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wbjournal.com | November 2, 2026 | Worcester Business Journal 3 Worcester Business Journal (ISSN#1063-6595) is published bi- weekly, 24x per year, including 4 special issues in May, September, October, and December by New England Business Media, 446 Main St, Suite 201, Worcester, MA 01608. Periodicals postage paid at Worcester, MA. Copyright 2026. All rights reserved. Postmaster: Please send address changes to: Worcester Business Journal, 446 Main St, Suite 201, Worcester, MA 01608. Subscriptions: Annual subscriptions are available for $100.00. For more information, please email circulation@nebusinessmedia.com or contact our circulation department at 508-755-8004 x242. Advertising: For advertising information, please call Kris Prosser at 508-755-8004 ext. 286. Worcester Business Journal accepts no responsibility for unsolicited manuscripts or materials and in general does not return them to the sender. Worcester Business Journal 446 Main St, Suite 201, Worcester, MA 01608 508-755-8004 tel. • www.wbjournal.com Worcester Business Journal WBJ A division of: Editor, Mark Conti, mconti@wbjournal.com Managing Editor, Eric Casey, ecasey@wbjournal.com (real estate, banking & finance) Contributors Sloane M. Perron, Sara Bedigian, Emily Micucci, Livia Gershon, Monica Benevides, Susan Gonsalves Photographers Matt Wright, Edd Cote, Christine Peterson Research Director Stephanie Meagher, smeagher@nebusinessmedia.com Research Assistant, Heide Martin, hmartin@nebusinessmedia.com Production Director, Kira Beaudoin, kbeaudoin@wbjournal.com General Manager Kris Prosser, kprosser@wbjournal.com Senior Accounts Manager Christine Juetten, cjuetten@wbjournal.com Account Executive Jeff Swerdlick, jswerdlick@wbjournal.com Special Product Manager Regina Stillings rstillings@nebusinessmedia.com Director of Finance, Sara Ward, sward@nebusinessmedia.com Accounting Clerk, Rae Rogers, rrogers@nebusinessmedia.com Event Coordinator Patty Harris, pattyh@wbjournal.com Director of Audience Development and Operations, Leah Allen, lallen@nebusinessmedia.com Business Office Assistant Nicole Dunn, ndunn@nebusinessmedia.com Publisher and CEO, Tom Curtin tcurtin@hartfordbusinessjournal.com Chief Operating Officer Andrea Tetzlaff, atetzlaff@mainebiz.biz Publisher Emeritus, Peter Stanton pstanton@nebusinessmedia.com BY ERIC CASEY WBJ Managing Editor B oston-based WinnCompanies celebrated the completion of its $51-million redevelopment of Worcester's former Lincoln Square Boys Club on Oct. 21, cutting the ribbon on an 80-unit affordable housing complex for adults 55 and older. Gov. Maura Healey joined city officials and executives for the opening of e Residences on Lincoln Square, which combines 16 apartments in the restored Boys Club building with 64 apartments in an adjacent five-story building. "Projects like this show not just the city, but they show the state what's possible," Healey said at the ceremony. "You can build good housing in city centers, you can redevelop and reimagine old buildings." e development is fully leased, with 19 studios, 46 one-bedroom apartments, and 15 two-bedroom units, according to Winn. Sixty- eight apartments are reserved for households earning up to 60% of area median income, while 12 serve households earning up to 30%. e former Boys Club opened in 1930 and later served as Worcester Vocational High School before becoming vacant in 2006. Winn purchased the building and two nearby parcels for a combined $1.18 million in August 2024, ahead of a September groundbreaking. e redevelopment paired historic preservation with construction above the Ernest Johnson Tunnel and Underpass, using air rights acquired from the city. e new building is all-electric and was built to Passive House Institute U.S. energy-efficiency standards, incorporating triple-pane windows, continuous insulation and heat pumps. Inside the historic building, the double-height gymnasium has been repurposed as a fitness center and pickleball court. A glass walkway connects the buildings, with shared amenities including a resident lounge, garden and patio. e development includes 21 parking spaces. District 2 City Councilor Rob Bilotta highlighted the project's accessibility features. Eleven apartments serve residents with disabilities, according to Winn. "at's huge, especially for seniors and folks with mobility challenges," Bilotta said. e capital stack combined public subsidies, tax-credit equity and conventional lending. e Massachusetts Executive Office of Housing and Livable Communities, working with MassDevelopment and the Community Economic Development Assistance Corp., provided low-income housing tax credits and support from the Housing Stabilization Fund, American Rescue Plan Act funding, Facilities Consolidation Fund, and Underutilized Properties Program. e latter program included a $900,000 MassDevelopment award in fiscal 2023. Worcester contributed HOME and Affordable Housing Trust funds, including a previously reported $1.75 million commitment from the trust; the project was its first to receive funding from the city program. Federal historic tax credits from the National Park Service and state historic tax credits through the Massachusetts Historical Commission supported the adaptive reuse of the former Boys Club. MassHousing supplied Affordable Housing Trust funds and issued bonds for tax-exempt bridge and permanent loans for the project. Rockland Trust provided a construction loan and tax-exempt bridge loan, while Massachusetts Housing Partnership provided a first mortgage. WNC & Associates syndicated the tax-credit investment, with CVS Health as lead investor contributing nearly $10 million. Worcester-based F.W. Madigan Co. served as design-builder, with Harvard- based Maugel DeStefano Architects handling architectural design. With the completion, WinnCompanies owns six Worcester apartment communities totaling 628 units, including the nearby 84-unit Voke Los. Eric Casey is the managing editor at Worcester Business Journal, and primarily covers the real estate and banking & finance industries. Historic Worcester Boys Club anchors $51M affordable senior housing development W PHOTO | COURTESY OF F. W. MADIGAN CO. The Residences at Lincoln Square.