Monarch Private Capital Revives Worcester Landmark
Deal News | Jan 31, 2025 | Monarch Private Capital
The former Taylor and Farley Organ Factory in Worcester, Massachusetts, is undergoing transformation into 36 apartments. Monarch Private Capital is the advisor involved in this revitalization project, which leverages Historic Tax Credits (HTCs). The factory, once a notable organ manufacturer in the 19th century, is receiving a new lease on life through real estate development focused on preserving its historical significance while catering to modern housing needs. This project is emblematic of broader trends in urban revitalization, where historic properties find new purposes that align with contemporary economic and social demands. The use of HTCs indicates the financial strategy to make such developments viable, emphasizing a blend of preservation, community development, and investment return. This project not only aims to preserve a piece of cultural heritage but also seeks to address housing shortages by delivering new apartments to the Worcester area. Monarch Private Capital's involvement underscores the role private firms play in historic preservation and urban development through innovative financial instruments.
Sectors
- Real Estate Development
- Historic Preservation
- Financial Advisory
Geography
- United States – The project takes place in Worcester, Massachusetts, a city in the United States.
- Worcester, Massachusetts – The specific location of the historic organ factory, highlighting regional development and historic preservation efforts.
Industry
- Real Estate Development – The article discusses the transformation of a historic building into residential apartments, which falls under the real estate development industry.
- Historic Preservation – The project uses Historic Tax Credits to support the adaptive reuse of a historic organ factory, making historic preservation a key industry classification.
- Financial Advisory – Monarch Private Capital's advisory role in the project involves financial services, particularly in leveraging tax incentives for development.
Financials
- Not specified – The article did not provide specific financial figures regarding the deal or investment in the project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Monarch Private Capital | Advisor | Company | A financial advisory firm involved in leveraging Historic Tax Credits for real estate development projects. |
| Novogradac | Publisher | Company | Provides the source article and is a key player in financial and tax advisory for various projects. |
| Taylor and Farley Organ Factory | Target | Company | The historic building being converted into apartments, originally an organ manufacturer. |