Developer behind Canal District project to redevelop Lakeside Apartments
WORCESTER — Boston Capital Development, a developer working on a multiphase mixed-use housing project in the Canal District, has been tapped by the city Housing Authority to redevelop its Lakeside Apartments public housing complex at Lakeside Avenue.
All 202 units at the Lakeside Apartments at 30 Lakeside Ave. will be razed and rebuilt with 172 units added for a total of 374, according to a news release from the Worcester Housing Authority.
Of the 374 units, 248 will be reserved for residents earning 30% of the area median income and 57 will be reserved for those earning 60% of the area median income.
In addition, 44 units would be reserved for first-time homebuyers and 25 will be market-rate.
According to the WHA the three-phased project will also make the building fully accessible, including elevators, sprinkler systems and more wheelchair-accessible units.
Lakeside Apartments, dating to 1949, was built to serve as affordable housing for veterans under the state Department of Housing and Community Development’s Chapter 200 Program after World War II. It is the authority's oldest apartment complex.
Boston Capital will partner with Newton-based company E3 Development LLC.
The project is being done through the Resident Assistance Demonstration program. The program allows WHA to leverage future guaranteed rents and subsidies in order to secure the loans needed for the project. It will be funded through multiple local, state and federal sources.
“Right now, it’s an idea and opportunity,” Alex Corrales, CEO of the WHA, is quoted as telling Lakeside Apartments residents in the news release. "We think it’s a great project and we’re excited about making this a reality.”
Rich Mazzocchi, Boston Capital partner and managing director, is quoted as saying the firm has experience with similar projects.
“We’ve done (projects like this) across the country,” Mazzocchi said. “It’s a passion of ours. We want to provide more affordable housing, which is much needed for this community.”
5-10 year project
The news release reports that Corrales expects the project to take anywhere from five to 10 years with actual construction starting sometime between 1 ½ to two years.
Corrales said residents will be temporarily relocated while new apartments are being built, likely in other public housing or through a housing voucher.
A similar project to redevelop the WHA's Curtis Apartments complex in Great Brook Valley is ongoing.
The $355 million, four-phase project at Curtis Apartments will see 372 units torn down and 527 built.
In November 2022, the WHA posted a request for proposals on the redevelopment project. At the time, Corrales said the WHA was assessing the viability of potential real estate developer proposals to replace and expand the complex.
Boston Capital has also purchased the former Table Talk Pies property on Washington Street and the former Smokestack Urban Barbecue location on Green Street to redevelop them into a mixed-use housing project as part of a larger city effort to bring new development to the area around Polar Park.
This article originally appeared on Telegram & Gazette: Developer of Canal District project to redevelop Lakeside Apartments
