State’s $4M May Rescue ​“Winchester Lofts”

With a multimillion-dollar boost from the state, an Ohio developer is finally poised to resurrect a long-abandoned rifle factory as mixed-income housing.

That optimistic prediction comes as a result of a promise of support from Gov. Dannel Malloy, announced late last week.

As part of a statewide package of affordable housing ​“investments,” the state plans to put up $4 million in grants for the completion of Winchester Lofts, a housing development planned for one of the old Winchester rifle factory buildings not yet refurbished amid Science Park on Winchester Avenue.

Until Malloy’s announcement, the project had stalled.

Abe Naparstek, vice president for east coast development at Forest City, said the money from the state is the final piece that was needed to make the project a reality. He said design of the new apartments had been put on hold ​“because the deal didn’t work.” Forest City wasn’t able to make the financing come together, he said.

But with the grant, the project can go forward, Naparstek said. The project ​“couldn’t really make economic sense without additional support from the state,” he said. ​“We’re trying to put this thing back in motion.”

“I think we’re there,” said Kelly Murphy, the city’s director of economic development. ​“The state’s put us over the top.”

Once the economic engine of Newhallville, the sprawling Winchester gun factory complex has lain dormant for years, falling into disrepair. In recent years, the Science Park high-tech incubator has gradually grown up in the complex with the goal of transforming the area into a new economic engine. The transformation reached the main factory building at the corner of Winchester Avenue and Munson Street this year, when student financial services company Higher One moved into a rehabbed portion of the building, now its new corporate headquarters.

Next door to Higher One is a decrepit still-abandoned hulk eyed for Winchester Lofts.

With the state’s $4 million, developers hope to continue the building’s transformation by creating 158 new apartments right next to Higher One. The $53 million project is to be done by Forest City Residential Group, working with Carter Winstanley, the developer behind major portions of Science Park, the downtown 300 George St. biomedical building, and the soon-to-be-built 100 College St. tower as part of the Downtown Crossing project.

Of the 158 one- and two-bedroom apartments envisioned for Winchester Lofts, 20 percent would be affordable housing.

“As Soon As We Can”

While the final details remain to be worked out, the state at this point plans to offer $4 million in grants to the project, said Nick Lundgren, the director of housing and community development at the state Department of Economic and Community Development (DECD). The money will come through the Competitive Housing Assistance for Multifamily Properties (CHAMP) program.

The money from the state will make other investors more confident in investing in WInchester Lofts, Kelly Murphy predicted.

“Everyone’s always waiting for the first guy to go in,” she said.

“The goal is to start construction next spring or summer,” Murphy said.

Naparstek was more circumspect, declining to estimate when the renovations might begin or be completed. He said he aims to have a groundbreaking ​“as soon as we can.”

“The timetable for all of these is hurry up and get moving,” said the DECD’s Lundgren. ​“We’re targeting a closing date of before the end of the calendar year.”

Naparstek also declined to say how expensive the rents might be in the new building. He said they will be ​“not dissimilar” to comparable apartments in town.

The affordable units will have rents set as a function of tenant income, with income requirements on who can rent them, Naparstek said.

The apartments will have a ​“loft” feel, said Murphy. They’ll have high ceilings and will feature the building’s original wood flooring, Naparstek said. The project is ​“running through the state and federal historic program,” which ensures preservation of the building’s historic character, he said. The building has ​“a lot of really neat features, like the old fire doors we’re going to retain.”

The building will have amenities like a gym and a ​“video room,” where tenants could get together to, for instance, watch the Super Bowl, Naparstek said.

“I think it’s a really unique project,” he said. It’s not often that you see mixed use like this in a 110-year old building, he said. The building went up near the turn of the 20th century, Naparstek said.

“It takes a dilapidated building and puts it back to good use,” Naparstek said.