Tremont Development Partners Advances Lakeside Apartments Redevelopment with Affordable Housing

What's Happening?

The redevelopment of Lakeside Apartments in Worcester is progressing with the approval of the third phase, which will include the construction of 104 affordable housing units. Tremont Development Partners, formerly known as Boston Capital Development, along with E3 Development LLC, is leading the project. The redevelopment aims to replace the existing 76-year-old public housing complex, originally built for military veterans post-World War II, with modern housing facilities. The third phase involves demolishing 11 buildings and constructing a four-story building with 104 units, offering a mix of one, two, and three-bedroom apartments. The project also includes amenities such as a fitness center, courtyards, and bicycle storage with charging stations.

Why It's Important?

The redevelopment of Lakeside Apartments is significant as it addresses the need for affordable housing in Worcester, a city facing housing shortages and affordability issues. By providing 104 units affordable to households earning up to 60% of the area's median income, the project supports low-income families and contributes to the city's efforts to revitalize aging housing infrastructure. This initiative is part of a broader strategy by the Worcester Housing Authority to enhance living conditions and expand affordable housing options, which is crucial for economic stability and community development.

What's Next?

Following the approval of the third phase, construction is expected to commence soon, with plans for subsequent phases already in motion. The Worcester Housing Authority is also working on redeveloping other housing complexes, such as the Curtis Apartments, to further increase affordable housing availability. Stakeholders, including city officials and community leaders, will likely continue to monitor the project's progress and its impact on local housing dynamics.