July
15
2010
WORCESTER --- Earlier this month Winn Development purchased the former Chevalier Furniture building on Water Street with plans to convert it into loft-style residential units. The private developer plans to convert the four-story brick building in 64 housing units with the help of state and federal tax credit funds. Half of the 64 units will be reserved as low-income rental apartments and the other 32 units will be rented at market rates. After five years, the developer has the option to convert the 32 market-rate units into condominiums, with four reserved as affordable for residents earning at or below 110 percent of the area median income ($66,690 in Worcester).