Developer Secures $51M Financing for Fallon Building Redevelopment

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The owner of an 11-story building in Worcester, Massachusetts, commonly known as the Fallon building or One Chestnut Place, has secured $51 million in loan financing to redevelop the property into 198 apartments. The financing comes from Washington Trust Co. and MassDevelopment, and the project is described as the largest office-to-residential conversion in the state's history.

Why it matters

This redevelopment project represents a significant investment in Worcester's downtown area, transforming an aging office building into much-needed residential units. It is part of a broader trend of office-to-residential conversions happening in cities across the country as the pandemic has shifted work and living patterns.

The details

The Fallon building, an 11-story office tower located on Elm Street in Worcester, will be converted into 198 apartments as part of the $51 million redevelopment project. The financing for the project comes from loans and financial awards from Washington Trust Co. and MassDevelopment.

• The Fallon building, also known as One Chestnut Place, has stood on Elm Street in Worcester for decades.
• The $51 million redevelopment project is expected to begin in the coming months.

What’s next

The redevelopment project is expected to begin in the coming months, with the conversion of the 11-story office building into 198 new apartment units.