Project Will Help Revitalize Downtown and Serve as a Model for Other Urban
Areas
NEW BEDFORD, Mass., June 28 /PRNewswire/ -- The City of New Bedford,
WHALE (Waterfront Historic Area League) real estate firm HallKeen,
Sovereign Bank and others today celebrated the opening of the Union Street
Lofts. The lofts, located in the heart of downtown New Bedford, will
provide 35 apartments of which 20 are affordable, along with 15,000 square
feet of retail and commercial space. HallKeen and WHALE joined forces three
years ago to redevelop the five key historic buildings that have
subsequently encouraged other economic activity in the downtown area and is
paving the way for new private investment in surrounding properties.
"Union Street Lofts represent the best of what a public-private
partnership is all about in working together to make the City of New
Bedford a better place to live," said Andrew Burnes, president and CEO of
HallKeen Management. "The initiative embodies key smart growth principals
and will be viewed as a model for future partnerships."
"This is a momentous day as we celebrate the reuse of these historic
properties as homes. The Union Street Lofts has not only provided the city
of New Bedford with new housing, it has also provided jobs to our local
contractors and has stimulated our economy. The lofts have contributed to
the revitalization of the downtown area in a big way," said Mayor Scott
Lang.
The investment in Union Street Lofts is about $13 million, with $8.5
million in direct construction costs. The lofts are made up of five
separate turn-of-the-century buildings including the Phinney Building, New
Bedford Dry Goods, the AE Coffin Building, the Haste Building and the Eddy
Building - all located in New Bedford's historic district.
Sovereign Bank is a financial partner in Union Street Lofts. "Sovereign
understands that private capital is needed to help fund projects that will
jump-start economic revitalization. Bringing these buildings back on the
tax rolls and back into the community will have a positive effect on other
private investment in the neighborhood," said Patrick J. Sullivan,
Massachusetts Market CEO for Sovereign Bank.
Additional financing was provided by the Federal Home Loan Bank,
Massachusetts Department of Housing and Community Development, MassHousing,
MassDevelopment, Mass. Housing Investment Corporation, Mass. Historical
Commission, the City of New Bedford and WHALE.
"WHALE is pleased to partner with HallKeen in this Union Street Lofts
project," said Dan Perry, President of the Board of WHALE, "to change the
face of downtown by restoring our historic buildings, creating market and
affordable housing, and 16 new commercial spaces all at the same time. It
is a great example of community, economic and neighborhood development
accomplished through historic preservation."
The Union Street Lofts have been fully renovated into studio, one and
two bedroom lofts for rent that feature restored brick and stone exteriors,
new electrical, plumbing and heating systems, air conditioning, cable
television, broadband internet. Each loft is unique and designed to capture
the maximum amount of natural light with high ceilings and open floor
plans. The lofts have a mixture of hardwood floors and wall-to-wall
carpeting with energy efficient oversized windows. Several lofts have
harbor views. Apartments are available for leasing. For more information:
http://www.unionstreetlofts.com
The Union Street Lofts employed local vendors such as Bufftree Building
Company, Franklin Analytical, Dyer Brown, WHALE, HallKeen Management,
Medium Studios and Beaumont Sign as well as the dozens of local
subcontractors employed by Bufftree Building Company in the completion of
the initiative.
About HallKeen LLC
HallKeen LLC specializes in finding value in market-rate and
affordable- housing properties, untangling complicated real estate
transactions, and providing quality housing as a result. HallKeen LLC, the
acquisition and investment entity of HallKeen, primarily focuses on the
multi-family housing markets in New England. HallKeen's business objective
is to purchase properties, portfolios or partnership interests that provide
an opportunity to increase the value of the asset through re-financing or
re-positioning. This process is assisted by the utilization of the full
range of property management services provided by HallKeen Management.
About Sovereign Bank
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent
company of Sovereign Bank, a pro forma $83 billion financial institution
with nearly 800 community banking offices, over 2,000 ATMs and
approximately 12,000 team members with principal markets in the Northeast
United States after giving effect to the Independence acquisition and
recently announced branding agreement in which Sovereign ATMs will be
placed in CVS/pharmacy locations. Sovereign offers a broad array of
financial services and products including retail banking, business and
corporate banking, cash management, capital markets, wealth management and
insurance. Sovereign is the 18th largest banking institution in the United
States. For more information on Sovereign Bank, visit
http://www.sovereignbank.com or call 1-877-SOV-BANK.
Sovereign Bank, its logo and lantern are service marks of Sovereign
Bank or its affiliates or subsidiaries in the United States and other
countries.
SOURCE Sovereign Bank
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Related links:
http://www.sovereignbank.com
http://www.unionstreetlofts.com
CONTACT:
Megan Nye of HallKeen LLC, +1-781-915-3007 or
mnye@hallkeen.com; or Ellen Molle of Sovereign Bank,
+1-617-757-5573 or emolle@sovereignbank.com
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