Siebels was involved in every aspect of the theater’s redevelopment, from financing to design, through construction and even production of one of the theater’s first events.
The Worcester Business Development Corporation was founded 44 years ago. It is dedicated to economic development of Worcester and the region.
