Chatham Lofts is a new market-rate apartment community featuring 24 luxury apartments comprised of studios, and one-to-two-bedroom units housed in a six-story historic building. Each unit is uniquely designed to highlight the existing architecture in order to deliver a distinctive residential living experience.
Project design team members include local General Contractor, R.P. Masiello, Elton + Hampton Architects, Petersen Engineering (MEP/FP), John J. Murphy, Jr. Electrical Construction & Engineering, Northeastern Engineering (Structural), Graves Engineering (Civil) and MacRostie Historic Advisors who served as the Historic Consultant. Chatham Lofts received approval for listing on the National Register of Historic Places from the National Park Service and qualified for both federal and state historic tax credits.
The project also received state and local support through a Housing Development Tax Increment Exemption (TIE) Agreement with the City of Worcester and Housing Development (HD) Investment Tax Credits through the Massachusetts Housing Development Incentive Program (HDIP) administered by the Massachusetts Department of Housing and Urban Development (DHCD). Chatham Lofts was financed through an equity investment by the MG Capital’s eMpower Worcester Opportunity Zone Fund and debt provided by Webster Five and the PCI Fund.
“Webster Five is proud to have been part of bringing this new downtown project to fruition,” said Webster Five Vice President & Business Lending Officer Monica Thomas-Bonnick. “Chatham Lofts adds to the vitality of downtown Worcester while honoring and preserving an iconic, historic building. That kind of thoughtful development is a win for the city.”
The grand opening of Chatham Lofts marks the completed rehabilitation and historic restoration of three adjacent structures built in 1892, 1915, and 1926. From the time of their original construction, the buildings served for many decades as the headquarters of the Worcester Young Women’s Christian Association (YWCA). Over the years the building was home to other prominent local organizations including the Worcester Foothills Theatre, WICN Public Radio, and the Performing Arts School of Worcester.
“With the opening of Chatham Lofts the city is excited to see this historic building in downtown comeback to life,” said City Manager Edward M. Augustus Jr. “By adding 24 new units of housing in the Theatre district, Chatham Lofts adds density and foot traffic that will benefit the many retail and cultural sites in addition to providing beautiful homes for people. This project is one more example of the revitalization of downtown Worcester.”
6 Chatham Street was originally purchased in 2015 by the late Ifeanyi A. Menkiti, a former poet and philosophy professor at Wellesley College who had a distinct vision for downtown Worcester. His legacy lives on with The Menkiti Group and the enterprise is committed to building upon Worcester’s storied history to create a new thriving downtown which further helps realize their mission of transforming lives, careers, and communities through real estate. With this project, The Menkiti Group successfully developed high quality housing and infused sophistication into the downtown Worcester housing market by bringing back to life a significant cultural and historic asset in the city.
Chatham Lofts signifies an important milestone in The Menkiti Group’s overarching goal to bring new life and vibrancy to the Theatre District in support of the City’s Downtown Urban Revitalization Plan. In addition to Chatham Lofts, The Menkiti Group’s strategically positioned and growing portfolio of properties in Worcester include 401-405 Main Street (formerly Shacks Clothing), 554 Main Street, and 204 Main Street. Earlier this year, Chatham Lofts, and 401-405 Main Street were both awarded the Silver Hammer Award, an annual award given by the Worcester Regional