Former Worcester Vocational Technical School to be Transformed into Voke Lofts
May 29, 2013- Bob Dorfman, President of Dorfman Capital (http://www.dorfmancapital.com), announces the completion of the acquisition and tax credit financing of the former Worcester Vocational Technical School by WinnDevelopment. Dorfman Capital identified this opportunity for Winn and served as Winn's financial advisor relating to the acquisition as well as the sale of MA Low Income Tax Credits and MA Historic Tax Credits associated with the development.
Winn is currently transforming the property into the Voke Lofts, an 84 unit mixed-income multifamily housing development. The 116,000 square foot building restoration is critical part of Worcester’s Gateway Park Master Plan. The Gateway Park Master Plan aims to redevelop and reuse a 55 acre brownfields parcel just north of downtown Worcester. The Master Plan is a joint venture between Worcester Polytechnic Institute and Worcester Business Development Corporation.
Gilbert Winn, Managing Principal of WinnDevelopment said, "The Voke School redevelopment will successfully connect the commercial and residential neighborhoods surrounding it. These types of developments are highly complex and require a team effort. We often rely on professionals like Bob Dorfman to bring us opportunities like this, which are truly diamonds in the rough. In this case Dorfman also added value regarding the state tax credit markets."
The Voke Lofts project costs are expected to be $30 million. The units will be a mix of 42 market rate apartments, and 42 units of low income housing. The former vocational school was originally built in 1910 and is listed on the National Register of Historic Places. Once completed, the Voke Lofts will be the sole housing component of the Gateway Park Master Plan. Building features will include a fitness center, a community room with a kitchen, computer lab, art gallery and common areas on each floor.
Craig Blais, President & CEO of the Worcester Business Development Corportion said, “Dorfman Capital’s work was key in completing the complex financing for this historic renovation. Voke Lofts is the final piece of the puzzle to making Gateway Park truly mixed use.”
About Dorfman Capital
Dorfman Capital specializes in the qualification and sale of tax credits for the redevelopment of brownfields and the preservation of historic buildings. These tax credits are an integral component of the financing for real estate redevelopment and reuse projects. Dorfman Capital has raised over $1 billion in capital for its clients. Please see www.dorfmancapital.com
About WinnDevelopment Corp
WinnCompanies is a visionary national real estate company dedicated to the highest standards of excellence. Through its companies, WinnDevelopment, WinnResidential and WinnMilitary housing, Winn develops, acquires and manages multifamily, affordable, senior, mixed-income, market rate, as well as commercial properties throughout the United States. Founded in 1971, WinnDevelopment has since acquired and developed real estate holdings valued in excess of $1.5 billion. The company’s portfolio includes more than 90,000 residences across 23 states, and it has converted more than 5 million square feet of property into prime commercial space. WinnCompanies’ work is defined by a commitment to innovative financing and the highest standards of professionalism. Please see www.winncompanies.com
About Worcester Business Development Corp
Grounded in a tradition of economic development accomplishment, the WBDC has played a key role in strengthening the Worcester region’s position as an economic leader in Massachusetts. Through targeted investment and strategic partnering, the WBDC brings skills and resources to challenging and complex projects. The WBDC has been successful in its purpose, creating thousands of jobs, and generating millions of dollars in annual taxes to the region. Please see www.thewbdc.com