HOLYOKE — Ongoing redevelopment of property into affordable housing near the Holyoke Public Library will take another step forward in the coming months when construction begins on the second phase of the Library Commons project.
One year after opening a 38-unit, multifamily rental complex located at Chestnut and Elm streets, Springfield nonprofit Way Finders intends to convert a 134-year-old Queen Anne-style Victorian building known as “The Essex” into 12 affordable housing units. On Wednesday, Way Finders opened the doors of the 213 Chestnut St. building, on the corner of Chestnut and Essex streets, for a tour.
The rehab of the Chestnut Street building is just one part of the second phase, which is expected to cost $26 million and provide a total of 41 new affordable housing units. In addition to the Essex, three more new housing units will be constructed, with the four buildings surrounding the first 38 units which were completed in 2021.
When completed, the Library Commons’ two phases will mean a combined 79 affordable housing units constructed for an estimated $49 million. The first phase cost $23 million.
Up first in phase two is work on The Essex building. The nonprofit recently received a $900,000 grant from the One Stop for Growth program, given out by the Massachusetts Executive Office of Housing and Economic Development. The funds will mainly be used on masonry work to restore the building’s brick exterior and remediation to clear any potential hazardous waste such as asbestos, according to Diane Smith, the chief real estate officer for Way Finders.
“We also have a request in to the state for some additional funds,” Smith said. “When that decision is made, then we’ll go into closing and then begin construction.” She also said Way Finders was looking to secure additional federal American Rescue Plan Act funds to help with the project.
The 12 units composing the Essex building will be made up of five one-bedroom apartments, five two-bedrooms and two three-bedrooms. Way Finders expects to break ground in 2023 with construction taking 18-24 months. At the tour, Smith stated the project would be complete by 2025, with a randomized lottery system determining who the tenants would be.
“When you fill vacant spaces with housing you create community and opportunity,” said Keith Fairey, the president and CEO of Way Finders, in a press release statement. “Our tenants are offered clean, safe, energy-efficient housing. Our staff offers onsite management and residential programming like digital literacy, job readiness and financial self-sufficiency.”
Prior to receiving the $900,000 grant, Way Finders has also received additional grant funding from the Massachusetts Housing Investment Corporation, the Community Economic Development Assistance Corporation, and the Massachusetts Housing Partnership. Additional coordination for the project is done with the city of Holyoke’s Office for Community Development and Mayor Joshua Garcia.
