Mayor Sarno states, “My administration is proud of the continued investment and development of our neighborhoods – from housing and park projects to enhancements in infrastructure there has been a tremendous amount of economic development in our city. I am looking forward to seeing the progress on the redevelopment efforts of our historic Knox Building. Gordon Pulsifer and his team at First Resources do such a tremendous job working in our neighborhoods and being considerate of our residents and business community, as evident by their property across the street at the old Indian Motorcycle building.”
CDO Sheehan stated, “As the redevelopment of the historic Knox Building continues, it is important for us to consider the significant amount of redevelopment and construction activity that has been advanced in Mason Square over the past few years. In short order we have seen the emergence of a new park, a new school, significant housing redevelopment and infrastructure improvements. All of these projects strengthen Mason Square and its surrounding neighborhoods and position it well for future investment and growth.”
Cost for the redevelopment of the former Knox building is approximately $32 million and will be financed using state and federal housing tax credits, state and federal historic credits and permanent debt with Mass Housing Partnership.
First Resources is gutting the existing building and rebuilding the structure inside from the ground up. Knox Residences I will comprise of 54 new apartments and the attached abutting building, known as Knox Residences II will include approximately 60 apartments. First Resources previously redeveloped and completed the old Indian Motorcycle Building that includes 199 apartments.
