Image courtesy of The Architectural Team
A $55.3 million adaptive reuse project will create 88 affordable senior apartments in a historic mill complex that’s sat vacant for decades in downtown Holyoke.
Boston-based WinnDevelopment has begun construction of the loft-style units in three connected buildings within the 168,000-square-foot complex, once the world’s largest alpaca wool mill.
The property includes nine buildings once occupied by Farr Alpaca Co., which shut down in the 1940s, and had remained vacant since the 1970s. Scheduled for completion in spring 2025, the initial phase of the project includes three structures completed between 1880 and 1905 totaling 86,000 square feet.
The project includes a construction of a new community building and sky bridge spanning nearby railroad tracks. The apartments will be reserved for low- and moderate-income seniors and Department of Mental Health Clients.
Lowell-based Enterprise Bank purchased tax-exempt bonds from MassDevelopment, and provided bridge financing. The Executive Office of Housing and Livable Communities, along with Community Economic Development Assistance Corp. and the MassHousing Affordable Housing Trust Fund, provided soft financing.
Bank of America is the construction lender and invested in the project’s state and federal low-income housing tax credits. The project also received federal historic tax credits.
The Holyoke Redevelopment Authority (HRA) provided a ground lease for a discounted value and provided funds for structural stabilization of the mill complex. Additional local partners include the city of Holyoke and local non-profit OneHolyoke, who provided gap financing through local ARPA and CDBG funds. BlueHub Capital served as lender on the state credit loans.
“We’re excited to get to work on preserving this important feature of Holyoke’s proud industrial legacy and transform it into much-need housing for seniors who want to stay in the community they love,” WinnDevelopment President and Managing Partner Larry Curtis said in a statement. “This project is the first part of a two-phase redevelopment effort that will revitalize this historic mill complex and provide an economic boost to Holyoke’s downtown.”
The project team includes general contractor Keith Construction of Canton, The Architectural Team of Chelsea, VHB and transaction counsel Robinson + Cole.
