{"id":1004051704,"date":"2012-07-23T20:07:48","date_gmt":"2012-07-24T04:07:48","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=55750"},"modified":"2020-04-07T06:11:42","modified_gmt":"2020-04-07T14:11:42","slug":"former-worcester-voke-school-turns-residential","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/former-worcester-voke-school-turns-residential\/","title":{"rendered":"Former Worcester Voke School Turns Residential"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Veronica Grecu, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/worcester-vocational-high-school.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-55751\" title=\"worcester vocational high school\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/worcester-vocational-high-school.jpg\" alt=\"\" width=\"300\" height=\"225\" \/><\/a>A Boston-based development company announced details of a $30 million mixed-income residential complex that would replace a former school in Worcester that was shut down in 2006. As reported by <em>Worcester Telegram &amp; Gazette<\/em>, WinnDevelopment\u2014a division of Winn Companies\u2014has entered an agreement with the building\u2019s current owner, the Worcester Business Development Corporation (WBDC) to purchase the former Worcester Vocational High School site on Grove Street for $1.7 million.<\/p>\n<p style=\"text-align: justify;\">Dubbed the Voke Lofts, the complex will include 84 one- and two-bedroom rental units, 42 of which will be marketed as affordable for low-income tenants while the rest will be market rate. Future residents of Voke Lofts will have access to a fitness room, laundry services and community space that could also be used as an art gallery for local artists; the apartment building will also have offices for management and leasing.<\/p>\n<p style=\"text-align: justify;\">Since the three-story school building is listed on the National\u00a0Register of Historic Places, the developer was awarded $3.5 million in state housing tax exemptions and an additional $5 million in federal tax credits.\u00a0Work at the site is scheduled to begin in spring 2013 and the project will take approximately 14 months to complete.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-58102\" title=\"phillupstat\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/phillupstat1.jpg\" alt=\"\" width=\"240\" height=\"206\" \/><\/p>\n<p style=\"text-align: justify;\">According to a recent forecast by <a href=\"https:\/\/www.marcusmillichap.com\" target=\"_blank\" rel=\"nofollow\">Marcus &amp; Millichap<\/a>, the demand for rental units will remain firm\u00a0in Philadelphia for the rest of 2012, while rising rents will push development companies to resume work on stalled residential projects.<\/p>\n<p style=\"text-align: justify;\"><em>Image courtesy of Panoramio, author\u00a0D. Campbell;\u00a0Charts courtesy of Marcus &amp; Millichap.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Boston-based development company announced details of a $30 million mixed-income residential complex that would replace a former school in Worcester that was shut down in 2006.<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21742],"tags":[],"class_list":["post-1004051704","post","type-post","status-publish","format-standard","hentry","category-boston","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Former Worcester Voke School Turns Residential - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/former-worcester-voke-school-turns-residential\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former Worcester Voke School Turns Residential\" \/>\n<meta property=\"og:description\" content=\"A Boston-based development company announced details of a $30 million mixed-income residential complex that would replace a former school in Worcester that was shut down in 2006.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/former-worcester-voke-school-turns-residential\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-07-24T04:07:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-07T14:11:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/worcester-vocational-high-school.jpg\" \/>\n<meta name=\"author\" content=\"the Editors of Commercial Property Executive\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-worcester-voke-school-turns-residential\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-worcester-voke-school-turns-residential\\\/\"},\"author\":{\"name\":\"the Editors of Commercial Property Executive\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1b82b91678533ae5d40e3240086a42bb\"},\"headline\":\"Former Worcester Voke School Turns Residential\",\"datePublished\":\"2012-07-24T04:07:48+00:00\",\"dateModified\":\"2020-04-07T14:11:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-worcester-voke-school-turns-residential\\\/\"},\"wordCount\":250,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-worcester-voke-school-turns-residential\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/07\\\/worcester-vocational-high-school.jpg\",\"articleSection\":[\"Boston\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-worcester-voke-school-turns-residential\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-worcester-voke-school-turns-residential\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-worcester-voke-school-turns-residential\\\/\",\"name\":\"Former Worcester Voke School Turns Residential - 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