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New Bedford’s Keystone Building Set for Resi Conversion

MassDevelopment announced the sale of 193-197 Union St. in New Bedford, the site of the former Keystone building, and a $3,212,750 bridge loan to Union Street Member LLC, a real estate development entity affiliated with One Circle Co. The project is also receiving financing from additional public-private sources.

The developer will build a 42,000-square-foot mixed-use building featuring 45 new units of market-rate housing and ground-floor commercial space. Construction is expected to begin this month and be completed by summer 2027.

“We are so glad to see One Circle Co. turn the page on the former Keystone site, transforming a long-vacant parcel into new housing and commercial space for downtown New Bedford,” said Economic Development Secretary Eric Paley, who serves as Chair of MassDevelopment’s Board of Directors. “Projects like this show what is possible when public and private partners work together to bring new life to important sites in our communities.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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