Former Schoolhouse Evolves into Affordable Housing in Greater Boston
Capstone Communities and MPZ Development have broken ground on an affordable housing initiative involving the redevelopment of a former schoolhouse in Bridgewater, MA.
Nixon Peabody’s Affordable Housing & Real Estate practice served as project advisors.
Capstone and MPZ acquired McElwain School — which sat vacant for more than 20 years — with intentions of meeting the need for high-quality housing in the region.
Plans call for conversion of McElwain School into a 16-unit residential building and construction of a new 38-unit residential building behind the school. Of the 57 total units, 51 will be affordable rental units, while six will be market-rate.
The project also includes the purchase of a neighboring three-unit house and creation of a park and plaza for community use.
Financing for the project included construction and permanent financing, state funding, Town of Bridgewater CPA funds, federal and state low-income housing tax credits, federal and state historic tax credits, and solar tax credits.
Artist Rendering Credit: Prellwitz/Chilinski Associates, Inc.