When Higher One welcomed guests in March 2012 to its new Science Park headquarters, it was a somewhat surreal “grand opening.” The $46 million headquarters in the former Winchester Repeating Arms Co. was for this guest marred by the surroundings. In spite of nearly $20 million of state support for environmental remediation, most of the building still stood in disrepair and a pock-marked face of broken windows and bruised brick greeted all those about to enter.
The main entrance for the company would be around the corner in a renovated 140,000-square-foot space — a testament to the sheer scale of the Winchester site.
Today that has all changed as Forest City, with nearly $9 billion of real estate assets nationwide and manages 40,000 apartments, are now marketing 158 mixed-income loft apartments.
Twenty percent of the apartments, supported by a $4 million state grant, are deemed “affordable” and the rest market-rate. They are expected to fetch between $1,475 and $3,300 monthly.
The $54 million project was financed with the $4 million from the state, $10.6 million of equity from the developer, $23 million in loans and nearly $20 million in federal and state (primarily historic) tax credits.
Carter Winstanley developed the site for Higher One as well as a 1,186-space parking garage and 15,000 square feet in 2009 of still mostly empty retail across from the Winchester building.
With the added residential component and the soon-to-be-built new Yale residential colleges with 700 additional students within walking distance, the retail space is expected to become more attractive.