New Bedford Apartment Project Seeks $250K to 'Fill the Hole'

The $21 million project aims to build a six-story, 45-unit apartment building on a long-vacant site in downtown New Bedford.

Published on Feb. 12, 2026

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A developer is seeking a $250,000 grant from New Bedford's Community Preservation Committee to help fund a nearly $21 million project to build a six-story, 45-unit apartment building on a long-vacant site in the city's downtown. The project has already secured most of its funding, including $3.2 million in state housing development incentives and $1 million in federal ARPA funds, but is requesting the additional grant to 'fill the hole' left by the demolition of a former building on the site in 2004.

Why it matters

The project aims to redevelop a prominent vacant lot in downtown New Bedford, known locally as 'the hole,' that has been empty since 2004. It would bring new housing, including some affordable units, as well as ground-floor retail to the area. The project is part of the city's efforts to spur economic development and address housing needs, but faces competition for limited community preservation funding.

The details

The project at 193-197 Union Street would include 45 apartments, with 36 market-rate units and 9 units affordable to those earning 100% of the area median income. It would also feature 2,500 square feet of ground-floor retail space. The developer, One Circle Co., has already secured $3.2 million in state housing development incentives, $1 million in federal ARPA funds, and a 20-year tax increment exemption from the city. However, the developer is seeking an additional $250,000 grant from the city's Community Preservation Committee to 'fill the hole' in its financing.

  • The Community Preservation Committee is meeting on February 12, 2026 to review funding applications.
  • The developer hopes to start construction on the project in March 2026.
  • The project is expected to take 18 months to complete.

The players

One Circle Co.

The developer behind the 45-unit apartment project in downtown New Bedford.

Lauren Jezienicki

The founder of One Circle Co. and the lead on the apartment project.

Community Preservation Committee

The New Bedford committee that is reviewing funding applications, including the $250,000 grant request for this project.

Janine da Silva

The chair of the New Bedford Community Preservation Committee.

MassDevelopment

The state development finance agency and land bank that purchased the project site in 2014 for private investment and redevelopment.

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What they’re saying

“We're now requesting the second half of that initial request.”

— Lauren Jezienicki, Founder, One Circle Co. (southcoasttoday.com)

“Historically, that has been the challenge and something we've worked with the city early on to have more market-rate housing.”

— Lauren Jezienicki, Founder, One Circle Co. (southcoasttoday.com)

“And now you're asking for another $27,000 per unit.”

— Janine da Silva, Chair, Community Preservation Committee (southcoasttoday.com)

What’s next

The Community Preservation Committee will provide its funding recommendations to the New Bedford City Council, likely in March 2026. The council will then have the final say on awarding the grants.

The takeaway

This project highlights the challenges of financing mixed-income housing developments, even in areas with significant redevelopment needs. The developer's reliance on a patchwork of public and private funding sources, including competitive community preservation grants, underscores the ongoing barriers to building more affordable housing in cities like New Bedford.