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Mascoma Community Development (MCD) is pleased to announce the closing of $9 million in New Markets Tax Credit (NMTC) allocation to finance the redevelopment of the DyeWorks Building, a historic mill building in Lawrence, Massachusetts. The revitalization of the DyeWorks Building marks a significant milestone in community development and urban renewal.
With the support of MCD’s New Markets Tax Credit allocation, Lawrence CommunityWorks is set to transform this historic mill into a hub of activity and growth. The project promises to bring essential goods and services to the area by bringing in a supermarket, family health center, and youth program center, addressing the needs of the community while preserving the architectural heritage of the building. This initiative not only aims to create jobs but also to enhance the quality of life for Lawrence residents, fostering a sense of community and belonging. The strategic focus on health, nutrition, youth engagement, and social spaces is poised to contribute to the city’s long-term resilience and prosperity.
“MCD is pleased to provide NMTC funding to support the DyeWorks project, which will create jobs and offer fundamental resources crucial for community well-being. The development of the long-underutilized mill building is an opportunity to help foster healthy and resilient Lawrence residents by improving access to healthy food, health and pharmacy services, options for physical activity, meaningful youth engagement, and spaces for people to gather and connect,” says Michelle LeClair, Chief Investment Officer of MCD.
MCD is a Community Development Entity (CDE) established by Mascoma Bank which creates impactful jobs in highly distressed, low-income rural and minor-urban communities. MCD also targets downtown redevelopment projects that help revitalize communities and provide services to residents.
Lawrence CommunityWorks (LCW) is a nonprofit community development corporation committed to revitalizing the City of Lawrence through a comprehensive three-pronged approach that centers on the city’s people, places, and systems. LCW obtained the DyeWorks Building, including riverfront areas and parking, in 2006 as part of a multi-building mill complex. Situated in the historic North Canal district and listed on the National Register, the building was originally used as a fabric-dying facility for the adjacent textile complex and is slated for restoration, incorporating historically accurate windows, siding, and masonry. LCW developed the adjacent mill in the complex into affordable housing and commercial space in 2011 and 2013, and recently completed 80 additional new-construction affordable apartments on the other side of the DyeWorks building.
The occupants of DyeWorks are 100% minority- and locally-owned businesses, which will include La Fruteria Supermarket, Greater Lawrence Family Health Center, and LCW’s Movement City youth program. La Fruteria is a family-owned Latino supermarket that has been in business since 2001 and expects to serve 180,000 shoppers annually while addressing existing food deserts in Lawrence. Greater Lawrence Family Health Center (GLFHC) will provide health services to an estimated 13,000 annually with a focus on dentistry, optometry, preventive care, nutrition, and pharmacy, alongside other health center services. The DyeWorks Building will also provide youth development programming for 300 youth annually through Movement City, which offers a safe space for creative young people aged 10 to 18 to explore and develop their talents and passions with a network of like-minded peers and supportive adult mentors.
“DyeWorks is LCW’s capstone project in the historic eastern North Canal Mill District, and the culmination of nearly 20 years of residents’ planning, dreaming, and working to reinvent this significant area of our city. The building’s program is a direct reflection of resident priorities. It will generate economic activity, improve health access, unlock the potential of our talented youth, and turn DyeWorks into the hub of a new healthy, equitable, beautiful neighborhood,” said Jessica Andors, Executive Director from Lawrence CommunityWorks.
Mascoma is partnering with Raza Development Fund, which is providing additional New Markets Tax Credits to the project in order to complete the development. U.S. Bancorp Community Development Corporation is investing in both Federal Historic and New Markets Tax Credits to help finance this project.
“We’re dedicated to financing projects that support business growth, job creation, and economic development in underserved communities,” said Tom Oldenburg, U.S. Bancorp Impact Finance Senior Vice President of Business Development. “We’re excited for the Lawrence community and the increased access to goods and services the DyeWorks project will bring.”
MCD is pleased to report that this project has also made possible MCD’s grant of $45,000 to its third-party CDFI (Community Development Financial Institution) partner, Nectar Community Investment, in Lawrence, MA. This grant will provide funds for technical assistance and small business lending to minority-owned businesses. MCD takes great pride in supporting CDFI organizations that strengthen the communities they serve.