Main South CDC

WORCESTER

Since 2000 TLI has invested in Main South CDC, along with Clark University, the Worcester Boys and Girls Club, the State and the City of Worcester,  to implement the ambitious Kilby, Gardner, Hammond (KGH) Revitalization Plan.

The KGH neighborhood consisted of 30 acres of old, distressed and vacant residential and industrial properties. This plan involved a number of goals including the construction of a new Boys and Girls Club, creation of athletic facilities and the rehabilitation or construction of 75-100 housing units.  The comprehensive plan to address not only housing, but also strong community services, commitment to youth and a safe, vibrant community matched the overall goals of the Life Initiative.  After meeting with Steve Teasdale and many other stakeholders, TLI began a fruitful 13 year relationship with Main South.

Our first loan, in 2000, to Main South CDC allowed the CDC to acquire a 7.5 acre site, including two large, vacant industrial buildings.   Since that time, TLI has provided to support the creation of 48 units of new homes for first time homebuyers, 22 rental apartments, and the Center for Revitalization, the multi-service center that coordinates a broad range of community programs from first-time homebuyer classes to employment skill training.  TLI has provided over $17 million in acquisition, construction and bridge financing to Main South CDC.

In recent years, Main South CDC has moved beyond the KGH area to explore the revitalization of an industrial block immediately adjacent to newly constructed Boys and Girls Club. The first step in the overall redevelopment was the acquisition of 93 Grand Street, a 120,000 square foot vacant mill building. Because of its longstanding relationship with Main South and its understanding of the CDC’s and City’s commitment to the redevelopment plan, TLI was able to provide acquisition financing to allow Main South to continue to revitalize its neighborhoods and 93 Grand Street is slated for development in 2014.

• Land loan to acquire and hold sites
• Working capital line of credit
• Construction debt financing for rental and homeownership