MassDevelopment announced the sale of 193-197 Union St. in New Bedford, the site of the former Keystone building, and a $3,212,750 bridge loan to Union Street Member LLC, a real estate development entity affiliated with One Circle Co. The project is also receiving financing from additional public-private sources.
The developer will build a 42,000-square-foot mixed-use building featuring 45 new units of market-rate housing and ground-floor commercial space. Construction is expected to begin this month and be completed by summer 2027.
“We are so glad to see One Circle Co. turn the page on the former Keystone site, transforming a long-vacant parcel into new housing and commercial space for downtown New Bedford,” said Economic Development Secretary Eric Paley, who serves as Chair of MassDevelopment’s Board of Directors. “Projects like this show what is possible when public and private partners work together to bring new life to important sites in our communities.”
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