Mayor Domenic J. Sarno joined with Congressman Richard E. Neal, State Housing Secretary Edward Augustus, MassHousing CEO Chrystal Kornegay, WinnDevelopment President and Managing Partners Larry Curtis, Opal Real Estate Group Founder Peter Picknelly, MGM Springfield President and COO Louis Theros, state and city officials, and local partners to celebrate the grand opening of the 31 Elm Street project with a special ribbon cutting ceremony.
The ceremony highlighted the completion of this historic and iconic project that will add 59 market rate and 15 middle income apartments to the heart of the city of Springfield’s downtown neighborhood and breathing new life into the 132-year-old Court Square building. The event also emphasized the demand and future for the ground-floor retail space and amenities.
Throughout the project’s development, preservation of the historic features on the interior of the 131,595-square-foot building was a top priority. Existing wainscoting, crown molding, terrazzo flooring, curved wooden bannisters, marble walls and doors were restored. Vintage murals in the lobby were removed and placed in storage to protect them from damage during construction.
In addition to creating modern apartment homes, the development work also installed key environmental features, including high-efficiency heating and cooling systems, LED lighting, ENERGY STAR appliances, and electric vehicle charging stations.
Mayor Sarno, Chief Development Officer Tim Sheehan and the development team highlighted that Minority and Women-Owned Business Enterprises (M/WBEs) played a significant role in creating ThirtyOne Elm, earning $12.3 million in wages and fees – nearly 23 percent of the total construction budget. In addition, more than 45 percent of the construction hours were performed by women, local residents and people of color. These groups comprised nearly 50 percent of the workforce, including 66 percent of the new hires made for the project.
MassHousing acted as funding administrator for $48.5 million in construction and permanent financing jointly provided by the Massachusetts Executive Office of Housing and Livable Communities, the City of Springfield, MassMutual and MGM Springfield. The U.S. National Park Service and Massachusetts Historical Commission provided $10.8 million in federal and state historic tax credit equity. Bank of America delivered $12.2 million in construction, bridge and permanent financing, as well as all of the equity for the historic tax credits.
The City of Springfield and the Springfield Redevelopment Authority completed approximately $4 million in environmental remediation work at the site prior to transferring ownership to WinnDevelopment and Opal Real Estate Group in June 2022.
With the completion of ThirtyOne Elm, WinnDevelopment has now transformed 45 historic structures in seven states into more than 5,200 apartment homes in the last 40 years. No other residential developer in the United States has won more awards for preserving and transforming vacant schools, mills and other historic buildings into thriving, fully occupied apartment communities.
In addition to 49 one-bedroom units and 25 two-bedroom units, the property features an on-site management office, fitness center, community space and 45 parking spaces, along with 100 spaces reserved for residents in the MGM casino parking garage less than a block away.
Furthermore, Copper + Kin, a 9,000-square-foot restaurant from the Springfield-based Bean Restaurant Group, is scheduled to open in the building in the fall of 2024. Four other retail/commercial spaces, ranging in size from 609 to 1,887 square feet, are drawing interest from local small businesses.
Fontaine Brothers, based in Springfield, served as general contractor on the $54.5 million construction project, while The Architectural Team, headquartered in Chelsea, MA, served as architect. The community is managed by WinnResidential and is one of six apartment communities owned and managed by WinnCompanies in Springfield.
Mayor Domenic J. Sarno states, “I am proud of my administrations ability to push forward yet another significant and historic redevelopment project for our city. Working with all of our public, private, and local, state and federal partners, we have collectively done what the nay-sayers said would never happen – today we celebrate the official grand opening of the 31 Elm Street project. This major economic and housing development project will greatly enhance our Court Square and downtown area and is yet another milestone in our Springfield’s economic renaissance.”
“Just yesterday, my administration, led by Chief Development Officer (CDO) Tim Sheehan and Springfield Redevelopment Authority (SRA) Director Amanda Pham, held an economic development press conference to highlight the continued advancements of our Main Street Convention District Master Plan. This 31 Elm Street project is a major component that will tie together all of these positive projects that enhance our city of Springfield including, MGM Springfield, the ongoing renovations to our historic Court Square Park, a new Civic Center parking garage being built, pending redevelopment of the three significant properties on the corner of State Street and Main Street by national developer McCaffery, a new Marriott Hotel, a new downtown Big Y grocery store at our newly reinvigorated Tower Square, all of the restaurants and downtown amenities, and all of the events and activities at our MassMutual Center and Symphony Hall. Together, they all played a role in making 31 Elm Street a major draw for tenants to want to live in the heart of our downtown neighborhood. The response for housing in this historic building has been incredible and exceeded all of our expectations in a good way.”
“In closing, I want to thank Congressman Richard Neal, Secretary of State Bill Galvin, Governor Maura Healey and Lt. Governor Kim Driscoll, Housing Secretary Edward Augustus, MassHousing CEO Chrystal Kornegay, former Governor Charlie Baker and former Lt. Governor Karyn Polito, WinnDevelopment President and Managing Partner Larry Curtis and VP Michael O’Brien, Opal Real Estate Group Founder Peter Picknelly, MassMutual Chairman, President and CEO Roger Crandall, MGM Resorts International President and CEO Bill Hornbuckle and MGM Springfield President and COO Louis Theros, and all of our partners and supporters, including Bank of America and all of the workers, contractors and our brothers and sisters in trade for their unyielding efforts in seeing this project cross the finish line. I want to also thank my dedicated city team led by CDO Tim Sheehan, SRA Executive Director Amanda Pham and Board members, City Council President Attorney Michael Fenton and the City Council, and our local state delegation for their efforts too.”
“I am thrilled to see the revitalization of 31 Elm has finally come to fruition. Across the City of Springfield, we are celebrating historic milestones that continue to stimulate significant economic growth and activity. Whether it's Springfield Union Station, the city’s dining district, or 31 Elm, Springfield’s renaissance is happening right before our eyes,” said Congressman Neal. “I am particularly pleased that this project is the benefactor of historic tax credits, an initiative of which I’ve been a staunch supporter on the Ways and Means Committee. This day is the result of a tremendous public-private partnership, one that has brought back to life a pillar in the city’s downtown and will reinvigorate Court Square.”
“This long-awaited transformation is a product of perseverance and partnership,” said WinnCompanies Executive Vice President Michael O’Brien. “A unique group of stakeholders stayed the course through the pandemic, a supply chain crisis and skyrocketing construction costs to make this dream come true. We are proud to expand our presence here, deliver much-needed housing and contribute to Springfield’s vitality.”
Massachusetts Housing Secretary Edward Augustus stated, “ThirtyOne Elm is a testament to the great things we can accomplish when determined individuals come together to solve challenges. This property, which sat empty for decades as a monument to the past, is now a beacon for this city’s future. People now live here. And that means more people shopping in Springfield, more people dining in Springfield and more people walking downtown. The Executive Office of Housing and Livable Communities is proud to have played a role in this transformative project.”
