- Chevalier 700,000
- 67 Windsor 400,000 (Windsor Street LLP)
- 67 Catherine 120,000 (East Side CDC)
- 140 Eastern 180,000 (Worcester Stabilization)
- Hadley 250,000
- 315 Cambridge 150,000 (South Worcester Neighborhood Center)
- 26 Channing 270,000 (Channing Terrace Apartments)
- 89-109-115 Piedmont and 136 Austin 400,000 (Common Ground)
- 13-19 Lagrange 550,000 (Castle Hill Initiative)
Seriously does it ever end. Chevalier and Hadley, we knew that, but 315 Cambridge Street? Yep, it is the South Worcester Neighborhood Center Improvement Corporation on the corner of Hacker/Cambridge, although Holy Cross has taken over payments of the 1st mortgage. Another 150,000!!! To date I have lost track but it is well, but from all the various sources it was at one point 650,000 so now we are up to $800,000. Now that is not even counting the 1st loan to BankNorth, which was in the 1.4 million range but was bought down to $1.1 million.. These 11 units are now up to over $2.5 million--- this is insanity!!! Here is the worse part, what do you think happens if BankNorth forecloses and the affordability period is violates, a requirement of these HOME funds, guess who has to pay it back? The City of Worcester!!
Take a look at page 6 of the link above to see more details.
Take a look at page 6 of the link above to see more details.
4 comments:
315 cambridge will receive $150K to WRITE DOWN THE SALES PRICE ON SOME OF THE UNITS!??!?!?!??!?!?!?!?!?!?!?
THIS IS INSANITY
This is that same box of an apartment development across from the cemetery, the one with no front yard, no back yard and little if no parking?
That ONE?!??
That cost $2.5 MILLLLLIONN DOLLLARS?S??!??!?!??
AAAAAH!
Yep. Once you get in bed with HOME funds, the City becomes a partner. Versus the project going under and the City having to pay back HOME funds, many times we given them even more HOME funds to stay afloat. This is the building across from the cemetary on the corner of Hacker. By now we have to be in the 2.5 million dollar range!!
South Worcester will never get any more more right? Wrong !!! City Builders is getting tons of monies.
I figure that box like structure must have cost somewhere in the price range of $225.00 per sq foot just for the building.
I assume they got the land for zensanine (zilch).
Dittos for their water and sewer hookups.
Guys is the Hanover Theatre restaurant still a work in progress or is it a reality. Last i knew few months ago it was unfinished
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