Candleworks Ventures LLC, a New Bedford real estate holding entity will buy the historic Rodman Candleworks building with the help from $1.45 million in MassDevelopment loans – a $945,000 New Markets Tax Credit real estate loan and $500,000 from the Southeast Revolving Loan Fund.

The downtown New Bedford building has a longtime anchor tenant, Candleworks Restaurant, on the first floor, with office tenants on the upper three floors. Andrew Rockett, an experienced Massachusetts real estate investor, manager, and developer, formed the real estate entity, and his purchase of the building shows continued demand for downtown New Bedford properties, according to a statement.

"Candleworks Ventures’ investment in this historic building has potential to spark even more interest in downtown New Bedford, continuing the area’s rejuvenation," said MassDevelopment president and CEO Marty Jones. "We’re pleased to provide these loans as part of the continued revitalization of this unique and proud Gateway City."

Built in 1810 by Samuel Rodman to make candles out of whale oil, the federal-style building was restored in 1976. At 72 N. Water Street, the property is on the cobblestone streets of the New Bedford Historic District, near the downtown central business district. Candleworks Ventures said it expects to create five jobs as a result of the project. The company is working with the New Bedford Economic Development Corporation, under the leadership and vision of Mayor Jon Mitchell, to incorporate a mixed-use development project into the unique national park setting. 

"This historic building is a high-visibility asset and serves as the gateway property to the New Bedford Whaling National Historical Park," said developer Andrew Rockett. "We are pursuing themes Mayor Mitchell laid out in his inaugural speech, ‘Poised for Progress,’ all of which focus on returning New Bedford to the prosperity it once enjoyed during its whaling heyday."