Brockton champions its downtown

BROCKTON --- Oft referred to as the "City of Champions" for its high school sports teams and world champion boxers Rocky Marciano and Marvin Hagler, the city is now hopeful that a mixed-income housing development is the first step toward putting its downtown back up on that pedestal.

"This is the centerpiece of the redevelopment of downtown Brockton," said Mayor Bill Carpenter at the grand opening of Enterprise Center Phase One on Nov. 12. "This is the type of transit oriented development that we're trying to encourage. This is what a 21st century city looks like and it's what we're trying to do."

Enterprise Center is a sweeping $100 million redevelopment of a downtown block across the street from the city's commuter rail station. When complete, it will feature over 200 mixed-income apartments, a new parking garage, and 52,000 square feet of commercial space in the former Brockton Enterprise newspaper building.

"We have to focus on the downtown because it's the heart and soul of the city," said state Sen. Michael Brady. "If we're successful, then we can expand out to the rest of the city."

Developed by Trinity Financial, Enterprise Center Phase One involved the construction of 71 mixed-income one-, two- and three-bedroom apartments, 42 artist live-work spaces, an art gallery and a 90-space underground garage. All 42 artist work spaces and 42 of the mixed-income apartments will be rented at market rate. The remaining 29 apartments will be affordable to households below 60 percent of area median income.

"We're proud to have worked with and be a part of the City of Brockton," said Kenan Bigby, Trinity's Managing Director. "We're excited about the next phase and being a part of Brockton's future."

Enterprise Center Phase One was financed with public and private funds. For the 71 mixed income units, public funding included 9 percent federal tax credits awarded by the state Dept. of Housing and Community Development (DHCD), state tax credits and other DHCD public subsidies. Bank of America is the investor on the 9 percent tax credits and also provided construction financing.

On the 42 artist lofts, MassDevelopment issued a tax-exempt bond and Boston Private Bank providing construction financing. MassDevelopment and the Massachusetts Housing Investment Corp. combined to provide new market tax credit funding for the commercial portion. The Executive Office of Housing and Economic Development (EOHED) provided MassWorks funding for the demolition of existing buildings and other site and infrastructure work.

MHP used its bank-funded loan pool to provide $3.7 million in long-term financing for the mixed-income part. This is the second time in five years that MHP has supported development in downtown Brockton. It previously provided long-term financing for 25 apartments at nearby Station Lofts.

"None of this would be possible without $20 million in state funding," said MHP Executive Director Clark Ziegler, speaking on behalf of EOHED and DHCD. "We have a Commonwealth that is strongly behind Brockton."

Ziegler added, "We at MHP also share the enthusiasm for downtown Brockton and we pledge to do whatever we can to keep the momentum going."

For more information about this development and MHP's financing options, contact Senior Loan Officer Amanda Roe at aroe@mhp.net.