Developers of Canal Lofts Honored for their Work

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Saturday, April 21, 2012

Mark Volain GoLocalWorcester Contributor

The developers of the newly renovated Canal Lofts will receive a prestigious award for their work. WinnDevelopment, the company that owns the building that formerly housed Chevalier Furniture will be honored by Preservation Massachusetts on May 2.

This year the Paul E. Tsongas Awards Dinner, held by Preservation Massachusetts will celebrate the value and power of the Massachusetts Historic Rehabilitation Tax Credit (MHRTC) on the 10th anniversary of its conception.

This year’s awards will honor 30 projects that have utilized the MHRTC program to revitalize communities, spur investment, create jobs and enhance our collective quality of life.

WinnDevelopment purchased the property in 2010 and converted it into 64 apartments. Half of the units are affordable housing and half are market-rate housing priced.

“We wanted to create beautiful living units and preserved the historical integrity of the structure and keeping the windows the same and restoring the brick facade,” said Gilbert Winn, Managing Principal of WinnCompanies, WinnDevelopment's parent company. “We wanted exposed brick within the units.”

The Canal Lofts opened to occupants last summer and filled up almost immediately.

“We are 100 percent occupied,” Winn said. “We had such heavy demand within three months of getting our certificate of occupancy.”

The company is also in the process of making yet another historic building conversion in Worcester, at the old vocational school on Grove Street.

“We view Worcester as a large enough and deep enough market that if you produce quality housing you will have renters,” Winn said. “We have applied for funding from the state, for loans and tax credits, and some low interest loans. We are looking to create 84 mixed-income apartment units.

WinnCompanies is headquartered in Boston and has been successfully adapting old buildings with new purposes and revitalizing local communities for over 41 years.