WinnDevelopment, the development arm of WinnCompanies, was scheduled to hold a groundbreaking ceremony today for a mixed-income housing complex in Fitchburg.

The $24.2 million dollar project will transform the three-story, 110-year-old Fitchburg Yarn Mill into 96 units of housing. The 190,000-square-foot brick building on 7.4 acres will become 57 market rate units and 39 affordable units, of which 29 will be reserved for residents earning 60 percent or below of the area median income (AMI) and 10 units will be reserved for residents earning 30 percent or below AMI.

Gov. Charlie Baker also toured the property and announced that Fitchburg will receive a $3 million MassWorks award to help improve area infrastructure and assist with the reconstruction of Main and River streets.

The new housing will be located less than a mile from the city’s commuter rail station and from Fitchburg State College. Once completed, the property will be managed by WinnResidential, the property management arm of WinnCompanies.

“The rebirth of Fitchburg Yarn will become an outstanding example of the public-private cooperation required to transform a once-proud historic property like this into modern community asset,” Larry Curtis, president and managing partner of WinnDevelopment, said in a statement. “We are pleased to have been able to marry together all types of city, state and federal programs in support of new housing and a revitalized downtown for Fitchburg.”

“We are always happy to work in Gateway Cities such as Fitchburg, and to work with the mayor and a highly experienced developer – WinnCompanies – to bring these historic mills back into service as mixed-income housing,” Massachusetts Undersecretary of Housing and Community Development Chrystal Kornegay said in a statement.

Construction on for the housing project is expected to start next month, be completed by May 2017 and support 150 construction jobs.

The Massachusetts Housing Partnership has provided a $2.8 million long-term loan to help fund the project.