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October.10.18

Five WinnCompanies Properties in Four States Earn Awards in 2018

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Sibley Square takes home honors for mixed use and historic preservation

Boston, MA (October 4, 2018) Sibley Square, a multi-year project by WinnCompanies to transform the historic Sibley Building into the anchor of a vibrant urban center in Rochester, NY, has won its second industry award of 2018, taking home the Readers' Choice Award for best mixed use development from Affordable Housing Finance magazine.

Sibley Square, which also won an Excellence Award from the Preservation League of New York in May, is one of five different owned or managed properties in four states that earned industry honors for WinnCompanies this year.

“It is wonderful when both local and national industry groups recognize our efforts to deliver high-impact, mixed-income and mixed-use developments,” said WinnCompanies CEO Gilbert Winn. “These projects underscore the integrated expertise and care we bring to the communities we serve as an experienced developer and manager.”

Sibley Square is a 1.1 million-square-foot historical landmark building, reimagined to include nearly 300 units of affordable, middle income and market-rate housing, more than 400,000 square feet of Class A office space, 75,000 square feet of retail space, as well as 68,000 square feet occupied by NextCorps an incubator for high-tech start-ups, and an expansive food hall.

The award was announced September 20 in Affordable Housing Finance magazine’s 14th annual Readers’ Choice Awards competition. The contest drew 153 entries, from which 36 finalists were selected. Newsletter and magazine subscribers then voted for the winners in each category, plus an overall winner.

Overall, four of the five award-winning projects showcase WinnDevelopment’s unmatched capabilities when it comes to the adaptive reuse of historic properties to create residential housing. All five communities are managed by WinnResidential.

“We appreciate the independent endorsement of our skills when it comes to preserving and repurposing historic and iconic buildings, but the most gratifying aspect of these projects is quality housing, new tax revenues and the economic impacts that they deliver,” said WinnDevelopment President Larry Curtis.

Here is a snapshot of the company’s other award-winning developments for 2018:

The Residences at Mill 10, Ludlow, MA This $19.3 million project won the award for “best adaptive reuse” from Multifamily Executive magazine on September 19. WinnDevelopment transformed a 110-year-old four-story abandoned manufacturing building into 75 new apartment units, featuring 63 one-bedroom and 12 two-bedroom apartments for ages 55 and older. Fifty one units are reserved for households with incomes at or below 60% of AMI; 15 are restricted to households with incomes at or below 30% of AMI; and, nine units provide market rate housing.
Davis Gardens, Waterbury, CT In June, this existing 112-unit complex won a National Apartment Association Excellence Award as the Best Community in the affordable housing category following a major rehabilitation effort. The property owner, Omni Development Corporation, saved the community from potential demolition and, working with WinnResidential as property manager, completed a two-phase rehab that dramatically upgraded apartments, community spaces, building systems and landscaping in 2017.
Yarn Works, Fitchburg, MA WinnDevelopment’s transformation of a 112-year-old yarn mill into 96 units of true mixed-income housing was honored by the Massachusetts Historical Commission in May as the best “adaptive reuse, rehabilitation and restoration.” It took 18 months and $24.2 million in construction to overhaul three-story 190,000-square-foot brick mill building for market renters, middle income/workforce earners, and residents earning 60 percent or below of the Area Median Income.
Breslyn House Apartments, Philadelphia, PA The $14.7 million rehabilitation of Breslyn House in Philadelphia won the “Economic Impact Award” from the Preservation Alliance for Greater Philadelphia in April. The 60-unit property, which WinnCompanies has owned since 1983, not only underwent extensive renovation work as part of a public-private refinancing agreement that preserved all units as federal Project-Based Section 8 Housing until the year 2034.

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