The site of the former Table Talk Pies headquarters is being turned into mixed-income housing in Worcester, Massachusetts.
MassDevelopment has issued a $19.64 million tax-exempt bond on behalf of 120 Washington 4, an affiliate of Boston Capital Development, which will use the proceeds to construct 59 housing units. The project is part of a larger mixed-use redevelopment of the 4-acre site that will have more than 400 residential units and 20,000 square feet of commercial space.
Eastern Bank and Rockland Trust purchased the bond, which helped Boston Capital Development achieve a lower cost of capital, said officials.
The firm will construct a mix of six studio, 28 one-, 44 two-, and five three-bedroom apartments. In addition to the 59 units supported by MassDevelopment’s bond financing, 24 additional units will be financed with an allocation of low-income housing tax credits, additional subsidies from the state Department of Housing and Community Development, and conventional bank financing.
Additionally, in October 2022, the Baker-Polito administration awarded a $400,000 grant from MassDevelopment’s Underutilized Properties Program to help Boston Capital Development advance a portion of the larger project at 120 Washington St.
“The prime downtown site of Table Talk Pies’ former headquarters will now offer much-needed affordable housing options for individuals and families in Worcester,” said MassDevelopment president and CEO Dan Rivera. “MassDevelopment is proud to partner with Eastern Bank and Rockland Trust to help the team at Boston Capital Development redevelop this longtime industrial property into a mixed-use facility that will complement the significant public and private investments being made in the surrounding downtown neighborhood.”
The site served as the headquarters of Table Talk Pies from 1924 until January 2022, when the company relocated its production and distribution facility to an industrial area within Worcester.
“We’re thrilled to have MassDevelopment as a financing partner on the first phase of this redevelopment project,” said Rich Mazzocchi, managing director of Boston Capital Development. “Creating new affordable housing is of critical importance to households in Worcester, and we appreciate the support from all stakeholders.”
His firm is a real estate development and planning company with experience in various aspects of the affordable and market-rate multifamily housing industry, including development, investment, and lending. Established in 1974, it owns interest in approximately 215 properties totaling over 10,000 units.