$26M Transformation Turns 1916 Southbridge School into Senior Apartments
Arch Communities and WinnCompanies have completed a $25.7-million adaptive reuse project to transform a 106-year-old school building in Southbridge, MA into 62 apartments for seniors 55 plus.
Of Residences at Wells School’s 62 apartments, 56 provide affordable housing at rents set at 60 percent of AMI), including eight apartments reserved for residents at or below 30% of the AMI. Six apartments have been customized for handicapped and sensory-impaired households.
The three-story, 90,000-square-foot building was built in 1916 as Southbridge’s first public high school. It was named for Mary E. Wells, the first woman elected to public office in Southbridge when voters chose her to serve on the town’s Board of Education in the 1890s.
Bank of America is the sole investor in the project, purchasing all federal and state historic tax credits, as well as the federal and state Low-Income Housing Tax Credits. Bank of America also provided the construction financing for the development.
- ◦Development