WinnCo Closes Financing for Workforce Housing

The Lowell mixed use development will include affordable housing.

Lowell, MA –  WinnCompanies, a multifamily property development and management company, announced that it has closed on the financing needed to develop two vacant, side-by-side parcels in Lowell’s Hamilton Canal Innovation District, to build the company’s fifth mixed-income development featuring workforce housing.

WinnDevelopment will improve the 1.14-acre site, known as Parcels 8 and 9, with two five-story buildings, featuring 125 apartments and 5,000sf of commercial space. It will be a true mixed-income project: Fifty-four workforce apartments will rent at 100% of Area Median Income (AMI); 39 units will be affordable up to 60% of AMI; and 32 apartments will rent at market rates.

The city of Lowell is supporting the $38.3 million project with HOME program funds, exemptions under the Urban Center Housing Tax Increment Financing, and infrastructure investments in and around the 51,000sf site.

The development will offer 15 studio apartments, 63 one-bedroom, and 47 two-bedroom apartments. The two residential buildings will be linked to each other by an enclosed sky bridge spanning Canal Street, a nod to Lowell’s history when similar connectors joined industrial mill buildings. The sky bridge will also complement the new signature bridge the city recently built over the lower Pawtucket Canal.

WinnDevelopment senior VP, Adam Stein, who has been instrumental in helping the project come to fruition, and project director Matthew Curtin will lead the development team, which features Keith Construction, ICON Architecture, landscape architect Copley Wolff Design Group, interior designer Wolf in Sheep Design, civil engineer Vanasse Hangen Brustlin, Inc., and structural engineer Odeh Engineers. 

Construction is expected to be completed in the first quarter of 2022.